Here is what you need to do because of your hardship. Because I have listed so many short sales I know how to speak with lenders and what they ultimately want.
Please do the following so you can stay in your home as long as possible and ultimately maybe even buy you some time to do a loan modification if you are able to get another job. I have known many people who have been able to do this.
Step 1: Stay in constant contact with your lender. Tell them what happened and that you would like to see if you qualify for a loan modification. This process can take many months and during that process if you are able to find a new job you may just be able to secure a new job and keep your home.
Step 2: Remain in constant contact with the lender. They will keep asking you for things like W2's, tax returns, bank statements etc. Every week I want you to contact them if they have not contacted you. Do this every week. Keep the communication open as this is critical to you keeping your home.
Step 3: If you are unable to find a job and successfully complete the loan modification it may be time to sell your home. If you do not have equity it may be a short sale. This process also takes time and can drag on for months. This is good as you can continue to live in your home.
Step 4: They will eventually tell you to list your home with a Realtor. Find one who is experienced in dealing with banks and people in your situation. The good news is you will probably qualify for relocation assistance of anywhere between $2500-3500. In some cases my clients have received buyouts of over $15,000. Chase has a program where they will pay a homeowner up to $40,000 to short sale their home. It all depends on your loan and the equity in the property so you should at least qualify for the $2500-3500 relocation monies.
Step 5: Keep in constant communication and make sure your agent is as well. This process can really drag on and again, the longer it can take the better for you especially if you have not sourced a new job.
I am so sorry to hear about your situation but I hope my answer helps you stay in your home for a long time to come.
Best of luck to you.
REALTORÂ® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
firstname.lastname@example.org | http://www.AustinListed.com
First thing I would do is call your lender, and see if they can put those payments to the back of the loan.... Work with them now, and you may not need to sell or worry about a foreclosure.
Communication with your lender is the key.
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Do you know anyone falling behind on their mortgage payments? As a CDPE I can help.
What I normally see is about a year, but sometimes it happens faster.
CALL the mortgage company NOW. Don't wait. You need to get a game plan together. The faster you act and act in a positive way the better it typically is for you. Don't wait for them to react.
I'm sorry to hear about your circumstances, but perhaps there are some things you can do.
Can you rent your house and move to a cheaper place?
Can you rent a bedroom or two for extra income?
Can you sell your home to a relative?
Can you sell your home and rent someplace cheaper?
How fast can you get back to work?
Is your wife able to work yet?
You need to be in emergency mode figuring out how you can catch up or liquidate the home and asking the mortgage company also for advise or alternatives.