I lost my job 3 days after moving in my new home. I have been unemployed for 3 months now with no relief

Asked by Dave, 92503 Wed Dec 17, 2008

in sight. Because my loan was new I called the bank about a deferment. They sent me to loss mitigation and said it would take 45 days to be assigned someone to my case. Then I recieved a letter stating that if I haven't paid up by Jan. 6, I will be in foreclosure. I thought that since my case was being reviewed that things would be on hold but I guess not. I need to save my home. Does anyone have any knowledge of any program or anything that might help me? I am actively searching for work and want to keep my home. Thanks in advance for any advice!

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Mia Gloor, Agent, Mariposa, CA
Thu Dec 18, 2008
The last thing you want to do is panick> If you contact your lender and start the communication process, this is the best. You are much better off in the long run if you develop a relationship with the lender. Take a deep breath and try to work with them. At the same time find your new job. Keep you chin up and don't give up.

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Eric Funk, Agent, Morristown, NJ
Thu Dec 18, 2008
As soon as you miss a payment, the foreclosure process starts. Can you afford the payments on the house if you don't find work soon? Is there alternative income? If payments aren't made, you probably have 6-9 months before you're out of the house. If necessary, a short sale has a lesser effect on your credit rating than a foreclosure does. Obviously, it is preferable not to have a short sale unless it really can't be helped.
Did you know that you were going to lose your job before you closed on your new home? If you had known, you could probably have got out of the contract because you wouldn't have qualified for the mortgage any longer.
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The Hagley G…, Agent, Pleasanton, CA
Wed Dec 17, 2008
Contact me thru my website and I will send you info and help you. I
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Dallas Texas, Agent, Dallas, TN
Wed Dec 17, 2008
The bank can stop foreclosure process at anytime keep working with bank, they truly dont want have your home. GOOD LUCK sorry to hear all. Maybe if you start making payments although you are running a few months behind might help
Web Reference:  http://www.lynn911.com
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