I am in Cut off La. We are losing our home to foreclosure due to Katrina. The loan I had bought 2 years ago and paid $901.68 for 2 years, showing completely paid up to the end of my note, then came the interest due to katrina and 2 extra notes. I am losing my security of my famly home. They strung us along saying dont worry we will work something out as they said dont worry pushing our appointments back with my husband. My husband also had a major heart attack right after Katrina, which caused more hardships but the bank shows our note paid to end of contract, except for the stuff from Katrina. They are kicking us out. I have a terminal illness not much help to my husband. You can imagine the expense this causes. I am at dispare. There are not even rent homes in this area. I have 4 teenagers. I am going to have to relocate (in the case of losing my home I want to relocate) but still the resources or neal to none . WHAT DO I DO???? (THEY ARE ADDING INTEREST DAILY TO EAT WHAT LITTLE BIT OF EQUITY I HAVE)
HELPLESS IN CUT OFF
Comments:
Robin,
Please correct me if I’m wrong, but I’m going to read between the lines and guess that the real problem is that you and your husband have lost your income due to what sounds like some pretty severe illnesses.
One of the most important things I try to remind people in foreclosure is to seperate the cause from the symptom. Losing your house is not the cause of your problem, it is just a symptom. If you want to solve the problem forget the symptoms and focus on the cause.
My guess is that if you can find a solid answer for the bank regarding income, they’ll find a solution. Have you checked in to welfare or state disability options? Can the teenagers get some part time jobs to help? Have you talked to your church or other community organizations that help in times of need? Asking for help is hard, but not having a place for you, your husband and your 4 kids to live will be far harder!
If nothing works, then try to sell the home before foreclosure. If you do have some equity, there is ALWAYS an investor that will buy your home at a discount. You may even be able to trade equity for rent in the home (just make sure the trade is fair and never count on being able to buy it back later).
There is one other thing to consider which I rarely recommend, but that might make sense for you… bankruptcy. I’m guessing you may also have credit card debt and hospital bills. I’m also guessing that with time your husband will get better and that income will improve. This is what our bankruptcy law was designed for… a second chance when catastrophe strikes. But be clear, it is no get out of jail free card. It can delay foreclosure, but ultimately the bank will take the home if you can’t pay every cent owed to them. If you pursue this option find a good attorney. I see too many people declare bankruptcy and then lose their house because they had a lousy attorney who was sleeping at the wheel.
We’ll keep you and your family in our thoughts. Please feel free to ask follow up questions.
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