9 months behind in our mortgage & attempting to Relocate!?

9 months behind in our mortgage due to a cut in pay and then a job loss, HELP? We are attempting to relocate! A local realtor got us hooked up with a company that has been doing short sales for them and the guy told me the other day that they are no longer taking on homeowners who have CountryWide/Bank of America Mortgages. My husband and father in law seem to think we can still sell our home, but I believe that is not possible. We owe at least $156,000.00 PLUS all of our past due pymts and with the way the housing market is, we will never be able to sell it for what we need to pay it off. We purchased the home 3 and 1/2 year ago for about 161,000.00. Is foreclosure/bankruptcy our only answer? All we have received so far from our Mortgage lender is regular statements asking for the past due amounts, nothing else yet. :(

5 Answers

Relevance
  • 1 decade ago

    You need to call CountryWide to explore further options. Ask to speak to the 'loss mitigation department'. Meanwhile, you may have serious issues relocating. Your credit files will now show a nine month delinquency on your payments and a possible short sale or foreclosure. That won't make it easy to find accommodations in your new city.

  • Mo
    Lv 5
    1 decade ago

    Call your mortgage company and explain your situation and ask if they have a short sales broker or if they would recommend an unexplored option to you. Many mortgage companies have their own short sell broker affiliate to buy back homes.

  • 4 years ago

    NO...why might you even evaluate getting yet another loan once you cant pay the 1st one?? no longer procuring almost a 300 and sixty 5 days is damaging your credit genuine now, a loan employer might see that and refuse you. hire out your place and then circulate to a lots smaller place your self.

  • 1 decade ago

    call another realtor. someone will do it

  • How do you think about the answers? You can sign in to vote the answer.
  • Anonymous
    1 decade ago

    We don't know...

Still have questions? Get your answers by asking now.