What else can we do if we have to foreclose on our house due to inability to make payments?

Anette
This is the situation: I got married in 2006 to a dairy farmer who worked for his family. Well they talked him into buying a small house from a business "friend" of the family. After a year of hard times with our toddlers health we had to move to the Houston, Tx area from our small northeast Tx town. We have had the house on the market since May and have had one showing that was a waste of time and a showing just for local agents. We did end up getting a buyer who ended up backing out for a baloney of an excuse. Now we are in the process of refinancing the payments to lower them, but even with the new payments my hubby still won't be making enough money to pay the house payment, car payment, car ins., house ins., etc...! I can't work due to my son's special health care needs so we only have the one income. I think we may have to foreclose in a few months if something doesn't happen soon as far as selling the house. Is there anything else we can do? PLEASE HELP US!

Antonio
Try contacting your lender, they should have a department for Hardship. They might give you deferred payments, or change something in your loan to help you out. Most lenders don't want to go through foreclosure. Always stay in contact with your lender.Good luck http://www.insider-reports.com

Angle
It depends on what you owe on your mortgage. If the house value is close to the amount you owe, the bank may take a short sale. A short sale is where the bank take whatever money the house sells for, even if it is less than the balance. If you can get the bank to do a short sale, you can lower your asking price and get that place sold today. Either way, it sounds like you definitely have to lower the price of the house to get it sold. Good luck!

Ardelle
sounds like you need to put it for sale for a fast sale and get what you can get and start over smaller.If you don't you loose everything

Lucina
A short sale is your best chance.

Genevie
Stay in contact with the lender as suggested previously. Foreclosure is the LAST RESORT.I purchase houses from people in similar situations all the time. I can offer you FULL PRICE with terms or cash for a discounted price. E-mail me if you'd like more information.

Daniela
Here is everything that I can think of...1. Continue to pray for insight and help; I will pray about this on your behalf.2. Are there any other agents in the county - it sounds like you can't give up on selling or moving back. If it gets sold you won't have to spend money on a refinance. 3. Can the people that talked you into the house help paint or remodel to make it more marketable?4. Can you get a cheaper car?5. Read up at the daveramsey.com site.6. The deacons at my church have what is called a benevolence fund to help in crises - talk to your pastor.7. Can either of your families help?

Harriet
If you can, rent the house out while you are trying to sell it. That way all or some of the mortgage is being paid by someone else and you will buy yourself time to get it sold. Another option is to rent with an option to buy. Perhaps a renter who can't afford a down payment would be willing to pay a little extra (your costs +$100) each month to have the "option" to buy the house in 35 years a the current market value. (So, if in 2010 they want to buy the house at 2007 market rate, you have to sell it to them!) They protect themselves from inflation, and you help them by allowing them to save up a down payment. You get to keep the extra $100 either way. You also have them paying for the house and building equity so that if they buy it in 3 years, you get more cash at closing.There are lots of options - but those two may just do it!Good Luck.

Fatimah
I see two options for you.First can you rent the house out close enough to what is owed on it?Second, sell the house, price it right and especially important up the commission for the selling agent. This will inspire agents to show your home. This has been working in CA where the market has come to a virtual halt. I had an agent do that on one of clients home and it actually sold in one week where everything else is 3-12 months.Feel free to email me with any questions.Good luck.

Brooke
Find out if any charity organizations or the government in your area have grants that will help with the mortgage in the short term. A number of churches have small savings that they give to those in need, who knows you may get lucky and sell next month and only need very short term help. Also list the property in the "home finder's guide" if it's not already there, and don't be afraid to show the house yourself to friends or other possibly interested people. I can't imagine being in your situation, sorry. I know you said it was a small lender but call them again and ask them if they can tack this month's payment on to the end of the term, it's not much but it'll give you an extra 30 days to try to find a buyer and will save you a little money this month to pay next month if need be. The market's been bad lately with Fannie Mae changing their lending rules but it's looking a bit better this week and last so you may get lucky. I sure hope everything works out in the end, sorry to hear about your son. Good Luck!!!

Cruz
I would suggest trying to work with an investor. You could also place a posting for free on a site called myhousedeals.com. I believe that they are based out of TX. If you did a posting, I would suggest placing it under the "motivated seller" section.