Question by jms_ang: Is a short sale or refinancing my mortgage a better option due to an increase in my expenses. I NEED HELP!!?
I am a single parent (1 child) and I bought my first home in May 2007 and lost my job after only working at my new employer for two months (May-July 2007). I returned to my old employer in September (which is 55 miles away-one way!). Needless to say, I fell behind in my mortgage payments. I worked with Loss Mitigation, which took them several months to respond. The agreement was initiated in March 2008 that FHA would loan me approx. $ 8,000 w/o interest, and I would pay them the $ 8,000 when I sold my home.
Due to my long commute (three hours round-trip, under normal conditions), I had to incur an additional expense in March by getting another car. I didn’t have a car note before. I now have higher car insurance and the price of gas sky-rocketed!
I only have the weekends to run errands, etc. A second job doesn’t seem feasible. My day starts at 4:30 a.m. and ends at 8:00 p.m. some evenings. I’ve fallen behind in my mortgage, again. I’m ready to move closer to my job!
I love my job/employer. Changing jobs isn’t an option.
Answer by BAD ADVISE GIVER AS PER BLCOHEN!
Is there anyway you could possibly take in a renter? Even if it meant rooming with your child for a period of time? Maybe keep looking for a job closer to home in the meantime.
Know better? Leave your own answer in the comments!
First, the loss mitigation department at your lender should not have taken so long to respond. What you may want to look into is a loan modification. This is a long term solution compared to the band aid solution you worked out with your lender. I do mortgage fraud investigating and mortgage auditing. Depending on your location, I can refer you to a qualified loan modification specialist. You can contact me through my website: