I’ve owned my house for seven years. I do not have an adjustable rate mortgage, and, in fact, my house payment is not too unreasonable as it is pretty comparable to most of the area rents in this area. My problem is that I have a job that doesn’t pay very much … actually less than an hour, and my income has not increased with the cost of living. I also have two teenagers and the support money I use to make my house payment will end in three years. At the time I bought the house, I was making slightly more than I am now, and, of course, I thought my income would increase with time, which it hasn’t. Also, I’ve tried to find a better job for the past four or five years, and although I’m called for interviews, I never get the job. I’ve also tried to find a part-time job, but the part-time jobs I’ve interviewed for don’t want to work around my full-time hours. Also, my daughter, the oldest, works a part-time job to pay her car insurance, but lately, her income has actually been going towards car repairs. At the present time, we’re sharing my car. Also, I might add that I’m within the poverty income guidelines and would have to make another 5 a month not to qualify for such things as HEAP and insurance for my kids. I’ve also been placed on the waiting list for low-income housing … I even qualify for that.
Recently, a mobile home became available for rent in my area. The rent is half as much as my house payment. Although it is only a two bedroom and I have a boy and a girl, I could sleep on the couch … I could make this work because I could actually help my kids out. Both are talking about education past high school, and I worry that if I’m unable to help them out once they’re out of high school, they’ll become discouraged and quit to get a mediocre job like I did when I was young.
At the present time, I have difficulty in buying groceries and keeping up with my utilities. I cannot save money because I don’t make enough to save. Each time I attempt to put money away, I have to help my daughter buy a part for her car or something around the house breaks.
I’ve attempted to refinance. Chase told me I didn’t have enough equity in my home and I barely made enough money to qualify. This, of course, was after they took my 0 in refinance fees. I’ve attempted to do a loan modification with the help of a HUD-approved counselor. Chase told me that they don’t lower payments. I really don’t know what to do other than walk away from the house, but I fear what will happen if I do that. At this point in time, I’m not concerned so much with my credit rating because I don’t actually make enough money to buy anything anyway. I’m more concerned with garnishment of my wages because I’m barely scraping by now.
Any suggestions? Has anyone else gone through this?
I might also add that after my divorce about four years ago, I filed a Chapter 7. At the time, I thought I might be able to save my house, so I didn’t include it in the bankruptcy.
Also, I do have more in the home than it is worth. I received grants to do improvements and make repairs that did not have to be paid off as long as I stayed in the home. I just spoke with the county yesterday … those grants, which are considered second mortgages until 10 years have pasted, now come to about ,000. From what I understand from reading information about deed in lieus and short sales, with the "second mortgages", I’m unable to do either.
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