[catlai80]

This week, I know for sure that we won't be able to pay our monthly mortgage for the first time. My husband has been laid off for almost 6 months now and we have used up all of our resources. Used our credit card to pay some bills, buy groceries, and everything else. It's so hard especially that we have a 7 month old baby. I tried to refinance my condo with multiple banks and even online(Quicken Loans) and we have been denied because we don't have enough source of income. My credit score as of today is 679 and have never been late with anything but all of our credit cards have been maxxed out. We have about 30k in CC debt. Can anyone give us some advice on what to do? I'm thinking of foreclosure and just move to an apartment. We don't want to do any loan modifications. I'm willing to give the condo up but in the future, I would still want to finally get a nice house of our own. We're trying each day to be optimistic but things are getting out of hand lately. I would appreciate your suggestions.

[suzb49]

Call your mortgage lender and have them help you with this problem. The banks really don't want to forclose on properties since they are responsible for upkeep until the place is sold. That means paying to have lawns mowed, driveways and sidewalks shoveled, heat in winter months, cleaning, etc. Call, explain your situation and see if they can work something out that will be agreeable for both parties. If you have paid your mortgage down, the bank may accept an interest papment instead of a full payment. They will be able to answer this question best since they will know what paths are available for you. Good luck.