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"Shilling"? You mean like I am not affiliated with the ownership of the company? Do some sales work for hubby to drum up business accounts as his "sales department"?
The meaning of bankruptcy is relative. If you are one of hundreds of thousands who end up filing during this housing crisis, it's a huge group. Chances are someone will extend you credit down the road because a lot of credit worthy people filed for protection during this time. The last time something similar to this happened was in the 80's. I had friends walk away from their home. It happened to them and thousands of others. They owed more than the homes were worth. Sound familiar? It wasn't long before they could get credit again. In a way, they were considered to be victims of the economic climate rather than deadbeats. So if you have to do it, there's no better time.
I know BK laws have changed and its tougher. That's why I said get some real legal advice.
The meaning of bankruptcy is relative. If you are one of hundreds of thousands who end up filing during this housing crisis, it's a huge group. Chances are someone will extend you credit down the road because a lot of credit worthy people filed for protection during this time. The last time something similar to this happened was in the 80's. I had friends walk away from their home. It happened to them and thousands of others. They owed more than the homes were worth. Sound familiar? It wasn't long before they could get credit again. In a way, they were considered to be victims of the economic climate rather than deadbeats. So if you have to do it, there's no better time.
I know BK laws have changed and its tougher. That's why I said get some real legal advice.
Thanks so much YSnow - i was thinking that with soooo many people in the same boat, there will be future considerations for these mitigating factors.
Yes, I did the re-fi thing in 2006 - but I really thought I was "doing it smart" to stop at 90% of the home's value - plus I never saw this job loss thing coming! Information is power, as they say, and I sure need some right now! I feel so POWERLESS, so often, at this point.
Today, I got in my business togs and make-up on and resumes printed for a fearless foray back out into the work world ---- and then chickened out.
Tomorrow I start the day early ready for work - resumes in hand and most pleasant smile on my face..... mantra "it can only get better... it can only get better..."
BTW, why the moniker "Yellowsnow"? (that question has been bugging me ALL DAY!)
I wish you well in your job search and hope all works out for you.
(Yes I meant sell for hubby when you have the time, why not?)
There is also a realtor here Karen from Tampa. You might want to PM her and get more inside info on the Tampa market - how bad it is - in order to help make a decision too.
I have a 244k 1st remaining at 6.25% + a 2nd for $74.5K at 9.95%. Do you think GMAC Mortgage would consider forbearance of some kind at least on the 2nd? Would they allow us to postpone payments on the second (no doubt adding it to the principal, right?) for 5 months or to re-write the interest rate, or something like that?
What a lender is willing to do or not do is a complete mystery until you start calling them and asking. They may temporarily forgive payments or accept reduced payments for a period of time, and just tack it on to the back side of the loan, but they are going to want to see the financial ability to pay the loan after the forebearance period.
Bottom line call them.
Job ASAP goes without saying at this point. ... I wonder if I dropped the price again if I could get an immediate buyer? Maybe I could drop it to the mortgage amount due with the stip the the buyer pays all closing costs?
Even drastic drops don't always bring about a buyer immediately. If your not already at your bottom price go there asap. In all likelyhood the price that would sell your home immediately is far below what you owe on it now.
Yep, we have been lowering, but are about to take drastic action...
Awww. You poor thing! Trudge on out there and you're going to feel 100% better about yourself, trust me. And you may be quite surprised to find that the creative worrying you've been doing about how people will react to you has all been for nothing. At that point you can sit back and laugh at yourself. Get out there! JUST DO IT.
I agree that it is very important to keep in touch with your first mortgage holder. See if you can get them to delay payments to the back end or accept partial payments for a certain period of time until you get a sale or get back on your feet. Also...if you do get a contract, you can ask the bank to extend a loan to you for the closing costs. They trade in the risk of losing out on a $200K+ loan for the risk on a $20K loan and your credit is not effected at all. Speak with a bankruptcy attorney to find out all aspects and effects of a bankruptcy. He/she can advise you about all the alternatives.
And get those 'adult kids' doing what they are supposed to...grow up and help the family out. Yes, that also is difficult but is a MOST necessary thing, not just for you, but for them. That's too old to be living off momma and poppa without any responsibility.
Get out there today! It's going to be wonderful! That fear and depression is going to melt away...trust me!
Awww. You poor thing! Trudge on out there and you're going to feel 100% better about yourself, trust me. And you may be quite surprised to find that the creative worrying you've been doing about how people will react to you has all been for nothing. At that point you can sit back and laugh at yourself. Get out there! JUST DO IT.
I "know" this - I mean, I've been in sales for 20 years! I just "feel" scared!!! It's embarrassing - I mean, what's the big deal? Just keep visiting each place I'd care to work and one (or more) will work out.
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I agree that it is very important to keep in touch with your first mortgage holder. See if you can get them to delay payments to the back end or accept partial payments for a certain period of time until you get a sale or get back on your feet.
Thanks for specifics - part of it is not knowing what I can ask for or what to expect.
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Also...if you do get a contract, you can ask the bank to extend a loan to you for the closing costs. They trade in the risk of losing out on a $200K+ loan for the risk on a $20K loan and your credit is not effected at all.
This is a big one! Whew!! That takes a load off my mind!
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Speak with a bankruptcy attorney to find out all aspects and effects of a bankruptcy. He/she can advise you about all the alternatives.
... I don't really trust them. (Sorry to all you attorneys out there!) It just seems to me that they promote their own agenda - ie: "you need a bankruptcy and I'll be happy to charge you to do it for you." -- kinda like dentists - there is always something they can find that you need to do to your teeth!
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And get those 'adult kids' doing what they are supposed to...grow up and help the family out. Yes, that also is difficult but is a MOST necessary thing, not just for you, but for them. That's too old to be living off momma and poppa without any responsibility.
yeah, I know. I'm kinda stuck in Mommy Hell where I've let it go on too long - it was so NICE to play SAHM for a while! I have worked outside the home all my life (except one year when they were 5 and 7) and it was GREAT.
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Get out there today! It's going to be wonderful! That fear and depression is going to melt away...trust me!
I just "feel" scared!!! It's embarrassing - I mean, what's the big deal?
You shouldn't be embarrassed. It's quite normal and you can bet your bottom dollar you are in good company. It's the inertia..just start. Over coming that first challenge alone will make you feel better.
As for the attorney, I was suggesting you go just to make sure you know what the laws are, what you need to do in order to 'escape' with as much in tact as possible. Go for informational purposes so you can make the best decision for yourself and family when the time comes.
So.......how'd it go today?
Well, I got all spiffy and professional and printed 20 copies of resume and earnings history and out the door about an hour and a half later than I'd intended (you're right - tough to fight that inertia!)
As I am driving to go out and meet people and thinking repeatedly to myself, "I go home with a job TODAY" I get a call from another state on my cell.
He introduces himself and begins by explaining the position I had asked about (vis a vis resume, cover, and photo to remind of my visit 6 months ago) had been filled by their finance guy. he went on quickly to remark that, of course, left a finance position open.... How do I feel about finance?
I'm stupified (but don't let it show in my voice.) He reminds me that my resume says I have experience there, too, would I consider it?
uh, YEAH. I told him I knew that by proposing transferring my experience long distance, I would need to leave my options open. After asking what I thought I could expect to make, yada yada yada, apologized for seeming a bit unorganized and said it was hard to do this on the phone and that it'd be much easier in person to discuss these things.
I am excited at this point, and say, "Well, let me ask you a question, if you find that you are impressed by my resume and you feel good about the way this phone conversation is going, do you think it is worth the investment for me to look into a round trip ticket so we can do this in person?"
He immediately agrees. Then says he must get some things in order, but will call me back in the afternoon. Other comments that it went well, and he needs to look into arranging the times and such and we'll see what we can do about that ticket.
Now, I don't know if you can tell by the way it reads, but I meant is it worth it to me to invest my money in the ticket for the person-to-person.
Later in the day he called and said he had tried to contact the owner of the business all day, but had not gotten a-hold of him. (I''m puzzling, as it is not common to ask the owner if you can hire for this position.) I just assumed maybe he's just a real "hands on" owner, which is rare. He said it will be the beginning of the week before he can speak to him and arrange for meeting times, but he'd call me as soon as he had more information. I chuckled and said I apologized for the way I'd acted earlier in the day - I kept wondering if I'd put him off with my enthusiasm? "no, no, no, that's good, don't worry about that...." Then he said again he'd call me when he'd gotten with the owner and knew the times, etc.
This morning, heh, it occurs to me, basically I had put him on the spot with a "close": "why not go ahead and pay for me to come out?" and THAT's why contact with the owner was important. Heck, for him to consider asking the owner to fly me out is enough for me - it's just way too unusual for that job level!
I figure if the owner declines (which would not be that unusual in this industry- they generally never consider any portion of relocating), I was going to pay for it myself anyway. It's a $400 roundtrip at last minute.
Better is, isn't it strange how you get whatever you expect - even from the most unexpected places? My feeling is, I prepared myself for a job, and it came to me.....
No cart before the horse, tho. It ain't done 'til it's done. What IS done, is - whether this comes through or not - I am again in the frame of mind that I can and will do it!
Whew! What a relief! No matter what, I will be contributing again and may just pull us outta this hole!
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