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York and Lancaster Counties Rock Hill - Fort Mill - York - Tega Cay - Lancaster
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Old 08-30-2009, 10:56 PM
 
149 posts, read 581,610 times
Reputation: 67

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Quick history: Last year at this time my husband and I were making a decent amount of money, living in our house, and expecting our first child. Then one terrible week in February, I, 7 months pregnant, was laid off from my job and my husband had to take a huge pay cut. Tried to work with the mortgage company, tried to short sell with no result, couldn't refi because of 2nd mortgage, and could no longer afford the home. So we are facing foreclosure but have moved into an apartment. Since then, we have had our son but the bills have been stacking up. I am starting a serving job on Wed. to help out but our credit has been wrecked. Is there any help out there for us? Does anyone have any advice? Any help would be greatly appreciated!

Quick history: Last year at this time my husband and I were making a decent amount of money, living in our house, and expecting our first child. Then one terrible week in February, I, 7 months pregnant, was laid off from my job and my husband had to take a huge pay cut. Tried to work with the mortgage company, tried to short sell with no result, couldn't refi because of 2nd mortgage, and could no longer afford the home. So we are facing foreclosure but have moved into an apartment. Since then, we have had our son but the bills have been stacking up. I am starting a serving job on Wed. to help out but our credit has been wrecked. Is there any help out there for us? Does anyone have any advice? Any help would be greatly appreciated!

Last edited by SunnyKayak; 08-31-2009 at 08:27 AM..
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Old 08-31-2009, 06:59 AM
 
Location: Murrells Inlet
194 posts, read 748,723 times
Reputation: 92
It is unfortunate you could not work out anything with your lender. If your home has not yet been foreclosed you might contact the lender about a deed in lieu of foreclosure....this would be better than a foreclosure on your credit but it is complicated with a second mortgage so it could be more difficult.
Debt consolidation can also have a negative impact on your credit score. You don't mention credit card debt however, with any debt you should speak with your creditors and see what kind of payment arrangements you can make on your own. Make sure you pay all your bills on time to rebuild your credit.
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Old 08-31-2009, 08:08 AM
 
Location: Rock Hill
157 posts, read 381,192 times
Reputation: 72
Talk to a Bankruptcy attorney. Call and ask which ones do not charge for a consultation.
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Old 08-31-2009, 09:48 AM
 
425 posts, read 1,571,109 times
Reputation: 100
I am so sorry for your troubles. I can highly recommend going through a non profit debt consoldation service. while not free it is like $25 - $40 you can meet in person or over the phone. They help you decide what to do. Is Bankrupsy right for you, is there a payment plan they can set up etc.. We really found most of the help we needed from their web site and talking to a local person affiliated with them. We got the name of the agency from the book finance for dummies and I cross checked it with other financial and govement sites. Their web site is National Foundation for Credit Counseling you can enter your zip and find an office near you. Good luck !
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Old 08-31-2009, 11:31 AM
 
149 posts, read 581,610 times
Reputation: 67
Thank you all for you help! We appreciate it!!
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