Help! I can’t pay my mortgage anymore! And I don’t want to pay it anymore. What now?

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I recently lost my job. I am looking for another, I asked my loan company (Litton) to defer my payments and they have not yet. They are sending me paperwork to fill out to request a payment plan or lower bill, but that will take a month to get an answer. i have been in good standing, but I don’t have the money this month to pay. So I guess it will soon be on my credit report that I have missed a mortgage payment. This comes on the heels of having filed bankruptcy 2 years ago. I have put the house up for sell, and have decided to relocate to get a job. I know it probably sounds better to stay where I am at, fight the good fight , work at pizza hut and pay the mortgage. But I kind of decided to move before I lost my job, but losing it makes things a bit tighter. Anyway I feel its time to move on and I’m doing so regardless. I’m sick of the debt. i don’t want to file bankruptcy again . I didn’t include the mortgage before, maybe I should have.
I wanted to pay the mortgage, but now that I am in between jobs its a huge hassle and a financial suck tank. I’ve decided I never want any credit of any kind again. I’m ghoing back to the old fashion way save and purchase. All these creditors and banks are a bunch of crooks, piling interest on the loan and doubling teh debt so you have to pay it now for 70 years if you don’t add extrat to pay the principle. So what happens if I’m foreclosed on worst case scenario? I just want to go back to square one. the only debt i want is my student loans and i’m gonna pay that off and be done. If I get a job soon I will pay the mortgage, but if not then what? Should I file bankruptcy again?
Just me, your right bankruptcy is irresponsible and childish, but so was your answer. I will admit I bare a huge responsibilty cause it is my debt and my credit. But I am no different than millions of americans who were stupid. I’m paying teh price cause someone got a loan and ran off with the money. Now someone else will pay the price because I may or may not get foreclosed on. It’s a vicious cycle but it has to stop somewhere. And yes the banks do bare a lot of responsibility because they don’t try to work with you and they charge an astronomical amount of interest. They are the credit pushers and I was a credit junkie. But I have hit rock bottom and admitted I have a problem so I am going into debt rehab. What debts I owe now I am going to try to pay off, but no more credit, no credit cards, no mortgages , no car loans , none of it ever again. I know it will take time, but i will evetually dig myself out of the hole and afterwards I’m paying cash on everything.

9 Comments
  1. Reply
    hyperfamilyman
    April 30, 2011 at 12:11 am

    You can surrender the house back to the bank but like a vehicle being reposed you are still responsible for the loan amount.

  2. Reply
    gazelleintense.com
    April 30, 2011 at 12:27 am

    sorry to hear about this…. I’m with you on the sick of debt part… I reached that part too…. due to “life” happening… job loss, deaths in family, etc…

    check out http://www.daveramsey.com

    he teaches people how to live debt free.

    hang in there… things will get better in time.

    ask them about a short sale on the house…. dave ramsey mentions that all the time, i’m not sure what it is…

  3. Reply
    Flower Girl
    April 30, 2011 at 12:39 am

    You can’t file bk again, not for 5 more years. Worst case scenerio, the bank resales the house and makes you pay the deficit, if there is any. As far as banks and credit company’s being the bad guys, they are not. It is YOUR credit, you choose how to use it. Are you Springfield, MO.?

  4. Reply
    godged
    April 30, 2011 at 12:46 am

    Bankruptcy doesn’t wipe the slate clean anymore. You still owe the money. I just had a friend that recently declared bankruptcy get an inheritance taken, not part of it, all of it, to help settle his debts.

    So if you declare bankruptcy again, you are still going to owe the money. Bankruptcy can protect some of your assets, perhaps save your house, but you will still have to pay the money you owed.

  5. Reply
    Rahrah
    April 30, 2011 at 1:04 am

    Don’t file bankruptcy again. Just put the house up for sale and be done with it. Use any equity to help relocate and settle in while looking for a new job. Work with other creditors by sending in very minimal payments (5 or 10 bucks will keep them quiet in most cases especially if you talk to them and tell them you don’t have a job) until you get another job.

  6. Reply
    just me
    April 30, 2011 at 1:09 am

    yea, take the easy way out and file bankruptcy. then two years from now go buy another house but this time get a couple of credit cards and max those out to. How about a bunch of cool new xbox games and a new stereo system? Sounds great. Get on welfare to while your at it. Go buy beer and frozen pizzas with your food stamps. Bankruptcy is irresponsible and childish if you are an able bodied adult. you should probably grown up and start leaving tax payers to clean up your mess. who do you think pays this off?

  7. Reply
    Rick B
    April 30, 2011 at 1:25 am

    If your house won’t sell easily, ask your bank if they will accept a short sale. Then, cut the price, sell it and walk away.

    When you get back on your feet, try to save up aqn emergency fund of 3 to 6 months worth of expenses. If you do that and stick to your cash plan, you should not have these issues again.

    Good Luck!

  8. Reply
    ophirhodji
    April 30, 2011 at 1:55 am

    First of all, in most states you have to wait 7 years before you can file bankruptcy a second time. Sell the house, that will at least give you some time to breath, provided you can get enough to pay off the mortgage. It will also look better on your credit rating than letting the bank foreclose.

  9. Reply
    Sugarshots
    April 30, 2011 at 2:46 am

    You can’t just make debt dissapear, and many bankruptcy policies are changing to make people still pay the money back to keep repeat usage by irresponsible people.

    I don’t understand how people are supposed to help you, it would be like me posting a question saying I don’t want to pay rent anymore. Its not something I can ask for, because it doesn’t work that way.

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