Late on mortage & home equity loan?

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We had some money problems earlier in the year & now we are behind on our 1st & 2nd mortgage. We have no way to get caught up as we have no extra money. We are making monthly payments but they are late. We can’t sell cause property values dropped & we owe more than it’s worth. We refinanced in Oct & got screwed with an adjustable on the 2nd mortg. & now we’re paying 19% interest total on 2 interest only loans. I have placed calls to the mortgage company. They assigned us a loan negotiator but I haven’t heard from her yet. It has been a month and I’ve left 3 voice mails. I am totally stressed. I’m making payments, but they are late every month. I also need to pay my other bills. We have one credit card with a low maxed out limit & 1 car payment. All other bills are standard household bills. Not sure what else to do. Want to get back on track but if mortgage company doesn’t call me that can’t happen. Help!
I will check out that website. Thanks.

Both mortgages are with Countrywide and my hope is they will work something out with me. They have different options. Problem is, the loan negotiater won’t call me back. When I call them they said her extension is listed wrong in the directory. So I left a msg with her supervisor and someone at the office emailed her. Nothing yet! And they won’t assign me anyone else to work with. How can I work something out if they don’t call me back?

6 Comments
  1. Reply
    too l
    May 1, 2011 at 12:48 am

    Hope this information works for you….

    http://www.foreclosurefish.com/assistedhelp.htm

  2. Reply
    Y U
    May 1, 2011 at 1:34 am

    I don’t know who you have your mortgage through, but I worked for about 4 months with a company that did mortgages and we deferred payments for customers sometimes. This may be something you can ask about.

  3. Reply
    wv
    May 1, 2011 at 2:03 am

    Call and ask to speak to the manager. Explain the situation, that you are trying to work with them, but you can’t when the one who was supposed to be helping wont return your calls. You can also go to your states attorney general. Let them know you are trying, but no one is helping. Continue to pay. That is what you have going for you. If proves you are trying and that your not sweeping it under the rug. You adjustable rate is killing you. I wish they had never been invented, since that is what really helps to get people in these horrible situations. You’ll have to refinance that, but not yet. The negotiator should be able to help you. Tell the manager when you speak to them that you are ready to get hold of the attorney general, or you have and they must work with you. Good Luck.

  4. Reply
    john c
    May 1, 2011 at 2:16 am

    If being late is your only issue, there is a simple solution. First, one of you needs a part time job. Do this quickly regardless of the hours or rate of pay. Split your bills, with the first mortgage on the pay day at the end of the month, or even a few days into the second month. It would be best if this was a two week pay cycle. Make your off payments on the next pay day.

    Two weeks later,The second mortgage payment will be two to three days earlier than the previous one, ( 52 weeks / 4 week cycle = 13 payments ) as will all of your subsequent payments. Within several months, your off payments will be at the due date and your mortgage will be fast approaching the late charge date.

    The part time job will demonstrate your extra effort to correct the delinquency and the negotiator would be hard pressed to justify non-cooperation. This informal schedule allows recovery without the additional cost, irritation and stress of a formal bankruptcy.

    In financial matters, he who is lost hesitates.The quicker you get started, the sooner this will all be behind you. Good Luck.

  5. Reply
    stan c
    May 1, 2011 at 2:59 am

    I suggest that you call several mortgage brokers so you could consolidate your first and second mortgage. Depending on your age group, there are some mortgages that could go to 40 or 50 years.You can always pay down the mortgage if you can refinance, and make sure it is a fix rate with an open end.

  6. Reply
    grierGRIER h
    May 1, 2011 at 3:55 am

    Although a debt consolidation loan is not a magic way to eliminate your debts overnight, but it can help you to reduce your debt faster. As you know, credit card debts and other personal loans are high interest debts. In most cases, your minimum payment barely covers the interest incur by these high interest debts. Hence, you find it difficult to reduce these high interest debt’s balance if your are paying just the minimum payment.

    If you lump all your credit cards debts and other personal loans into a consolidation loan, you can take advantage of lower interest rates and lower monthly payments offered by a consolidation loan. This enables you to enjoy debt free with a few years.

    Conslidate Debts With Home Equity Loan

    There are various ways to obtain debt consolidation loan. You could apply for personal loan or any unsecured loan with reasonable and lower interest rate as compare to your current debt’s interest rate and consolidate your debts into this loan. But, to obtain an unsecured loan, you need to have a good credit score else you loan application most probably will be rejected.

    The best way to consolidate your credit card debts or any other high interest debts is using a home equity loan. Of cause, you need to own a home in order to apply for a home equity loan. Home equity is ideal for you to consolidate your credit card debts because the interest is much lower interest rate than credit card and other unsecured loan. And the best part is it normaly have different terms or repayment periods for you to choose from. The longer the repayment terms, the lower the monthly payment is. If your current financial is tight, you could choose the longer repayment term and pay more when you are at better financial situation. Read more from: http://www.credit-card-gallery.com/article/134,Consolidate_Credit_Card_Debt_And_Eliminate_Debt_With_A_Home_Equity_Loan

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