Reaffirm of morgage

[eaglesfan]

What is the name of your state?What is the name of your state? Indiana

After 9-11, my work place slowed way down. As I result, I had to file chapter 7 in 2002. I reaffirmed on both morgages because i didn't want to lose my house. I have struggled for two years to make my payments and now I am losing my job. Since the Government thought it was a good idea to let our jobs go to Mexico and China, my company decided to send our jobs there. MY company isn't the only one around here to go, little by little, they are all leaving, which doesn't leave any jobs to be found around here.

My question is, if the morgages companies forclose on me, will I still have to pay them since I reaffirmed? I'm at my wits end, I don't know what to do. I had good credit for almost 30 years untill 9-11 and NAFTA happened. What do I do now?

 

[Ladynred]

I'm afraid there isn't much you can do. You reaffirmed, that means if they foreclose you're on the hook for any deficiency after the sale. CH 13 would be an option IF you were working, but w/o an income that's out. Sorry

 

[azgrandpa]

Well, you are going to have to live somewhere; assuming you don't plan on becoming "homeless"! So, why not find a renter that does have a job so they can make the payment for you? Then you can move to another area where there are jobs to be had. Later, if things get better for you; you could put the house up for sale or move back to it, if you wanted to. This way, you won't have the mortgage co. on your back while you are trying to get re-established.

If renting it yourself is too much hassle; turn it over to a realty to handle.

Good luck for the future.