DH Laid Off

I would talk to CCCS - I don't know how far you have to be behind for them to help, but they've got a decent reputation with creditors

S.

I'm not familiar with the ad but if you are able to financially make the payments in smaller increments during the month, your morgage company can not stop you from doing so and it will keep them from repossesing the property. The frightening thing about what they told you is that if you wait until you are that far behind to do something then they have the upper hand and can control your finances and your credit score. So if you can just keep making payments but in smaller increments throughout the month.
There are many who are going through this same thing right now but I know that when my husband and I did, the Lord provided everything we needed when we needed it as long as we did not give up. We only got behind when we tried to take the control back. Have faith and be diligent. God Bless.

What does your husband do? I have had a bunch of job offers lately that I could refer him to, I also have worked with a great IT staffing company in the past. I don't think you should resort to not paying bills... Good Luck!

E.

Hi J.,
I am so sorry to hear of your situation. I don't really have any advice for you but I wanted to caution you about just not paying any bill. My hubby was laid off a while back and then when he found another job he took a significant pay cut. We had 2 credit cards at the time that I was trying to pay off from our earlier years. I called both companies and explained that I could not afford to pay the minimun due to a change in our financial situation, and just paying the minimum was not enough to bring the balance down. One company worked with us until the balance was paid off. The other company said there was nothing we could do until we were 6 months behind. So since there was nothing else they or we could do, I did not pay that card at all for 6 months and then called back. At that point they told me I was too far behind on payments and refused to help with anything. I was so upset. I spoke to my mother about it who said to wait on it to go to collections (as it was already reported bad on our credit anyway) and take the settlement, which is usually less than you actually owe anyway. Well, we finally recieved a settlement but it was nearly 3 times the amount that I had actually had on my card because from the time I quit paying them, they added interest DAILY! I have spoken with the card company and every collection agency that has bought the account since and no one will work with me, so as a matter of principle I have not paid another penny. Eventually I want to have that paid off, but until I am comfortable in my finances again I will not do that.

Sorry that was so long, and I am not saying your mortgage company will be that way. I am just saying that I would be very wary of just not paying a bill. It could come back to bite you later.

My thoughts and prayers are with you and your family at this time.

God bless.

Hi J.,
Debt reduction or debt settlement can get into some tricky ground. for your situation, you may want to start with your car payments. If you've paid ahead (and on time), they can let you skip a month or can recast your loan so the back payment is tacked on to the end of the note without counting you delinquent. Also, with credit cards, be careful because once you miss one, they can all go to your max interest rate, causing all of your minimums to go up. And, credit card companies can tell you they will settle for less than what is owed, but what they will do is charge it off to a collector once you've told them you aren't able to pay any longer.

Good luck~
C.

P.S. My husband and I own a company who negotiates "short" payoffs of different kinds of debt (credit cards and mortgages, etc). We are a last resort for many people because it does have a negative affect on credit for the short term, but produces an excellent effect on ridding one's life of an overwhelming burden.

I encourage you to do all you can to pay your mortgage timely. If you get one month behind, they will likely refuse to accept any payment unless it includes the total payment plus late charges. If you get two months behind, the mortgage company will begin foreclosure proceedings. They may be willing to work with you at that point, but you will be at their mercy and they can just decide to move forward with foreclosure. Your husband should go to the Texas Workforce Commission right away and file a claim. If he has worked long enough, he will be able to get weekly benefits of about $300 - assuming he is actually an employee and not self-employed. I know that is not his current salary, but it will help while he is looking for a job. Cut out payments on anything else you can, even credit cards if you have to but keep your mortgage current. You may want to look to see if you can get a job temporarily and let DH keep kids, but not if that interferes with him going on interviews etc. Be positive, but keep DH looking for another position doing whatever he can to get income coming back into the home. Good luck!

Maybe consider refinancing without out of pocket closing cost. There are some legitamate companys that will refinance without checking credit or job history just as long as your current or have never made a late payment. This will give you 2 months of no payments may lower your home too. Yes closing cost are often roled in but it will give you a couple of months to find a job. Also file with twc to offset expenses for seeking employment. Good Luck!!

What does your husband do for a living? I know a couple job openings I can maybe get him an interview with someone if he is in any type of businesses that I know about....

Sorry to hear about your situation, be cautious about any TV ad and companies offering help, most are not reputable at all.
We went through a period of time where my husband was laid off and the best advice I can give is for you to work with your Mortgage company calling them biweekly and documenting your calls. If you do this they are less likely to take action. We went for 6 months without paying and saved our home from any foreclosure notices etc. We are with Wells Fargo. This was a few years ago though.
If you are looking to cut expenses you may want to save on household consumables and get them paid for. I work for a team that helps people do just that and earn extra income from home. This month they have a special you can earn a $300 gas card and a great check. You can request info on my website at www.workathomeunited.com/JOBS for more info.
Blessings to you and just remember to count the blessings you do have everyday, this helped us through our difficult layoff time years ago before we began our home business.

J.,
We were kind of in a similar situation last summer. I was in the hospital and only getting disability check. My husband called and spoke with the mortgage company and they gave us a forebearance however, when the forebearance was over we had to pay all 3 months of mortgage at once. They did threaten us with foreclosure. I believe that this particular mortgage company is now in federal court for similar practices. That being said, You can make several smaller payments during the month. We make 2 payments by the 16th. It's easier to pay this way and then we're not late. My other suggestion is to have your husband get unemployment. You didn't mention if you worked or not but if you are able to maybe you have a skill you could use to contribute monetarily to the household. You could also cut back on cable/internet/phone etc.. Look at your monthly expenditures and see what you can reduce your spending on. Good luck to you and your family. I know how stressful this is but GOD will provide for you.