Comments on: After Foreclosure Guide To Housing: It Ain’t Easy

By: T

Thu, 04 Mar 2010 15:16:24 +0000

Hi. I’ve been reading through your blog. I already know the outcome because I started with the most recent.

Let me add one more tip.

If you are living with friends or family and they are gracious enough to let you do so for a year (really tough) then the saving for your f/l & deposit is your next hurdle.

It can be tough to be diciplined enough not to use that $ in an emergency.

Just take the responsibility out of your hands.

Some banks offer what our bank calls a Nest Egg CD. You establish a regular transfer of at least a minimum amount that goes into the CD at least once a month. You can’t touch the money without paying penalties for one year. If you stop your transfer – you cannot restart it – so you don’t want to mess with that either.

It is your money – you just took the temptation to use it in an emergency away.

One note – be sure not to overdraw your checking account or miss loan payments where this certificate is held. The bank is within their rights to redeem the cd in order to cover these items and you are still stuck without the money for housing.

By: Eva

Eva — Thu, 04 Mar 2010 08:53:56 +0000

check around at grocery stores,, people often rent out their converted garages to persons for a low price. Also, let us all learn a lesson from this…always pay your rent or mortgage first before anything else because you can always go without food light, heat and clothing. But having a roof over your head is most important. Also, never borrow money out of the equity of your home. Not wise!!!!!

By: Debt sucks

Debt sucks — Tue, 08 Dec 2009 20:36:37 +0000

I’ve been fighting my mortgage company for months trying to secure a loan modification. I received noticed in September that I had been approved for a loan mod and to wait for the paperwork. Two months later still no paperwork only a sale notice from the county courthouse. My sale date is Feb. 2, 2010. I’m a single mother still living in the house with my kids. I emailed the bank execs early in November and last week I was “approved” again for a loan mod. I called the negotiator to ask when I will receive the paperwork and her voicemail said she was on vacation for the next 15 days!!! I keep getting the runaround. I’m so tired I decided if I don’t have a loan mod in place by 12/31 I’m going to find someplace else to live. The problem is my credit is so damaged from this foreclosure, medical debt collections (which is why I went into foreclosure) and a bankruptcy when I also attempted and failed at owning rental property. I lost my car to repossesion. Bill collectors call me 20 times a day and I got audited by the state revenue department for the first time in my life and owe them back taxes and penalties. At least I do still have a job. I just feel like I’m burning in debt hell right now. I’m usually very optimistic, but it is taking everything in me not to loose my mind.

By: Losing it, but not losing sight

Losing it, but not losing sight — Fri, 15 May 2009 06:41:18 +0000

I’m here in this situation because I care more for others than myself. I gave to those I thought needed help. Now I feel as if I’m taking advantage of my new lady friend that is providing me housing or is this part of God’s plan. I’ve lost everything due to my giving nature. I tried for months to keep up with the payments. I had rental property but could not find renters. The job I did have allowed me to make the mortgage payments but nothing else. I was fortunate to live in a corperate apartment for a few months at no harge. Eventually I just gave up. This was no way to live. I did nothing, I only worked to pay the mortgage. I didn’t have auto insurance for 8 months and fell behind four months on the auto loan before I turned it back over to the bank. I’m not sure what is in store for me. I’m unemployed with no vehicle and losing the house. I don’t feel bad because I know there are still some out there worse off than me. I put down $37,000 so it is a value at $156,000 I can only hope someone with desire to have a retirement home in Cherrylog, N. Georgia ( God’s Country) can save me from the horror of a full forclosure. It is a beautiful tract of flat land after the driveway and the view is of a wildlife management area. Help me

By: JNS

JNS — Sun, 21 Dec 2008 08:22:06 +0000

Be sure to ACT EARLY — don't just stay in the house the entire time the foreclosure is going on even though it's "free" — by the end your credit will be shot & you'll have a hard time finding a rental. I suffered a job loss, got behind on my mortgage, and could see the writing on the wall; although I landed a new job, it was much lower pay. Fortunately I still had a small IRA, which I raided & bought an older mobile home and have been living in it for a year now; since the home is paid for (under $4000), my monthly costs are just $350 lot rent + utils, and I am able to keep my pets. Very cheap living. I had to go through a credit check for the lot rent, but once again, I acted very early in the process & was still ok. Sure, you have to put up with the inevitable "trailer trash" jokes, but I feel like it was the best solution for me.The key is ACT EARLY while you still have decent credit and a retirement account to raid; if you don't have a retirement account to raid, still ACT EARLY and find a rental now while you can still pass a credit check. Good luck everyone!

By: MC

MC — Fri, 31 Oct 2008 17:34:34 +0000

This is so stressful! I too am going to lose my home to foreclosure. I spoke with a BK attorney and he advised me to file a BK13 along with the foreclosure. But after reading kg’s story, I think I will wait until after the foreclosure to make sure I can lease a home. I have 2 teenagers and need to make sure we have a home to live in. I was just served with a default notice and was completely embarrassed. I have been in the mortgage business for 19 years. I purchased my home in January of 2007 and paid too much. The market collapsed after that. I am now working and have a steady paycheck (of course not making enough to keep my home because who wants to hire a loan officer). Looking back, there were signs, especially being in the business. I just did not realize it would get this bad. A big thanks to debtkid for blogging about his experience and success after such a horrible situation!

By: kg

kg — Thu, 23 Oct 2008 08:45:25 +0000

So I’m not the only one? Wow. My problem is I have two teenage girls that I have to care for. I’ve done well up until this last year. Because of a series of unfortunate events, (several car wrecks where we weren’t at fault, two blowouts in one week, hosptial bills, medications, payday loans, my smallest child was hit by a car as a pedestrian, ….etc.) The list just goes on and on. I got behind on my house note and now staying with a relative. What’s stupid is I filed Chapter 13 before finding another place to live and now, no one will allow me to live anywhere because of my credit. I make decent money but it does me no good. I can’t very well make my children live in the car or drag them from home to home. What am I going to do?

By: John

John — Wed, 10 Sep 2008 21:52:58 +0000

Wow, this hits very close to home. I have just gone through a foreclosure and eviction (the movers were here today to take my stuff to storage). In a couple of hours, I will be telling my parents about it (i know, i am stupid for not letting them know before) and asking them if i can rent out their spare room until i can find more permanent digs. The worst part is, I don’t know if i can take the looks of disappointment on their faces that will let me know i am a failure. I am sitting here now tearing up thinking about it as I type.

By: erika

erika — Sat, 12 Apr 2008 01:33:11 +0000

Just came across this site. I too have wondered about all the people that are going through foreclosure right now. I hear of it happening so much but have yet to meet another person who I know this is happening to as well. We have been trying to sell our home for a year now, even trying to do a short sell with no luck. It is a huge hit to my pride as I never thought we would go through foreclosure. However, we had to move to a new state for job purposes and we cannot afford to pay rent here and our house payment there. My next thing to worry about is that we had refinanced a few months before we moved in order to pay off credit card debt (we did not know we were going to move when we did this). Now we will have to pay taxes on the difference between our original loan and the refinanced part….where on earth do you come up with $5000 when you have bad credit and only make enough money to make ends meet? Well, thanks for reading, had to get this all off my chest!

By: Leeann

Leeann — Sat, 15 Mar 2008 18:03:32 +0000

I agree with the post made by Michelle. There are also hotels that don’t run your credit. All they need is a bank debt / credit card to stay there. The hotels I know of are Intown suites, Extended Stay of America and really any other hotel will let you stay there for a long period of time without a credit check. Redroof has the lowest weekly rates at around $240,00 a week in my area ..

This is a very hard position to be in. I wish us all well getting on our feet again..