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Debt Discussions about debt and how to deal with debt. |
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Hello everyone,
I'll try to keep this as short as possible, so here it i without all the details... ![]() I got morbidly behind on everything last year, worst of all, my mortgage. It started when I got taken by a dishonest contractor... I gave him $8,000 to fix some pressing issues in the house... In desperation, I borrowed the money from my Dad... The jerk turned out to be an alcoholic and basically tore the house apart and more or less stole the money, leaving me with damaged cabinets, dangerous wiring hanging out of the walls, crooked walls, rotten floors, etc. Anyway, the guy is nowhere to be found, and I heard he actually went to jail for other reasons. In other words, there is no recourse. Anyway, the house is literally falling apart. I estimate that it would cost around $30-40,000 to address all the issues. I owe $120,000, and the inflated appraisal before the damage was $155,000. I estimate that the house is probably only worth about $100,000 at the most, in it's current condition. I talked to the mortgage company (Countrywide) and explained my situation, and that I was involved in a new business that was making good money. I explained that if I could just roll over the back payments, I was sure I could keep it current. At that time, they wanted to know what I could offer as good faith money, so I told them I had $2,500. It took them 4 months to reply with the answer of "NO". and that I was officially in foreclosure. I then offered them $5,700 if we could re-negotiate, and it is now being "reviewed", and the foreclosure status is on hold. I don't know what to do! It would take about $13,000 to bring the account current, and I only have about half of that. All the while, my rate is due to increase in September, and the house is a shambles. In the meantime, my wife is devastated and we are both humiliated by our circumstances. I would think that the mortgage company would be glad to work with us given the overall state of the market and the state of our house. Is there anything we can do? Every time I call, I wind up talking to someone in India which is MADDENING! I can't seem to ever talk to the people who can offer help. What to do? |
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