Mortgage Company won`t renew
December 9th, 2008 by Questions
My wife and I own our home. Because of the market conditions the value of our home has droped and
is now financed to about a little less than 90%.
Our problem is this, in May I lost my job and we ended up being 2.5
weeks late on our 1st mortgage payment. We managed to work out a deal with them
where they gave us an open term mortgage for 6 months begining July 1
2008, but at 10%, which has made this payment extremely high
($2600/mo). They are not willing to renew the mortgage now, and we
have until the end of January to have them paid out. Our second
mortgage payment is about 900/mo and our line of credit works out to
We have tried very hard to find somebody to give us a mortgage, but
have been unsucessful. My wife and I both have pretty bad credit
(partly due to this forclosure, and subsequant hits on our credit
trying to find a mortgage). My mother lives with us, she has no real
assets, but her credit is solid, she makes about $3,000/mo and is
willing to cosign or go on title to help us. I take home about $3,000
per month and my wife takes home about $2,500 per month.
We are very scared at this point that we are going to lose our home,
is bancruptcy an option?
Posted from: Alberta