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Foreclosure Question?


Forum: Financial Planning and Budgeting

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  #1  
June 13th, 2010, 05:54 PM
KeriMomof2's Avatar Veteran
Join Date: Oct 2009
Posts: 145
I hope I am posting in the right place ...???I know this is "budgeting" & i am hoping someone here may have a answer to my situation...

1st I will start off my exsplaing why i am in my situation..

My husband was in a car accident and is now disabled ...our income has dropped to only 1700 a month thanks to his SS checks....we live I florida and can not afford rent as for 2 more years we dont get medicare and his meds cost an avg of $500 amonth ...we do not qualify for medicaid...but do get $300 a month in food stamps..

we have 2 children that I home-school & I am more then willing to work..but my husband disability requires me to be home to care for him and my children.

Our home is in Foreclosure..This is my question..

I have been working with wells Fargo ..but they say that because of our "lack" of funds and the bills we have (no credit or car..just basic bills) we do not qualify for any asst programs

They said that i can contact any other org . to seek out help...

I am very scared of losing my home as i dont have anywhere to go ...(current house payment is $968)

I have been looking online but am confused and what is available to us..

we have a FHA loan too.

what makes me mad is in 2 yrs my husband will get medicare freeing up money..but wells fargo doesnt care...

anyone have any help to offer???

TIA
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  #2  
June 13th, 2010, 06:53 PM
sara~b's Avatar Platinum Supermommy
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To help you better I need to know where the 'rest' of your money is going. $300 a month in food stamps is tight but definitely can cover all your grocery needs if you coupon clip and such. So the other $800 a month after your mortgage goes where? You said you homeschool and DH is disabled so I take it neither of you are driving much. Can you downgrade your car? Can you get cheaper car insurance? Can you appeal the medicaid denial? $1700 a month for a 4 person family shouldn't overqualify you for medical assistance. I filled out the screening form based just on what you said in your post and it said you should qualify. I would talk to them again and reevaluate where your money is going. You may have to cut out a lot of things but I bet you can get caught back up.
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  #3  
June 14th, 2010, 08:53 AM
mommy2Breana+Brandon's Avatar Platinum Supermommy
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Location: PA
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That really stinks. I hope everything works out for you.

Try getting out of your car and get another one. get rid of everything you don't need like cable, internet, etc.

I agree where does the other money go?
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  #4  
June 16th, 2010, 02:23 PM
KeriMomof2's Avatar Veteran
Join Date: Oct 2009
Posts: 145
well 500 his monthly meds/dr
300 is electric
75-100 is basic house & body needs (diapers,trash bags,soap ect) this of course varys
200 is insurance (cheapest we could find due to his accident)
we do not have but one car payed off
$30 for my kids home-school program
300 is not enough even coupon clipping in florida...if i only ate the cheapest food we need approx 400-450 a month min.....so even with the 300 we need add 100-150 a month
remember my husbands home and i homeschool so i have breakfast ,lunch,snack to provide including dinner for a family of four

this doesnt include emergency needs..like last week i had a tooth pulled $130 and i still have a $75 cavaty
plus kids need clothes and cars need gas....my husband has to drive every month to his doctor which is 4 hrs away...our gas is high here filled up yesterday 2.47 a gallon for cheap

so we avg about 1300-1400 amonth before rent...at 1700 we only have 300-400 left...not enough to pay or mortgage
and i agree we should get medicaid full medicaid..but florida says No
I have called many many times ...asking why...they say we make too much and wont include my husband 500 a month meds into the bills....

i have already cut tv..and my mom is paying my internet & phone .....
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  #5  
June 18th, 2010, 09:37 AM
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Join Date: Nov 2007
Posts: 3,976
I would look into local food banks and such for additional groceries that are not covered under food stamps.

I would also suggest looking into a part-time job that you can work, maybe after the kids are in bed.

Or, what about moving in with other family members and renting out your home for the remaining 2 years? If you get enough rent to cover the mortgage and insurance, then that may be enough to keep you from going into foreclosure

I don't know...those are just some ideas, but may not be realistic for your situation...
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  #6  
June 18th, 2010, 06:41 PM
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Join Date: Apr 2008
Location: Minnesota
Posts: 2,657
Keep in mind that if your mortgage payment is currently $968, more then likely the investor (the ones who tell Wells Fargo what they can do on your loan) will not allow the mortgage to be lowered to less than half at 300 to 400 a month. I know it sounds harsh, but from a completely business perspective, they are not going to lower your payment to one that they can't confirm that you can afford to make. A lot of the programs you hear about are only for loans with Freddie Mac or Fannie Mae as investors. It is possible that they are not you investor.

I would look at renting rooms (or floors if you have them). Also check local churches and non profits. It will not be a long term solution, but they may be able to help you with a month or two. However, the mortgage crisis has hit hard in FL so may have to look in multiple places for available assistance.

The last option is a total gamble. Foreclosure is usually a long process. I am not familiar with FL times, but my guess is that you have 6-8 months to stay in the house without payment before the foreclosure is complete. Once complete you probably have at least 60 more days to stay in the home. Check you mortgage note. Some allow as much as 6 months. This would buy you some time to try and remedy your current financial situation. Also, once a house starts the foreclosure process you have not lost it. In most cases you have a certain amount of time after the foreclosure (the sale date) to work and get the house back. However this usually requires a substantial payment. Also, once the house goes into foreclosure Wells Fargo will stop excepting payments without an approved plan. (Just an FYI)

Make sure that the information that you have submitted to Wells Fargo is as complete and accurate as possible. All of the payment options are number based. Being off in there formula by 5-10 dollars can disqualify you for an option.

I hope some of that information helps.

Good luck!!
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  #7  
July 28th, 2010, 11:04 PM
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Join Date: Aug 2005
Location: USA
Posts: 7,429
Also have you thought about working from home? I work from home full time and make around $2,000 a month. Even if you did it part time you could pull an extra $500-$800 I'm sure. Places like Customer Service, Virtual Call Center Consulting, Work From Home, Alpine Access pays $9 an hour to work from home as a customer service rep. It's not great money but if you only worked 25 hours a week you'd still pull an extra $900 a month. There's a work at home board here on JM that may be able to help you out but in the mean time I'd encourage you to look at Work at Home Jobs: Free Legitimate Work From Home Job Opportunities which has a ton of work at home jobs that are completely legit.

Also if it was a car accident your car insurance company or the other person's car insurance company should be paying for your husband's medications as well as paying you mileage (50 cents per mile) to and from the doctor's office as well as the doctor visit bills/copays, etc. If this is not happening you need to contact them and look into that. If they give you a hard time contact a lawyer (I do car insurance interviews for a living).
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