ON Canada - contact your bank and find out if there are programs to allow you to miss payments during hard times. Always speak with your lender if there are issues to prevent any problems with the mortgage.

Powered by

My dad suffered two massive strokes in april of 2007, leaving him severely disabled & unable to work. my family has barely been holding on since then. my mother has had a very difficult time getting a job, because she has some limitations due to her back that was broken in a car accident 10 years ago. also, someone must always be home with my father, because of possible seizeres and other things that may happen to him, because now he's just a moving target for more bad things ot happen. the hospital caused his 2nd stroke, because they gave him too much blood thinner, and so we are currently in a lawsuit against them & the doctor. the settlement is moving along very quickly, because they don't want to fight it, and we're expected to recieve it within the next year. the problem is, we don't have much money now, and we are now 8 months behind in our morgage payment. the morage company told my mother last week that they'd give us another 6 weeks to start making payments, but then the next day told us they were forclosing on our house & we have until december to get out or pay. if the forcloser ends up final, our only option is to file for bankrupty. the huge problem with that is that once we recieve the settlement, the bank will have completely control over it for 10 years.. making it impossible to use the money for what we really need (college tuition, treatment for my dad, etc...) our lawyer & fianaical advisor are going to talk to the morgage company & see if they'll hold out until we get our settlement. doing that, in my opinion, would be better for them, cause they'll get the full price of the house, instead of the much lowered amount they'd recieve trying ot sell it to someone else, because of how the economy is now. my question is, do you think they'll wait for our settlement? i mean, we do plan on paying... we're not like others out there that have no intention on making payments... we just have to wait for the settlement.

I would certainly try to reason with them. Banks do not want to have another property back on their hands - they do not want this, especially now. They'd rather work things out, but you are seriously behind, so I'm not sure if you;ll be able to convince them. Depends too much on the specific circumtances and the lender's policies.

Powered by

Just need reasurence from somebody with nothing to gain or lose by their answer.in 2006 right when everything started to crash,we bought a mobile home at 18 years old.it has a double car garage,a shed,and an 8th of an acre .we're paying 95,500.now we're a little over 20grand in debt.plus we're four months behind in our morgage payment,they want 3grand by the end of this month or their gonna start forcloser.right now our biggest concern is having to take our 2year old to childrens hospital in denver over and over for test after test and probly surgery.we dont even make 3 grand in a month.wouldn't it be wiser to cut our loses and file bankruptcy?or do you see a better option we're over looking? p.s.the trailer looks nice but...we cant get home owners insurence on it anymore cause the roof needs completly replaced according to state farm.our contract with gmac states we cant be in or buy the place without insurence.the roof and walls are full of mold aperently,and the floor is giving away,and our kitchen cabinets are full of mold too.and we have three little boys stuck in this hell hole.when we bought it,the inspectors said nothing was wrong with the place,their out of bussiness now. by the way,we're in our early twenties,and dont wanna screw up again,so,best advice and life experiences greatly appriciated!

Talk to an experienced bankruptcy attorney. Because mobile homes are technically vehicles, there sometimes are solutions available to mobile home owners that are not available to traditional homeowners. The mobile home may be able to be treated like a vehicle rather than like a house in bankruptcy, which may give you more options. Most bankruptcy attorneys offer one free appointment. Take advantage of it.