Husband lost his job in 2006 and after a year of looking and living off our savings took a job that paid about half what he’d previously made. We made deep cut backs in expenses to nearly bare minimum (we still have cable and internet but no other extra’s, not even a land line) and managed to barely keep up with the mortgage payments. We have no other debt than the house and some unavoidable medical bills that amount to less than 3k now.
I lost my job 18 months ago and haven’t yet been successful at reliably replacing my income. I’ve had a few temp assignments and at least one or two interviews a month, but no success at steady employment yet.
So yeah, we’re behind on the mortgage by such a big number that it nearly equates to what use to be my annual income and the bank wants it by Monday. They’re also saying we’ll know on Monday if we qualify for any of the restructuring aid, but they’ve been saying this for nearly a year now.
We’ve been paying out everything we earn to stay afloat so there simply isn’t even enough for a deposit on an apartment or utilities or moving expenses.
Anyway, once they say no and start foreclosing on us, which sounds like as soon as Monday; how long does it generally take before we actually have to have enough money to move out?
We’re in Texas.
This probably isn’t the best place to get answers to questions like this. I found this number on the Texas Department of Housing & Community Affairs web site, for the HOPE for Homeowners Hotline: 1-888-995-HOPE (4673). No idea if it’s useful, but it’s probably a good place to start. Good luck.
It totally depends on what state you are in (I’m assuming that you are somewhere in the USA). Each state has various legal steps that must be followed before you can be forcibly evicted. These involve things like posting notices, geting legal judgements through the courts, etc.
You need to contact a lawyer in your jurisdiction who is familiar with eviction procedings for advce. There may be some things you can do to stave off the eviction.
Yeah, thanks. If I had money for a lawyer, I’d have been paying the full mortgage.
I was just looking for a general idea so I’d know if like we’re going to be living out of the (long ago paid off truck) next month or by Christmas.
Don’t give up yet. If your loan is backed by HUD, then there are a variety of options that might be available to you. There are usually some options even for non-HUD situations.
Ask to speak to someone in the Loss Mitigation department at the bank or other lender.
Failing that, contact Texas Legal Services Center to see if you may qualify for representation or advice. Eligibility is based on income and size of your household. Housing cases typically have slightly higher income limits. Even if they can’t help because of income eligibility issues, they may be able to point you to someone that can help.