6 years ago I had to walk away from my house of 20+ years, because the SSDI system had to drag their heels in paying backpay, they couldn't decide on a date. We tried to work with GMAC Mortgage, but they were not having any of the sob stories, the bottom was falling out of the market as we were waiting.
We took a step back, and looked realistically at what we could do to come up with a reasonable solution to the problem. My Father in law had been living off of me since his wife died in 96, and he was an alcoholic headed for a dirt nap. He ended up in the hospital having one of his feet amputated, and was full blown diabetic, had to be monitored 4 times a day, and insulin shots. At 55, he had never owned a house, or had any credit other than GMAC, who were taking payments out of his paycheck at 29% interest....
I got him straightened out with a nice credit union, worked with a mortgage company, bought a house, moved everyone in, and resumed life with his GM income, my SSDI, and life was good. He had never had any money before, so now he was able to buy luxury things like a travel trailer, permanent lot up by rose city, extra cars, etc.
Today the bottom fell out. He went to a doctors appointment on Thursday, and the PCP scheduled him for a CT scan of his abdomen. He hadn't been telling my wife he was having any problems, and had been hiding the fact that he was packing his underoos with paper towels. When he stood up, he would leak blood from his rectum. CT results: stage IV colon cancer, metastisized in his liver, his kidneys, and stomach.
He'll be lucky to live 3 months. They are going to try surgery to cut out the bleeding in his colon, so they can get a better picture of how bad the rest of the cancer is. The oncology department wants to try a single round of chemo, with radiation, to see if it has any effect on his affected cells.
Throughout all of this, the plan was to refinance his house, and put my wifes name on the deed, so that we couldn't be tossed out on our ear if/when he croaked. I called today as him to the mortgage company, and asked them for a loan modification. They said that he qualifies for one, but with how long they are stretching things out, he may be dead before they get the process completed.
The house has 2 mortgages, 80/20 with 0 down, got us in the door immediately. The day after the papers were signed, the value of the house went from $150k to 69k, pretty much overnight. This company is offering to modify the loan to put us at a 5% positive equity, with the guarantee that if we sell, they get 25% of the capital gains. Sounds fair, we aren't selling for at least 30 years, and who knows what the market will look like then.
I'm still waiting for a heart transplant, and until there is a modification, we do not earn enough money to live in this house. Mortgage is $1200 monthly, and I only bring in $1800/mo with SSDI.
Is there anyone in the system, that plays this game, who can help steer me in the right direction? I'm in no shape to move all of my stuff to another house, wouldn't want to if I could, and plan on dying here, whenever that shall be.
Help me unfuck myself? Please?
We took a step back, and looked realistically at what we could do to come up with a reasonable solution to the problem. My Father in law had been living off of me since his wife died in 96, and he was an alcoholic headed for a dirt nap. He ended up in the hospital having one of his feet amputated, and was full blown diabetic, had to be monitored 4 times a day, and insulin shots. At 55, he had never owned a house, or had any credit other than GMAC, who were taking payments out of his paycheck at 29% interest....
I got him straightened out with a nice credit union, worked with a mortgage company, bought a house, moved everyone in, and resumed life with his GM income, my SSDI, and life was good. He had never had any money before, so now he was able to buy luxury things like a travel trailer, permanent lot up by rose city, extra cars, etc.
Today the bottom fell out. He went to a doctors appointment on Thursday, and the PCP scheduled him for a CT scan of his abdomen. He hadn't been telling my wife he was having any problems, and had been hiding the fact that he was packing his underoos with paper towels. When he stood up, he would leak blood from his rectum. CT results: stage IV colon cancer, metastisized in his liver, his kidneys, and stomach.
He'll be lucky to live 3 months. They are going to try surgery to cut out the bleeding in his colon, so they can get a better picture of how bad the rest of the cancer is. The oncology department wants to try a single round of chemo, with radiation, to see if it has any effect on his affected cells.
Throughout all of this, the plan was to refinance his house, and put my wifes name on the deed, so that we couldn't be tossed out on our ear if/when he croaked. I called today as him to the mortgage company, and asked them for a loan modification. They said that he qualifies for one, but with how long they are stretching things out, he may be dead before they get the process completed.
The house has 2 mortgages, 80/20 with 0 down, got us in the door immediately. The day after the papers were signed, the value of the house went from $150k to 69k, pretty much overnight. This company is offering to modify the loan to put us at a 5% positive equity, with the guarantee that if we sell, they get 25% of the capital gains. Sounds fair, we aren't selling for at least 30 years, and who knows what the market will look like then.
I'm still waiting for a heart transplant, and until there is a modification, we do not earn enough money to live in this house. Mortgage is $1200 monthly, and I only bring in $1800/mo with SSDI.
Is there anyone in the system, that plays this game, who can help steer me in the right direction? I'm in no shape to move all of my stuff to another house, wouldn't want to if I could, and plan on dying here, whenever that shall be.
Help me unfuck myself? Please?