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6K views 51 replies 23 participants last post by  RockyMTN05 
#1 ·
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?
 
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#3 ·
Apply to every and any 'mortgage help' organizations. Do everything possible to pay. I did that and the mortgage company was persuaded by one of the organizations to cancel my debt, it was a smaller loss for the mortgage company.

That's about all I got. Good luck.
 
#6 ·
The payments are current right now, but the house is not in mine or my wifes name. We thought about having our 15 year old son get adopted by his Grandfather, if he had time left, which would put him in line for the house even without a will, and he would collect some of grandpa's pension and social security. I will look into your link BlooMoole, thanks.
 
#10 ·
hahahahahahahahahahahah gasp hahahahahahahahahahahah

I am in no way laughing at your father in laws health problems, just your piss poor money managment skills and unwillingness to earn a living.
 
#12 ·
How the fuck am I supposed to hammer out a living with an artificial heart pump? I can't do a single thing without a hospital trained support staff trained in how to diagnose, and repair problems with the pump components.

Piss poor money management skills? I spent over a year waiting for Social Security to start to pay me back the insurance premiums that I had paid in to them, being swallowed by the system having lived off of my nest egg for over a year. I don't get paid enough to put that cash back, asshole.

You have piss poor people skills, and have trouble with reading comprehension, don't you? You are definitely retarded, please drink bleach.
 
#14 ·
In 2002, the threshold or SGA amount (Substantial
Gainful Activity) for net self-employment earnings (or gross wages) is $780
per month for non-blind individuals and $1,300 for blind individuals. For
non-blind individuals receiving SSDI that equals only $9,360 per year in net
self-employment income.
 
#20 ·
Sorry to hear this. Try every option you can, and stevo you are a waste of human flesh. This man is loosing a family member, he him self is very sick and his family might loose there home and you laugh? Karma us a bitch dude. To zook my prayers are with you and your family, Never Give Up!

Sent from my Nexus S 4G using Tapatalk 2
 
#24 ·
My wife is going to the courthouse tomorrow first thing, getting the quit claim deed, and putting herself and my 15 year old on the title. My father in law already has agreed to sign it over.

The loan modification is because there is no way that my income from SSDI will cover the mortgage and bills for the house. My 20 year old is a full time college student, and has offered to go to night classes and weekends, so he can find a daytime job. He says he already has one lined up, paying $10/hr-50hrs/wk. That is the last thing I want to do, but it may come down to that. He's a good kid, but school comes first in my book.

I thought for a short while that steveo was a misunderstood kid, but now I know he is the poster child for the special olympics, a running box with "Summers Eve" printed across the front.
 
#27 ·
Zook, I'm in Bay City and I can be available to help you move should that need arise. I have a pickup and a large box truck available should you need it. I can also get you hooked up with some reasonable housing in the Bay City/Auburn area should you need it. I even have a line on a fixer upper house you could buy on land contract in Auburn.
 
#28 ·
Beyond what the guys have said about quit claim, it sounds like its time to do some serious thinking about whats really important to you. Unfortunately, it doesn't sound like he's got a good chance of pulling through. It sounds like you are on good terms, it would seem that getting a will in order, if he has other assets. Think about if you really are in better shape with that house @ $1200 a month, or if he passes, you walk away from it with no debt out of it, and find a place more appropriately valued with todays market?
 
#37 ·
For this reason, we are trying to get a loan modification. The lender offers a plan where they set you up with 5% positive equity in the home, forego the original loan. In return, when the house is sold, they get 25% of the net. This would work, because we have no intentions of moving, so it comes down to the paperwork. If they have a set timeframe, or balloon date to sell the house, it may/may not work. Won't know until then.

We walked away from a predatory lender once. I won't get burned again. The bank that claims to be an "Ally" stole my house. They bought the mortgage, and within 3 months it tripled. Ended up at $1800/mo.
 
#33 ·
I appreciate the help, and will be taking you up on the manual labor part of the move, should the need arise, as I cannot lift any more than 10 pounds thanks to this plastic heart bullshit. This house is everything that we wanted, and I would hate to give it up. A quit claim would only transfer ownership of the property, it wouldn't do anything for the mortgage. That still needs to play out with the lender. New company, only been with them for 3 months.

OCWEN servicing is the new holder, hopefully they come through in a timely manner. I'm told that the old man will be having a biopsy surgery tomorrow (Monday) at @ 2PM. They have the bleeding stopped, he was severely anemic because of blood loss. They will probably start him on chemo before they boot him home. He will have his hiney side cauterized, or the tumor removed if possible in his colon.

One day at a time for now, and when the time comes, scramble like a mofo to get things straightened out.

Thanks everyone, except steveo.
 
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