Absent a new job and with mortgage and other bills in arrears (presume zero savings left) there is nothing you can do that will prevent a foreclosure UNLESS you have equity in the home.

With equity you can sell...without equity, your best bet is to hand the keys back to the bank assuming your bank will (and CAN) allow this.


A new job is the only thing that can keep you in the house.

Practically speaking though, you can buy a little time by tapping friends and any remaining credit cards to get the mortgage current.

Get a siht load of insurance and pray for Jewish lightening !!

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Damn! That's cold. Poor people have been having these type of problems for many many years and be met with such coldness. They have resorted to some of the negative suggestions. I hope things work out for you and good luck.

negotiate with your lender asap. i used to do foreclosures for hudson county and trust me, you are not alone... the best thing you can do is get advice from a professional while you try to recover from losing your job and falling behind. check out some of the sites everyone has listed. there's a lot of good stuff in these articles.

ciao.. you wont be missed.

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If they got fired then they probably don't have health insurance, so their medicine cabinets may be bare too!

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negative.

1) bank robbers - there are no money left in the bank to rob, only toxic mortgage papers.

2) drug dealers - all the 20something wallstreet bankers can no longer afford drugs and have turned to the medicene cabinet instead.

3) car thief - what's the point of stealing an used car when you cant even sell a new car?

4) prostitute/gigolo - this is considered a luxury commodity, and is affected by the current economic meltdown just like everything else. If people cant even afford food/shelter, they will not pay for a prostitute either.

5) slum landlord to immigrant workers - consultants/indian workers are the first ones that got fired, or rather their "contracts were not renewed". most of them have already returned home or are going to.

fab, you need to provide better career advice, seriously do some research!

There is an increase in Bank robberies, Drug dealers and Car theft ... nothing like being self-employed.

Then there is opportunities as a male gigolo, male prostitute and for the women, hoe, escort or massage person with extra's !!!

Or get some bunk beds and take in some overseas tenants - place an ad in Little India and you will have a flood of prospects

This CNN article has a lot of free resources:

http://www.cnn.com/2008/HEALTH/10/16/ ... ess.counseling/index.html

Best of Luck.

1 (800) 225-5342
&
http://www.hud.gov/foreclosure/index.cfm

When helping a friend get a loan modification, the discussion forum on the following website proved to be invaluable.

http://www.loansafe.org/forum/index.php

Good Luck. You can do it. The information helped my friend sucessfully get a loan mod.

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what's your monthly burn rate? how much you paying for mortgage? what type of mortgage? what's your liquid saving amount left? without numbers noone can really help you.

You can find some generic answers as posted by others, but i am sure you can do that yourself via google too. Most banks are very willing to work with people about to go into foreclousure now unlike in the past, so speaking generically you are in a better position than say 3-6 months back.

Good luck and remember things will get better.

I agree with Georgey boy. Call your lender and ask about the HOPE program. I have recommended this to several of my sellers. They can lower your interest and lower your payments. Trust me the last thing the bank wants to do is own real estate. Also, if you have credit card debt you can reach out to them as well. It may ruin your credit (i'm guessing its pretty damaged by now) but they can close your account, lower the interest and lower your payments. Keep in mind that this would be a "once in a lifetime" arrangement with the creditor.

hope this helps.

It may be a little late depending on how far behind you are- but have you talked to your lender? The last thing they want to see is another mortgage on their book go upside down.


GWB

Facing foreclosure?
by Craig
Sunday May 25, 2008, 12:34 PM

Hoboken's own U.S. Sen. Robert Menendez is having a seminar in Newark next month to discuss the mortgage crisis - and he's bringing along some experts who can help those who have fallen behind on their payments. (Be sure to bring photocopies of relevant documents!)

The free seminar will be held June 7 from 9 a.m. to 1 p.m. at Essex County College in Newark. If you're going by PATH, go to Newark Penn and then take the Newark City Subway to the second stop (Washington Street) and then follow the signs to ECC's University Avenue entrance.

It's free and walk-ins are welcome, but if you'd like to register ahead of time or need more information, call (973) 645-3201.

I know I am not alone. I lost my job, in arrears with my mortgage payments and overwhelmed with other bills...I ask others that can empathize with my situation, I need ideas that will keep me in my home.