Need new mortgage strategy

[Radiance]

With the birth of my first son I found myself struggling to pay for my house. 2 diiferent finance advisors mentioned that most people in my situation have found themselves stopping payments and going to foreclosure (they can not advise me to stop paying, but that is basically what they were doing)

Instead, with the help of a hud approved agency, I got my lender to approve hardship, which reduced my payment by $600.

Now, my mom has been diagnosed with colon cancer which involved medical expenses oversees, no insurance. I have been able to manage.

And today I found I am pregnant. This is a totally different ball game. Expecting a second baby changes the finance strategy.

I wil see financial advisors again, any ideas insight on being forced to stop payment under the new laws, I am in Florida.

[maat55]

I think you need to assess what you can afford and put yourself into that scenario. You may need to walk away and rent for a while.

You could list your income and expenses for more detailed opinions.

Define: being forced to stop payment.

[Seeker]

any ideas insight on being forced to stop payment under the new laws, I am in Florida.

Originally Posted by maat55

Define: being forced to stop payment.

I think she's referring to the "new" bankruptcy laws (which aren't so new anymore). Oct 2005

WealthyMe, you need to find a financial advisor in your area. We can only help (maybe) with numbers. Everything is "I" or "my" in this post -- where's the "he" and is he helping?

[Radiance]

Yeah, I need a financial advisor, this is tough for me, since I was actually trying to straigten out my finances and budget situation before I learned I was pregnant.

The father of both and I are separated and he is basically broke, according to the lawyer, he could actually ask me for alimony and not the other way around since my salary is considerably higher than his.

He has been helping with $150 a month for baby 1.

So, While he might decide to take a second job or something, I need to make plans for myself. I am cleaning up my house (I am messy, I confess) so I can rent out a room. But I imagine the rentee might not want to stay after the baby 2 is born and cries at night...in my area rooms go for $500.

I also plan to take some reiki (energy healer) therapy classes, if I can get 4-5 clients a week (evenings and weekends) that would be about $320 - $400 a week.

That is what I have thought so far, I must admit that it sounds to me as a lot of sacrifice to keep the house and going back to renting sounds just easier. It would reduce my monthly housing expense by $800 - $900 a month... without haing two jobs or having a person living with me.

Baby two main expense will be baby sitting which can be from $400 - $600 a month..

The bank would need to reduce my monthly payment at least for that amount and maybe put the difference at the end of the mortgage. I am already at 5.5% fixed rate after temporary loan modification...

A full time job, 1 baby, 1 toddler, that sounds busy enough and I want my kids to see mommy. I am praying for guidance.

But, yes, I must see an advisor.
will let you know what he/she says and please keep the feedback coming

[Shane Watson]

I would ask you to go to any financial adviser for this sort of thing. I got good help for my mortgage problem from a site called editmyloan. Their specialist helped me a lot with information and planning.