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I am in need of some financial advise and im looking everywhere i can for some sort of resolution.
Let me explain, in 2007 my Wife and I finally decided to buy a house, i graduated highschool in 2001 and got a great job at a web hosting company and since i was living with a roomate, it made it easy to save money.
From 2001 to 2007 i managed to save $42,000 So when me and my wife were looking at houses we decided to get something reasonable with a large down payment, we figured we could make the mortgage payment each month with no problem. We put all $42,000 down on the house and were very happy with the $100,000 mortgage and the monthly payments.
Well, in august of 2009 i got laid off. I got on unemployment and finally found a job in December of 2009, but for less pay. Money was very tight but we seemed to be able to make the payments, bills etc.. on time.
My wife decided to go back to school. So i saved as much as possible by canceling cable TV, canceling cell phones, etc.. and paid for her school, which brings us to now. My wife cannot find a job at all, property taxes raised and now my monthly payment is almost $160 more a month. At that point i had ZERO extra cash coming in.
June's in Oklahoma are HOT, im talking 107 degrees in the shade hot. After my Wife almost passed out from the heat we turned on the good ol' ac. Come the end of june i got my electric bill, my $287 dollar electric bill. Having absolutely zero way of paying it i called the company, i got a payment plan going and voila! i only owed $50.
Well, July's in Oklahoma are even hotter. $237 bill, no way to pay and already on a payment plan. in an attempt to lower my debt i called the mortgage company and got on a loss mitigation program that they will lower my payment. Well come to find out im in the first stages of foreclosure.
That brings us to present. I owe $2100 on my mortgage, i have a $200 electric bill that HAS to be paid by monday. I have a telephone bill, gas for work, food, all sorts of things i need. I currently have $158.86 in my bank account, So i went to DHS, i tried to qualify for food stamps. I make too much money they said. Every single government program i tried to qualify for, i make too much money.
So i thought hey ill just sell the house. Well if my house is on the market then wells fargo drops me from the making homes affordable plan and i proceed to owe $2100 in 2 months or i get for closed on. If i dont sell, i wont need to worry about this months mortgage, but i still owe all my bills, and the tax is getting too high.
The only other option is "short selling" basically selling the house for the amount i owe on the loan. But if i do that i lose $42,000 that i worked so hard for and saved. So thats where im at now.
I am looking for some advice ANY advice i feel stuck. If anything else unexpected happens, i will lose everything. I need help i have no one to turn to and neither the gov't or any bank is willing to help me out, Im too rich for government assistance, too poor for a loan.... WHAT DO I DO?
Let me explain, in 2007 my Wife and I finally decided to buy a house, i graduated highschool in 2001 and got a great job at a web hosting company and since i was living with a roomate, it made it easy to save money.
From 2001 to 2007 i managed to save $42,000 So when me and my wife were looking at houses we decided to get something reasonable with a large down payment, we figured we could make the mortgage payment each month with no problem. We put all $42,000 down on the house and were very happy with the $100,000 mortgage and the monthly payments.
Well, in august of 2009 i got laid off. I got on unemployment and finally found a job in December of 2009, but for less pay. Money was very tight but we seemed to be able to make the payments, bills etc.. on time.
My wife decided to go back to school. So i saved as much as possible by canceling cable TV, canceling cell phones, etc.. and paid for her school, which brings us to now. My wife cannot find a job at all, property taxes raised and now my monthly payment is almost $160 more a month. At that point i had ZERO extra cash coming in.
June's in Oklahoma are HOT, im talking 107 degrees in the shade hot. After my Wife almost passed out from the heat we turned on the good ol' ac. Come the end of june i got my electric bill, my $287 dollar electric bill. Having absolutely zero way of paying it i called the company, i got a payment plan going and voila! i only owed $50.
Well, July's in Oklahoma are even hotter. $237 bill, no way to pay and already on a payment plan. in an attempt to lower my debt i called the mortgage company and got on a loss mitigation program that they will lower my payment. Well come to find out im in the first stages of foreclosure.
That brings us to present. I owe $2100 on my mortgage, i have a $200 electric bill that HAS to be paid by monday. I have a telephone bill, gas for work, food, all sorts of things i need. I currently have $158.86 in my bank account, So i went to DHS, i tried to qualify for food stamps. I make too much money they said. Every single government program i tried to qualify for, i make too much money.
So i thought hey ill just sell the house. Well if my house is on the market then wells fargo drops me from the making homes affordable plan and i proceed to owe $2100 in 2 months or i get for closed on. If i dont sell, i wont need to worry about this months mortgage, but i still owe all my bills, and the tax is getting too high.
The only other option is "short selling" basically selling the house for the amount i owe on the loan. But if i do that i lose $42,000 that i worked so hard for and saved. So thats where im at now.
I am looking for some advice ANY advice i feel stuck. If anything else unexpected happens, i will lose everything. I need help i have no one to turn to and neither the gov't or any bank is willing to help me out, Im too rich for government assistance, too poor for a loan.... WHAT DO I DO?
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