housing, any hope for me

Connie Asked About 'Ask the Dolans: Dolans.com'

Been fighting for 2 yrs to keep my house payments ...- NO SPAM

Been fighting for 2 yrs to keep my house payments paid, lost job in 07, 6 months unemployed. Took job out of state for over a year, still paid house note and apt in other state. Got transfer back near house but it is still 70 miles away. Rent room during week of 400 a month. House has 2 loans that I bought house with orginally, 1st is 180k and 2nd is 80k, house only worth about 120. Area house is in has now declined with so many rentals and abandoned houses- I am in Florida. I am 62 and just cannot keep working at this pace- health is not the greatest. I want to retire at 64. I feel like I am throwing money in a money pit and will never be able to sell this house. Have always honored my obligations but for the first time in my life am considering walking away. I have small 401k of 80,000. If I walk can they take my 401k. I just don't think I can fight this any longer. When I bought this was the fastest growing area in Fl, I had planned to sell it when I retire and then buy a small condo to live in = I will never be able to afford the house payment and I am paying double what it is worth. I need a place to live that is closer to my job. Tired of living in a rental room and paying on a house I cannot even enjoy

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Answers

stella Answered:

First of all, before you walk away, you should call your lender and ask them if they want the house in Lieu of forclosure!Explain the situation, perhaps they can refine or offer you a modification plan. This could bring the interest present interest rate, they should try to work with you. Also, President Obama has many options for people loosing their homes, new rules and regulations, you should consult with an attorney who specializes is foreclosures. Be careful of the scam artists out ther who want several thousand dollars to help you refine your mortgage. They are the former brokers who gave mortgages to people who could not afford them. See an attorney, he/she will put you on the right road!