By Admin on Sep 5, 2010 in Financial Services
I was laid off 5 months ago. I have been applying for jobs that were close to the price where I was or better. I am to the point now that I am willing to take a big price cut to get steady work. I was making close to an hour and I am now just trying to find anything and the hours work. So I was wondering. After I get the new job and my pay is less is there any government programs that could help me out in anyway? Is there anything I can apply for now for help? I have only had the house for 4 years, so I cant do the reverse mortgage I think. I thought there was a program where you could give the title back to the mortgage company and then you pay them rent? Im just wondering what my options are? Or is there a chapter # bankruptcy I can put my house and any other bills on and pay them back at a lower amount? 13 maby, 11 I have no idea what that one is.
Are there any mortgage payment assistance programs for people with low incomes due to job losses, laid off department was outsourced?
Talk to the people at the unemployment oiffice and/or your bank
Reverse mortgage is only if you are over 62 and will pay off open loans first.
Not going to help
wizjp | Sep 5, 2010 | Reply
Reverse mortgages are mostly for people over 65, with your house paid off, because you’ll be borrowing off of it again, and have to pay it back.
You cannot owe any money on any other loans.
And, it won’t lower your bills if you go into bankruptcy, it will just protect you until you get back on your feet from bill collectors. You will still have to pay the same amounts that you owe now.
By the way, it would be chapter 7 bankruptcy.
You could stop paying your mortgage and let the bank take the house back, but depending on where you live (its a 3 day process in Arizona, a 3 month process in Michigan), they might kick you out right away, and it would take a major hit on your credit score.
At least 20-30 years to fully recover, if you ever do.
Kristie | Sep 5, 2010 | Reply
off the top of my head, http://www.fha.gov . Hope that helps, and good luck!
clarence15 | Sep 5, 2010 | Reply