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?
Yeah but most of the initiatives on offer are nothing more than a scam where they own your home and in the long term you end up buying the property for them or face having your home repossessed.
Nothing in this life is for free
BlackyBlue | Sep 5, 2010 | Reply
No programs for you. If you were an illegal alien you would be given free housing, free healthcare, free food stamps, and free education. All generously paid for by the U.S. taxpayer.
Brigette Z | Sep 5, 2010 | Reply
Okay, first off, calm down.
Secondly- Chapter 13 Bankruptcy is for Corporations only (I think chapter 9 is for individuals, though the chapter number and section all depend on the amount of dept you are in and how many are filing with you).
I would recommend though that you talk with the bank you took the loan with- Be really careful here- a lot of banks have sold their home loans to other companies (Bank of America did this not two weeks ago)- so be sure you are still paying of the right people.
Then talk with the Loan company, they will probably be more than willing to refinance your loan (at a lower, and fixed rate), and even give you a deferment period (a time when you won’t make payments in times of hardship so you can get back on your feet), this period is usually six months.
And if you have an insurance agent for your home they should be able to help you be a catalyst through this all (don’t worry about it- that’s what they’re there for).
Hope this helps.
(P.S. I’m sorry I don’t have a link- I work for an insurance agency that gives out Home Insurance and I have to hear about this daily).
Missy | Sep 5, 2010 | Reply
This is why I love recessions.
Every time we have one, the great American middle class gets an education.
This is why you people always gripe about the government controlling everything.
You think they really do!
In a chapter 13 bankruptcy, you make arrangement to pay off your creditors.
The bank may be willing to take the deed and let you rent the house.
But it’s their choice.
See a bankruptcy lawyer.
There is no such thing as a grant that will pay off your house, or even to assist you in mortgage payments.
Your teevee lied to you.
You can talk to the bank about refinancing.
You MIGHT be eligible for some public assistance programs.
That MIGHT free up enough money to enable you to pay the mortgage.
Look at this.
http://www.usa.gov/Citizen/Topics/Benefits.shtml
Look at SNAP (the old Food Stamp Program), legal assistance, low income energy assistance, mortgage assistance, medicaid
If you have kids, look at school meals and WIC
Everything you think you know about welfare is wrong.
Now.
When the economy rebounds and you get back on your feet, YOU ARE NOT, UNDER ANY CIRCUMSTANCES to belittle ANYONE who seeks help from these programs.
DO YOU UNDERSTAND ME????
AND Missy is wrong.
Chapter 7 is liquidation for corporations and individuals.
Chapter 11 is corporate reorganization
Chapter 13 is individual reorganization.
Chapter 9 is for municipalities.
Pat | Sep 5, 2010 | Reply
Contact your state or federal representative. They can give you all the info.
Michael | Sep 5, 2010 | Reply
I think your house has to paid off for the reverse mortgage. But im not sure.
also if your house is paid off dont risk loosing it on a reverse mortgage. there are a lot of scams out there. They have scammed people right out there houses.
TOOTAl2 | Sep 5, 2010 | Reply