We got paid today and we don't have enough to pay mortgage

[runnersdelig]

I'm so stressed out. My paycheck was $200 less due to education expenses being deducted from my paycheck and DH's is also $200 less because his hours were cut. Now, we don't have enough to pay our first and second mortgage.

How are we ever going to find the money to pay the attorney to file and to get caught up on the mortgage? This makes me scared to death about not having any savings.

[momofthree]

Pay the first, skip the 2nd. Are you underwater on the 2nd? If so, there's no reason to pay it at all anymore....

[runnersdelig]

We owe approximately $273K on the first and the 2nd we owe $72K on the 2nd. Because the house is valued at about 311k, the second mortgage is still partially secured and therefore cannot be stripped is what our atty explained to us.

I'm stressing out. I paid our daycare $500 for our 3 kids today and we literally only have $1,700. Our 1st mortgage is 2021.27 and 2nd is $590.38. I just want to cry.

[momofthree]

Have you already attempted a mortgage modification with your mortgage companies? If not, now would be a good time to apply.

Otherwise, you may as well just stop paying both mortgages and saving up your money. If your income is only around $4400 a month, you can't sustain a mortgage payment of $2600 for long. Inevitably, you will lose your home....

[keepmine]

Have you already attempted a mortgage modification with your mortgage companies? If not, now would be a good time to apply.

Otherwise, you may as well just stop paying both mortgages and saving up your money. If your income is only around $4400 a month, you can't sustain a mortgage payment of $2600 for long. Inevitably, you will lose your home....

Yep-you got something you can't afford.
Unless your finances improve in a hurry you need to let the house go.

[runnersdelig]

I tried to do a re modification last year but they said we made too much money. We make a lot of money on paper, about $105K combined but we took out a huge 401k loans to try to pay mortgage and bills. Normally we net $5,500 per month after the 401k loans are paid back.

I do know I'm getting promoted in the next two months and that should improve our finances.

I'm so frustrated.

[lisamomof4]

you need to try loan mod again. we just did our 1st w/BofA. have a non-profit help you with it rather than doing it yourself, you will get further. we went with NACA dot com, just click on the 'homesave' option. to do mod through government program (HAMP) mortgage needs to be 31% of gross, but some banks will work with net

[Flamingo]

Remember, filing BK does not solve employment or cash flow issues. You need to truly figure out if you can afford to keep your house or make other budgetary changes to be able to do so on top of further investigating loan mods as indicated by the previous posters. You can't base decisions now on a promotion that may not even take place. Nothing is guaranteed in this economy.

[justfiveofus]

I agree with everyone else. If you're filing bankruptcy you need to REALLY think about what you can afford to keep without being strapped at all. This is your one chance to have a clean slate. Is it scarey? Yes. Is it the end of the world if you don't keep your house? No. We had a home that we decided to let go. It was finally bought at foreclosure for 60K less than we owed on it (that's not including the unsecured debt we incurred trying to fix it up so it was worth more and we could refinance and lower our payments), and that's probably a fairly good representation of the true value. We tried to sell it, get an investor to pick it up, etc for about a year with no luck. We knew we couldn't afford it and decided that we'd rather live in an apartment or a townhouse and rent if we had to instead of putting ourselves in a horrible position after our 'clean slate.' It was by far the best decision we've made to walk away from that house.

Good luck!