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sycgal
Joined: 21 Jul 2007
Posts: 4
Location: IL
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| Posted: Wed Nov 28, 2007 7:15 pm Post subject: I defaulted on payment plan, need answers!!!! |
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I'm on a payment plan with my 1st mortgage and its not going well. I'm close to defaulting for lack of funds. My husband has an annuity that allows us to borrow if we start foreclosure proceedings. Should I allow my home to begin foreclosing and then use the annuity to pay off the owing balance? I've never been in this situation before and totally lost. Our house is new construction and will not sell, so that is now an option right now. Please any advice is welcome, I'm scared out of my mind! |
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jrhartman
Joined: 01 Apr 2007
Posts: 107
Location: Michigan
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| Posted: Wed Nov 28, 2007 11:02 pm Post subject: |
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| would you be able to continue to afford the house after you borrowed against the annuity to catch it up? If not, what would your exit strategy be after using the annuity to catch it up? |
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sycgal
Joined: 21 Jul 2007
Posts: 4
Location: IL
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| Posted: Thu Nov 29, 2007 4:12 pm Post subject: |
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| We would still be tight but we could afford the payments. I would love to sell my home but with it being new construction, it would not sell. We've had houses sitting for nearly a year now. I'm just afraid of ruining my already poor credit with this foreclosure on there. |
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