I've been laid off and am thinking of foreclosing on my house

lauer87 · 02-17-2009, 12:29 PM

Quote:

Originally Posted by Scott howell

Alright guys, here's an update. My loan is going through my lender's loan modification program and is in review now. This is the good news.

One event that makes this a bit tricky is that I am getting married soon. If they approve the loan modification and I marry afterwards, that's not an issue. If they approve the loan modification right after I get married, will I have an issue? I think I will as I have to include my fiancee's assets and salary into my financial statement. We keep everything separate as of now, but once we get married the lender will expect me to combine them and this may affect the outcome of the modification. I think I'm screwed.

Scott

You don't have to combine assets after you get married. Alot of couples file separate tax returns because of one of the spouses lines of work.

UCSBMW · 02-17-2009, 12:43 PM

Quote:

Originally Posted by Scott howell

Alright guys, here's an update. My loan is going through my lender's loan modification program and is in review now. This is the good news.

One event that makes this a bit tricky is that I am getting married soon. If they approve the loan modification and I marry afterwards, that's not an issue. If they approve the loan modification right after I get married, will I have an issue? I think I will as I have to include my fiancee's assets and salary into my financial statement. We keep everything separate as of now, but once we get married the lender will expect me to combine them and this may affect the outcome of the modification. I think I'm screwed.

Scott

Non issue...she's not on the loan, you are. Just be aware when doing a modification directly with the Lender. They are out for their best interests not yours...so they may just put you in a forebearance, or repayment plan which will actually make your situation worse in the long run. Alot of times they just give you a temporary fix and then tack on unpaid principle and additional fees to your existing balance.

Cyber · 02-17-2009, 01:41 PM

To OP

Hey man. I feel for you. Hope everything works out. You're being proactive and that is a +1.

I don't know if you have faith but in times like these it doesn't hurt.

dkhm3 · 02-18-2009, 12:53 AM

wow what a read this thread was.

reminds us all of the fragility of our lives.

off topic: if you're going to get married soon- isn't that another huge expense? why don't you put that off for a year or so?

good luck OP. keep us updated.

rav7ks · 02-18-2009, 09:22 AM

Collection guys are @#@!#!#

lowest of the lows
I hope it works out for you Scott.
Man, I had to deal with collectors and they are scum, they threaten use scare tactics.
I was a student at that time, now I'm working and paid off my debt. But that was one bad experience.

JayML · 02-19-2009, 09:22 PM

scott you seem like a nice guy, and are really trying to be honorable to an extent, admitting your faults.

its really a shame that you lived so far beyond your means, that you did not have the dicipline or mindset to buy things you can actually afford

unfortunatly you are now paying the cost for your mistakes

quick stat: the avg person has between 2 to 3 weeks of income saved up if they were to lose there job. 2 to 3 weeks. thats it

its unreal how some people extend themselves............

02-17-2009, 01:41 PM	#69
Cyber Second Lieutenant 88 Rep 285 Posts Drives: 08 Join Date: Sep 2008 Location: Tri State Area EAST iTrader: (0)	To OP Hey man. I feel for you. Hope everything works out. You're being proactive and that is a +1. I don't know if you have faith but in times like these it doesn't hurt.
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02-18-2009, 12:53 AM	#70
dkhm3 Brigadier General 1882 Rep 3,341 Posts Drives: 991.2 GT3 2020 X3MC Join Date: Jan 2009 Location: Orange County iTrader: (0)	wow what a read this thread was. reminds us all of the fragility of our lives. off topic: if you're going to get married soon- isn't that another huge expense? why don't you put that off for a year or so? good luck OP. keep us updated. __________________ Currently: 2018 GT3 2020 X3MC Previously: 1999 M3 2002 M3 2005 S4 2008 C63 2015 M3 2016 X5M 2019 911S
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02-18-2009, 09:22 AM	#71
rav7ks First Lieutenant 38 Rep 387 Posts Drives: e92 M3 Join Date: Sep 2008 Location: MD iTrader: (0) Garage List 08 M3 [0.00]	Collection guys are @#@!#!# lowest of the lows I hope it works out for you Scott. Man, I had to deal with collectors and they are scum, they threaten use scare tactics. I was a student at that time, now I'm working and paid off my debt. But that was one bad experience.
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02-19-2009, 09:22 PM	#72
JayML Lieutenant 77 Rep 413 Posts Drives: .... Join Date: Jun 2007 Location: toronto iTrader: (2)	scott you seem like a nice guy, and are really trying to be honorable to an extent, admitting your faults. its really a shame that you lived so far beyond your means, that you did not have the dicipline or mindset to buy things you can actually afford unfortunatly you are now paying the cost for your mistakes quick stat: the avg person has between 2 to 3 weeks of income saved up if they were to lose there job. 2 to 3 weeks. thats it its unreal how some people extend themselves............
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