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May 12, 2010

We can't afford our home!

Posted: 10:47 AM ET

MONEY COACH
From HLN's Money Expert Clark Howard

Having trouble managing money? Do your money goals seem impossible? Clark Howard wants to help you!

We're looking for families or individuals who are willing to be profiled on HLN. Those chosen will get money advice and information from Clark Howard.

This week’s question comes from Jim and Cindy Bidwell of Palm Harbor, Florida:

Filed under: Clark Howard • Money Coach • Mortgage • Real Estate • Uncategorized


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francine   May 13th, 2010 4:18 pm ET

I own a home with my daughter,s name on the deed. She wants me to pay the morgage because she got a lower paid job. The mortgage is $600 a month and I only get $800 SS with which I have to pay flood insurance, home insurance tax etc...With the star program has been cut for Senior citizene it does not leave me anything to buy food etc...

A reverse mortgage closing cost is between $4000 to $11000 which I cannot afford.
I was suggested an ammortisation program. What do you think? Please answer me I am desperate and will have to sell the house


EVETTE JENKINS   May 17th, 2010 8:38 am ET

GOOD MORNING MR. HOWARD,
I AM IN A CRISIS, WHEN I BOUGHT MY HOUSE BACK IN 2007, I WAS MAKING WELL OVER $70,000 A YEAR. I AM NOW A DISABLED VETERAN THAT CAN NOT FIND WORK FOR THE LAST 3 YEARS! I HAVE SINCE THAN HAD A SON, WHICH KINDS MADE THINGS A LITTLE HARDER. I FIRST CONTACTED MY LENDER BANK OF AMERICA AND THEY SHOT ME DOWN! SO, I HIRED THIS MODIFICATION COMPANY NATIONAL RELIEF GROUP TO HELP ME GET MY MORTGAGE LOWERED TO SOMETHING MORE I CAN AFFORD. IT'S BEEN A WHOLE 9 MONTHS AND STILL NOTHING HAS BEEN DONE. I PAID THIS COMPANY $3000 TO GET ME OUT OF THIS CRISIS AND 9 MONTHS LATER THERE TELLING MY TO BE PATIENT. I WAS ADVISED BY THIS COMPANY TO NOT MAKE ANOTHER PAYMENT SO BANK OF AMERICA, WHO IS MY LENDER, WOULD BE ABLE TO SEE THAT I AM NOT ABLE TO MAKE THIS $1630 PAYMENT A MONTH! MIND YOU WHEN I FIRST CONTACTED THIS COMPANY I WAS ONLY A MONTH BEHIND, NOW I AM NOW 9 MONTHS BEHIND. I HAVE NOW ASKED FOR MY MONEY BACK SINCE IT'S BEEN WAY OVER THE 180 DAY MARK, AND THERE GIVING ME THE RUN AROUND. I NEED HELP, WHAT CAN I DO AT THIS POINT?


Radha Budhu   May 18th, 2010 1:17 pm ET

I own a single family house in Queens, NY and the house is worth less than I owe Bank of America, should I walk away or continue paying and hope prices will increase in the near future so I can sell? The bank reduced my monthly payment but I feel like I am being pushed around.

I am afraid if I walk away, my credit will be messed up and don't know if I will be legally responsible to pay back, also can the bank take action on my current bank account and income?

Hopefully I can get an answer.

Radha



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About this blog

Clark Howard helps you become a wise consumer. We know you're busy, and that's why Clark's tips are quick and effective. He'll arm you with the information you need to make smart choices. During these tough economic times, Clark wants to help you save more, spend less and avoid getting ripped off!