I can’t afford my house payment! What should I do?

slow house sale
We have owned our house here in Oklahoma for two years now. My husband’s work hours have slowed down a bit, I raise our kids and go to school full time. We are getting to the point where we just can not pay our house payment. We arent financed through a bank, but through Countrywide. We have talked with people at LendAmerica and all they could do is lower our monthly payment $10.00. If they cant even help us, who can? There are two homes for sale by owner on our street that has been sitting for a couple of months. We would go through a realty agency, but still im afraid it wouldnt sell and we def do not want to walk away from the house. I thought it was a buyer’s market right now, but the houses in our area dont seem to be selling. What should we do?

Real Estate Professionals

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March 26th, 2010


7 Responses to “I can’t afford my house payment! What should I do?”

  1. Jacob Says:
    March 28th, 2010 at 8:00 am

    chill and smoke a fat blunt!

  2. rosespud97 Says:
    March 31st, 2010 at 6:03 am

    move into a large apartment or move into a smaller house but big enough for you your husband and your kids

  3. S Says:
    March 31st, 2010 at 9:55 am

    Sure, it’s a buyer’s marker meaning they have a large selection, but if no one is looking for houses is it really? $10 a month is not a lot, even if you’re unemployed or something. I think that would help.

  4. Ed Says:
    April 1st, 2010 at 4:29 am

    You may get help from your state or county In BC if our payments exceed 25% of income we qualify

  5. yfriend Says:
    April 2nd, 2010 at 8:57 pm

    First of all,Im sorry to hear that.But really the only thing you may be able to do is down-size or rent out rooms to family members or even the garage,because right now the economy is really not buying or stretching payments for mortgage companies,You don’t really want another loan.If you do just refinance for 10 more years.

  6. kate Says:
    April 3rd, 2010 at 3:35 am

    Well , school is out now so you should be able to work .

    Or move to a more affordable house , even rent can be cheaper that your mortgage in this market .

    But thoroughly review your budget then decide .
    You do not want to waste too much more time in the house if you will have to move anyway .

    good luck

    >

  7. MSAD Says:
    April 3rd, 2010 at 2:11 pm

    It does not hurt to talk to a real estate broker and see what they have to say.

    One thing is certain….if the house is not listed for sale…..it won’t sale.

    If you can sell the house and rent something cheaper until work picks up do it.

    If selling is not n option – is it possible for your husband to get a part time job to supplement the drop in income until his work picks back up?

    Good Luck.