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I can't afford my home, taxes or insurance... what now?

February 01, 2008

My mortgage company failed to put my insurance and real estate taxes in escrow, which I had asked for, and now my insurance has been canceled and I don't know whether my taxes have been paid. I cannot afford the monthly mortgage payment and certainly will not be able to afford it after the escrow happens. I am in the process of a divorce and my income with be cut in half. I need help. Please advise on how I can do a Deed In Lieu of Mortgage or a Short Sale. I have someone who is willing to buy our home as is, but will not pay what we owe to Beneficial. The payment will be short by about $30K and I would like them to just write that off as they have made the huge mistake with the escrow payments.

Posted By Darin at 10:05 AM
Comments (10) | Categories: Benificial, Illinois Foreclosure | Tags: beneficial illinois

Comments

What is going to happen in Oct. when the hardship program ends and there are no changes in my income?

Posted By Benny Nooks on July 19, 2008 at 12:47 PM

The home loan I have with Beneficial Finance needs to have taxes and insurance included in a new loan with the lowest interest rate by law.

Posted By Benny Nooks on July 19, 2008 at 12:50 PM

Is there any help for an elderly couple to keep their home without having a large income? The husband is Vietnam Veteran and the wife is disabled.

Posted By Benny Nooks on July 19, 2008 at 12:52 PM

My first and second mortgage are with the same mortgage company, taxes or insurance are not included with the mortgage. Taxes are due and I do not have the money to pay the second mortgage because I have to pay the taxes. Will the mortgage company forclose on my house if I do not pay them the second mortgage?

Posted By Maryland Home Owner on October 25, 2008 at 12:49 PM

My 32 yr old son & dil bought their little home almost 4 yrs ago an hour outside of Metro Detroit. Their surprise twin sons arrived in Sept. 2007 & have put them into financial chaos. The housing market in MI is all but dead, except for the purchases of foreclosed homes. They've had the house on the market and had no offers. They are only asking what they owe, and they owe less than $90K now. They're going to lose the house plus they're good credit standings because of the extremely poor economy here. Any suggestions or organizations that could help??

Posted By JJ on February 12, 2009 at 06:51 AM

Beneficial Finance will not give us a new loan modification to lower payments for low income, we now have, plus we need taxes and insurance included in monthly payment.

Posted By Benny Nooks on February 12, 2009 at 07:03 AM

I am having the exact same problems as all of these postings.

Posted By K.B. Weller on August 17, 2009 at 12:20 AM

I too am having exactly the same problem and was told the same thing. Unfortunately there is no bail out for Benficial borrowers and the hardship does not work as easy as they said it would plus the insurance and taxes are accumulating rapidly and include legal fees as well. I was 6k behind and with all the extra fees I am now over $20,000 behind. I can't get out of this quick sand.

Posted By liza on March 05, 2010 at 02:11 PM

my home owners insurance has been cancled. i permentaly disabled and live on a small social security income. are there any programs to help me get insurance reinstated.i don't know what to do. please help

Posted By HAROLD on March 08, 2010 at 10:41 PM

THEY WILL NOT HELP YOU!!!! THEY TELL YOU THEY WILL BUT THEY WILL NOT!

Posted By Deanna Bryan on October 05, 2011 at 12:47 PM

How to avoid Foreclosure

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I can't afford my home, taxes or insurance... what now?

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