I recently got laid off and am having trouble making my regular monthly expenses, not to mention the loan on some property we bought 3 years ago. We had originally expected to build a new home on it, but with the economic downturn and other factors, it simply wasn't possible. Looking back, it probably stands as one of the stupidest purchases I've ever made. Oh well, regret doesn't help me now.

If I do not pay on the property, we barely have enough money left to eat if we clip coupons and nothing else comes up. I am also i the process of trying to lower some other bills, but the property payment will still be out of reach. This is not my primary residence, so I don't know how or if a second mortgage would be different. I understand that I made a promise to pay and I want to honor that promise, but reality may dictate otherwise. Obviously, no one wants to be in this situation. Most days are just a haze lately. Whine, whine, cry, cry. Sorry about that.

On the first of March, I will be 2 months behind and I have not paid the property taxes for last year. I contacted the bank (First Place in Ohio, I live in Michigan) and they said they couldn't do anything for me unless I completed a Borrower Financial Information packet they sent out to me. She also indicated that they could garnish wages (all I have is unenjoyment), put leins on assets, hit my 401k and flat out sue me for the value of the note plus lawyers fees, etc. I wish I could remember her exact words, but I have a bad memory on a good day.

This Borrower Financial Information packet they sent looks like an application for another loan. Is this common? I want to try to work with them to get something worked out, but do they have to have this info in hand to be able to talk to me about options I may have?

What options would be available to me? Can they modify a vacant property loan to a 30yr fixed? Will this new economic stimulus plan help me in any way?

Thanks.