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Lavendar625

Debt, New Homeowner and Foreclosure

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Hello Everyone,

 

I've been on this board since 2012 and it has helped me in so many ways. I was at the bottom and through amazing advice and discipline, I was able to pull my credit profile together and qualify for a mortgage and various credit accounts. I just purchased my home in September 2016 and here we are in August 2017 and I'm sinking terribly. I made the mistake of thinking I could maintain the same lifestyle post-homeownership as pre-homeownership. I financed furniture, opened credit cards, paid for home upgrades, traveled and all. I've just made so many mistakes this year. I stopped budgeting and spent money frivolously $5 here $10 there and before I knew it my money was gone.

 

I'm ashamed and I'm looking for sound advice. I'm behind on my mortgage and trying to figure out how and where to start. Is it possible to come back from this? Lately, I've been trying to state current on my remaining bills so that everything wouldn't fall apart but I don't think that makes much sense. I should've paid my bills according to priority...mortgage first. I have a job where finances are important so I need to clear this up. Suggestions and advice needed... I feel like I'm at the end of my rope and near a breakdown. Terribly disappointed in myself.

 

 

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First, stop beating yourself up. Let it go, stand up straight, and fix it.

 

Second, how behind are you? 1 month? 3 months?

 

Is this an FHA loan? That might have bearing on what you can do.

 

You may be able to apply for a loan modification. I have done it, and it brought me current, reduced my interest rate, and lowered my monthly payment. You need to know the terms of the modification before you decide if that's right for you.

 

I'm not an expert in mortgages. Just someone who has been through the same predicament.

 

Maybe others can offer more advice.

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