Question by : Desperately seeking advice…foreclosure lurking. What should I do?
Hi everyone,
A little bit of history: I am trying to be proactive and do a short-sale on my home. I am an opera singer and when I bought my home in 2007, I had contracts spanning 2 1/2 yrs. I have been booked like this for the past 10 years or so. They did full docs and at the time I could afford it. I put down all of my savings thinking I would be able to make it back in a few years time. When I purchased my house I was grossing around $ 125 -$ 150k a year. My accountant told me I should purchase a house to save on getting hit so hard on my taxes. I was making my payments and all was good in my world until the Global Recession. I normally sing around 80 performances a year and I am on the road around 8 months a year or so, generally overseas in Europe. It is hard on the wife and kids, but we sacrificed because our children had a good home and good schools, etc…
Jump forward to May 2009. On my performance calendar I had 70 bookings, a good year. Then in one week I lost 4 contracts totaling 54 performances. Now I got worried. It is hard enough to make a living in music, but to have to try overcome an 80% loss is almost impossible. So, I call the bank and see if there is anything I can do. They won’t talk to us because we are “not behind yet. Call when you fall behind.” By the end of 2009 I had lost a total of 60 performances in canceled contracts. I had a few contracts left, but starting in Nov. 2009.
As expected we fell behind, I called the bank, they wouldn’t talk to us…I had to hire an attorney. Finally we got some answers and we tried to get a modification.
Long story short, we got an “in-house” modification that was my wife’s hard work, not the attorney’s and it raised my mortgage almost $ 75.00 a month. That got finalized in August 2010. During that time I still had little work, just enough to make the car payments and utilities.
My wife does not work and has been looking for work for the past year. She has decided to take a course that will allow her to become accredited in sales. I have looked for work also, but I have to sing every few months here and there for extended periods and no one wants to hire me because I have to leave so often. I thought about just lying to get a job, but I am not the lying type. I think it is unethical and I would feel uneasy about it, plus I haven’t done anything else for over 20 years. I use to tend bar and wait tables; and I would be glad to do it again, but I couldn’t find any jobs.
Now we have fallen behind again. I have had no work since Nov. 2010. I am currently on my last gig. We have used up all of our savings just to keep the lights on and food on the table. My car has just been repossessed; we even had to get help from the State. I worry about my children’s welfare obviously. So far we have been able to keep the children in the dark to all of this. The finances have taken its toll on my marriage as well.
My question is: Does anyone have any advice as to how I should find my way clear of this? We are looking into doing a short-sale. I just don’t know if I should also consider doing a bankruptcy or if I should wait until after a short-sale to do one? That is, if I can get a short-sale. I am very confused and I could use some advice. I hate the idea of bankruptcy, I always thought that my career would bounce back and I could pay off my debts. If anyone has any suggestions, that are supportive and not derogatory, I would appreciate the advice.
Thanks, and sorry for the long post.
Best answer:
Answer by slapfish
I wish I had a answer for you but I don’t
I responded just tl let you know that I sympathize with you and I hear the desperation in your plead and feel really really concerned to you and thousands of others in the same predicament. I would search for an agency that speaks to your plight and if your question is still open I will post an answer here.
Again, I’m so sorry and I hope you get a more productive answer than mine
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Andrew |
Repossessed Cars For Sale |
05 7th, 2012 |
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