A NEW INCOME

A New Income Q&A

Q: With a limited income, I can't pay my mortgage and my mortgage company won't help. Who can I ask for help?

I am a teacher at a charter school and I am trying my hardest to make ends meet. I want to keep my house but I don't make enough income. My mortgage company denied my request for assistance because I have a "deficit income". Are there agencies or organizations that can help me keep the house? (Dominion really should never have given me this loan in the first place. My credit is no good now because I have several bills in collection so refinancing with a new lender is not the answer. I don't have room for a roommate so that's not the answer either.) I need a long-term solution. I have only had my house for 3.5 years. I also teach in the after school program and tutor on the side. My mortgage is 50% of my income. It started out lower than this but raised each year for 3 years. I had a 2-1 buy down. Would it be better to foreclose on the house and try to find somewhere cheaper?

A: Don't foreclose. If you think you have problems now, see what a foreclosure does to you. Sell this house and find something cheaper. Live frugally and get your credit cleaned up.

A New Income Q&A A New Income