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+--- Thread: Save Single Senior Lay from Foreclosure (/showthread.php?tid=36324)
Save Single Senior Lay from Foreclosure - mcmath512 - 12-29-2020
As my peers move into comfortable retirements, I am in the middle of a financial crisis that will destroy me and my future. I am petrified. At 65, I have no income, no husband, no children and no one on whom to depend. My biggest fears are:
· The bank foreclosing on my house, and
· Not having the resources to retire in reasonable comfort.
Setbacks and bad breaks haunt me and for years I have struggled to get back on my feet, doing everything I know to do, but nothing falls into place. Just recently, I was refused Pandemic Unemployment Relief Insurance, not allowed to refinance my mortgage at a lower interest rate, rejected on several job applications and at this point I have spent down so much of my retirement fund it is of minimal use for my future.
I am desperately searching for ways to prevent foreclosure, stem further losses, stabilize my income, retire comfortably, restore my peace of mind and live an active, happy life. While my home is not yet in foreclosure it is dangerously close and I am at risk of losing it, as well as my car (which is in poor condition), my good credit and the belongings I spent a lifetime acquiring. Losing my home will be the ultimate catastrophe because it will leave me homeless when I will be most vulnerable. Although I have good credit, I cannot show an income to qualify to buy a house or rent an apartment.
Due to the pandemic, my lender offered me forbearance relief, which allows me to forego mortgage payments until February 2021. The unpaid amount accrues and, when I resume my monthly payment ($1,613.79) the full forbearance payment ($7,530.40) comes due for a total ($9,144.19). I was unconcerned about satisfying both payments because, with a good payment record and a credit score of 760+, I could easily refinance and lower my monthly payments by a few hundred dollars.
I later learned that accepting a forbearance makes me ineligible to refinance. The only way I can qualify for a lower interest rate, is to pay the debt accrued through the forbearance in full (over $7,500 at this time). It will take no less than a miracle for me to pay both the forbearance and the mortgage. The ultimate miracle will be to pay off my mortgage in full ($142,000), relieving me of the constant worry about foreclosure, and becoming homeless.
paypal.me/MCMathews