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Anyone with experience in this situation please give any advice. Our
friend just had a baby. She got layed off from here job when she went
on pregnancy leave, and now she is running out of unemployment
benefit, but still cannot work because baby only 2 weeks old. She
bought this house about 3 years ago after her divorce. What are her
options to try to keep this house? What will bank do in this
situation? Might she have any case with former employer? Any other
angles? I just learned of this, so may not have all the details yet,
but want to put the word out for advice. Thanks all.
Monty
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Anyone with experience in this situation please give any advice. Our
friend just had a baby. She got layed off from here job when she went
on pregnancy leave, and now she is running out of unemployment
benefit, but still cannot work because baby only 2 weeks old. She
bought this house about 3 years ago after her divorce. What are her
options to try to keep this house? What will bank do in this
situation? Might she have any case with former employer? Any other
angles? I just learned of this, so may not have all the details yet,
but want to put the word out for advice. Thanks all.
Monty
If she was laid off BECAUSE of going on pregnancy leave, then yes, she may
have a case against the employer. Other than that, in order to keep a
house, she needs to make payments. If she misses some payments, that can be
handled. Bankruptcy can save a house if there is no mortgage. Refinancing
can save it if there is enough equity. If there is a mortgage and not much
equity and she "cannot" work, then she should start thinking about selling
the house.
McGyver
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Thanks, I will check if her company had a "general layoff" or if it
was just her. Also, about refi/equity/etc., will banks do normal refi
if the person is currently unemployed?
Monty
"McGyver" <Greyprof@msn.com> wrote in message news:<c2igoc$1tt75n$1@ID-75195.news.uni-berlin.de>...
If she was laid off BECAUSE of going on pregnancy leave, then yes, she may
have a case against the employer. Other than that, in order to keep a
house, she needs to make payments. If she misses some payments, that can be
handled. Bankruptcy can save a house if there is no mortgage. Refinancing
can save it if there is enough equity. If there is a mortgage and not much
equity and she "cannot" work, then she should start thinking about selling
the house.
McGyver
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Thanks, I will check if her company had a "general layoff" or if
it
was just her. Also, about refi/equity/etc., will banks do normal
refi
if the person is currently unemployed?
Monty
Nope. She would need a job in order to qualify for a refi loan.
McGyver
"McGyver" <Greyprof@msn.com> wrote in message
news:<c2igoc$1tt75n$1@ID-75195.news.uni-berlin.de>...
Anyone with experience in this situation please give any
advice. Our
friend just had a baby. She got layed off from here job when
she went
on pregnancy leave, and now she is running out of
unemployment
benefit, but still cannot work because baby only 2 weeks
old. She
bought this house about 3 years ago after her divorce. What
are her
options to try to keep this house? What will bank do in this
situation? Might she have any case with former employer? Any
other
angles? I just learned of this, so may not have all the
details yet,
but want to put the word out for advice. Thanks all.
Monty
If she was laid off BECAUSE of going on pregnancy leave, then
yes, she may
have a case against the employer. Other than that, in order
to keep a
house, she needs to make payments. If she misses some
payments, that can be
handled. Bankruptcy can save a house if there is no mortgage.
Refinancing
can save it if there is enough equity. If there is a mortgage
and not much
equity and she "cannot" work, then she should start thinking
about selling
the house.
McGyver
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communication is most important. she should talk to her mortgage
lender and tell them the situation. they may work with her and may
also have some suggestions. she could get a housemate? apply for
welfare? (although i'm not sure on this one, owning a house may
disqualify her) start a daycare? but most importantly, try to talk
to the lender BEFORE they send it to a lawyer. if they do that and
then she comes up with the money she will still have to pay hefty
attorneys fees and possible court costs. best of luck to her,
although she is lucky already to have a new baby, her health and a
friend like you!
mymailplace@lycos.com (MontyJ) wrote in message news:<c7506eb1.0403080941.32b82a42@posting.google.com>...
Anyone with experience in this situation please give any advice. Our
friend just had a baby. She got layed off from here job when she went
on pregnancy leave, and now she is running out of unemployment
benefit, but still cannot work because baby only 2 weeks old. She
bought this house about 3 years ago after her divorce. What are her
options to try to keep this house? What will bank do in this
situation? Might she have any case with former employer? Any other
angles? I just learned of this, so may not have all the details yet,
but want to put the word out for advice. Thanks all.
Monty
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Thanks for the ideas. I am going to pay this month (to protect her
credit history) and get more details this weekend so she can make a
longterm plan. She probably should have taken her divorce settlement
and went to Florida or someplace where home prices are less crazy than
here (MA). She is paying 1300/mo for a tiny place. Apartments aren't
much less.
Monty
NermalNM@earthlink.net (NermalNM) wrote in message news:<ee91ff2f.0403082032.3dee959e@posting.google.com>...
communication is most important. she should talk to her mortgage
lender and tell them the situation. they may work with her and may
also have some suggestions. she could get a housemate? apply for
welfare? (although i'm not sure on this one, owning a house may
disqualify her) start a daycare? but most importantly, try to talk
to the lender BEFORE they send it to a lawyer. if they do that and
then she comes up with the money she will still have to pay hefty
attorneys fees and possible court costs. best of luck to her,
although she is lucky already to have a new baby, her health and a
friend like you!
mymailplace@lycos.com (MontyJ) wrote in message news:<c7506eb1.0403080941.32b82a42@posting.google.com>...
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