Help - missed a mortgage payment and no where to get the money

movette2000

Firstly let me say I commend you all... I want to be debt-free just like you.

Our problems started three years ago when I went on maternity leave and started buying for the new baby ... and three years later we have just bought a house - just and our first mortgage payment has just been refused by the bank and I don't know where to get the money
We're about 13500 in debt. I know it's not as much as some people but I just don't know what to do.
I am scared we are going to lose the house - at this early stage.
Does anyone have any advice they can give me? I have been looking around the house this evening for something to sell - seriously considering the car!!!

Sorry - babbling on ... but feel completely useless and petrified!

Thanks
movette2000

crawley_girl

Hi there

Welcome to DFW - most of us aren't actually Debt Free but aspire to be... welcome to the club!

I'm not sure if I can give any advice, but wanted to say hi... someone will be along to offer some guidance.

You aren't babbling, just getting it all down and off your chest.

A SOA would be helpful so that we could see what money you have coming in and what exactly your outgoings are. Could you do one of these for us to look at?

:heartpuls CG :heartpuls

Seaxwyn

Hi movette

Don't panic - there will be a solution to this.

First of all phone up the bank and talk to them. We missed a mortgage payment recently (admittedly not the first) and our lender (Abbey) was very understanding about waiting for it.

Secondly, as crawley girl says, post up a SOA (see the sticky thread by southernscouser at the top of the list) - people on here are brilliant at spotting ways to save larger amounts of money than you'd imagine possible.

Thirdly, well why not sell the car? If you can live without it, that would not only bring in a lump sum now but save you lots each month. It sounds like a good idea. And what about all that stuff you bought for your baby - could you sell that too?

Good luck - and keep posting here, you will get lots of support

Little_Miss_Winner

Hi Movette :wave:

Welcome to mse, you will get tons of support on here, i haven't much esle to add as the above 2 have given you excellent advice!:T

Just wanted to send you a hug...
x

joeblack066

Hi Movette, In my quest to be debt-free, I have made great inroads into my debts so far, but have had to face up to some harsh realities. One is my car. I am halfway through a finance on a car that I love, and would love to keep it, but realistically I cannot afford it. So it has to go. It will be Shanks' Pony, my 17 yr old son's runabout, and buses for me for a while! If you can work without the car, you have no reason to keep it!

hypno06

Hi there!

So the first payment for the mortgage has bounced. You can get back on top of this by perhaps selling the car.

However, almost more importantly will be can you ensure that all your future payments can be made? Were you short of cash for the mortgage this month simply due to the higher than expected costs of moving house, or is it because you really don't have enough money coming in to cover all your monthly costs?

If the former, then ebay, sell the car if needed etc and get back on top of things as soon as possible. If it is the latter, then a review of your whole SOA will be needed in order to make sure that you can meet June's payment, and July's payment and...and...and.....

But do not panic, please! The fab DFW community will be here to help. Good luck, and keep posting.

GirlRacer_2

Hi there and welcome. Is there any way that the mortgage company will let you increase the payments over the next few months to cover the missed payment? AT least it will take the pressure off you for a little while.

nickelodeon

Hi, do you have any money to put towards the first months payment? if so I'd phone them and make a part payment, no matter how small and then make an arrangement to pay the rest of instalment when you can raise some money by ebaying, selling your car or cutting back on your other outgoings. The most important thing is to contact the lender and discuss it with them, if you show them that you are doing all you can to make the payment they will, hopefully, be a lot more sympathetic and help you sort something out. Also making a part payment might avoid you incurring fees or the missed payment couting as a default on your credit rating.
And I'd definitley reccommend posting a SOA so that we can help you reduce your debts and make sure you don't miss any more mortgage payments.
good luck!

Nod_Off

When I defaulted on a mortgage payment, the bank let me increase my monthly payments a bit until it was paid off. I'm not sure how things would work out with it just being your first payment but definitely get in touch with them and try and sort something out