Mortgage Forum

SuzieQ

It all starte on Sunday Spetember 30th 2007. I went for a motorcycle ride with my friends, I was haveing a great day in the canyons, not being crazy, when I rounded a 50 MPH corner at about 60 to 70 MPH I ran over some debrit and my lfe has drastically changed. I slammed into a boulder Broke and shattered several ribs on my left side, Collapsed my left lung, lacerated my spline and broke my shoulder blade in 3 places. I was airlifted to the hospital where i was placed on life support for 9 days and remained hospitalized for 3 weeks. I was then placed on home confinement due to a low immunity system. I own and operate a martial arts studio. during the next 3 months I lost nearly 75% of me members as a result of the uncertainty surrounding my accident. It has been 7 moths since my accident, I am back to my studio and business is starting to pick up. Unfortunatley, I was forced to relocate my business as a result of being late with my rent in October. (I was in the hospital most of the month) a late fee was assessed. In January, I was informed that my rent would be escalting due to poor payment history (In the prior 3 years I had been at the same location I was late in October when I was in the hospital. In 15 years of business I have only been late one other time. In January 2008 I relocated my business even though I was not in the greatest clearest state of mind. I was faced with a choice of paying my business bills or paying my mortgage. Obviously the business is my only source of income so I have been paying my expenses there. Dueto the loss of revenue I was surviving off of my credit cards, hoping my health would improve so I could return to work. Unable to pay my credit card bills, they were all closed and the interest elevated to 29.99%. Then the county stepped in and has been quite aggressive with my delinquent child support payments, which were current until the accident. My business is picking up but it is a slow process, I have applied for loan modifications with my first and my second mortgage company. The second has already granted a forebearance agreement which will raise my payment to them 638.00 per month. This does not seem like an amicable solution as I am behind in every financial obligation I have at the moment. The first mortgage company has yet to reply to my request other than to tell me that it is out for review and while it is out for review, they will not foreclose on me. I bought my hom in March of 2007. It is my dream home, 4000 square feet on a 13000 square foot lot. Other homes in my neihborhood are now selling for nearly 150k less than I bought mine for. There is no equity, my credit is own from 780 to 517. I must find a way to keep my home and business and climb back up that ladder I got knocked off of. Any assistance on how I can fix this and save my home would be greatly appreciated.