Ms L asked:
I was laid off May 1st, my employer kept my last pay which was for my mortgage, the EEOC says they can only recover min wage, I couldn’t find employment until yesterday doing a commission based job as an insurance agent. I am two months behind in my mortgage and I want to save my house not knowing how much I am going to make through the new company.
I was laid off May 1st, my employer kept my last pay which was for my mortgage, the EEOC says they can only recover min wage, I couldn’t find employment until yesterday doing a commission based job as an insurance agent. I am two months behind in my mortgage and I want to save my house not knowing how much I am going to make through the new company.
Loan mitigation might be a good idea if you feel like you are in a tough spot.
a commission job is not employment, per se.
plz accept what I tell you; do not wait for
a customer to solve your concern; get
an evening job. 85% of commission only
people make no money.
they quit in 3 mo.
the county you live in should be able to help take your former employer to small claim court I had that problem once he end up paying up
The first thing to do is contact your lender and file hardship…losing a job definitely qualifies you for this. Hopefully they can work out a payment plan in which you catch up on the payments once you start making money. Considering your job is 100% commission, you may want to look for a 2nd salaried job, too…
Talk to your lender ASAP, get a dialogue started about what you can pay and when. As Kemper said, the insurance business can be tough, and most agents end up leaving in a short period of time, so keep your eyes open for something else. Commission only based businesses hire just about anybody and see who works out because they don’t have to pay you a salary.
Hey Ms L, the best way to get accurate and useful information surrounding the topic of foreclosure would be to check out this website, Good Luck
Get a FREE Foreclosure Evaluation at
You must file a claim against the lender…Okay?.
A lender can foreclose to recover its collateral under a power of sale and right to acceleration clause. Its a non Judicial proceeding. What this means to you is you must get an audit. Believe it or not over 90% of all mortgages are in violation of Federal Statue (Laws) . Its a burden on the lender.
You can create lots of options and hold up the foreclosure for months even years. rReduce your loan and payments by 50% or even rescind the loan (have it go away) .You need to determine instances of negligence whereby one error or ommission in your file, one miscalculation or failure to disclose will remove the lenders power of sale and force a judicial (Trial) proceeding. You must get an audit and prove neglgience AND NOT HARDSHIP! . You may qualify to buy back your home at 50% of its current value!
I am a compliance auditor and I can tell you the errors and ommissisons I see from all the major lenders when auditing files like yours is overwhelmng. Try a professional wholeloan adutior clients of legal professionals. Also try HUD.Gov and FHA.Gov