• Question
  • I am must to make a Payment for my Home Loan - $562.62 (percentage only) to Well Fargo Mortgage Co.

    Asked by a 79 year old man from Dingmans Ferry, PA on 2/26/2013

    I am must to make a Payment for my Home Loan - $562.62 (percentage only) to Well Fargo Mortgage Co. per month.
    My expense: - Bill: Electricity - $66.60, Water -$40.00. Gas - $45.00 Per month. School TAX - $1208.12, Township TAX - 464.00, Area Tax - 1200.00 - Debt for 2 Years. Service a car - $48.00 :-: $800.00 per year. I am a Bankrupt. I am need to make a Payment around $3,800.00 to Wild Acres Office, Dingmans Ferry, PA, 18328, but I am do not to have money. Sincerely yours - IIK
    My Income is SSI - $715.83 right now.

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  • Categories: Retirement Planning, Out of Money

Answers

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  • There may be several things you can do, if you haven't done so already.

    First, make sure you have contacted your mortgage company and let them know what your situation is. It's much easier to work with them up front and they may be able to offer modified payment plans or other programs that could meet your needs. Don't allow yourself to be forced into immediately paying a debt beyond what you are immediately capable of without discussing your situation with a debt counselor and/or your lender in a timely manner if you would not otherwise be able to pay for essentials like food and medicine at the moment. NewRetirement offers a great article with links to several assistance programs that you can find out if you qualify for along with groups you can speak with before making a final agreement with your mortgage holder: http://www.newretirement.com/services/Low_Income_Benefits.aspx.

    You may also want to contact a local CPA or tax assistance office, such as this one provided by the AARP, http://www.aarp.org/money/taxes/info-2004/about_aarp_taxaide.html to see if you might find assistance with your taxes.

    This answer is provided as general information only and provided by Master’s students pursuing a degree in Personal Financial Planning at Texas Tech University. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or Certified Financial PlannerTM as to your unique financial situation.

  • Login to rate this answer:   Answered on 5/10/2013
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.