AboutGina Boykin Expertise Financial planning, debt management & credit cards, and money-saving tips for adults and teens. Saving vehicles such as CDs, treasuries, bonds, and money-market funds. I provide honest, objective and relevant information to help you made the best decision for your money.
Experience Over 10 years of combined experience in accounting, audit, investing, entrepreneurship, real estate.
I am the CEO of Atlanta Y.E.S., a nonprofit organization dedicated to financial literacy for youth.
Education/Credentials B.S. Accounting, 10 years of experience in accounting, audit, and investing
Question My husband and I are separting after 30 plus years . And I want to stay in my home. But cant afford the payments. And my credit is not the best. It there any help out there that I could get so I can save my home. The monthly payments are around 1000.00. Help please!!!!!!!!!!!!!!!!!!!
Answer If your separation also means a divorce, it is possible that the divorce settlement will include alimony that will help cover the mortgage for a certain period of time. Your divorce attorney should be able to give you more information on this, because it will depend on your particular circumstances.
If you are one of the few that are not upside down in their mortgage (owe more than the home is worth), you may have the option to refinance. Of course, this only helps if your rate is higher than current rates. Also, if both of your names are on the mortgage, you would either have to qualify for the new mortgage on your own, or get your husband's approval on the new mortgage.
There are two other options you may have. The first is consumer credit counseling with the National Foundation for Credit Counseling. The website is nfcc.org. They work with people and their lenders to come up with payment plans that work best for all parties. You can go on the website and find an affiliate near you.
The second option is makinghomeaffordable.gov. This program was designed to help people stay in their homes as a part of the recent government stimulus and because of the real estate market. The program helps people who owe more than their house is worth, or who have had changes to their income where the mortgage is no longer affordable. There are online forms you can complete to determine whether or not you qualify for assistance.
