Get mortgage forbearance once in default?

[Jonathan Valdes]

Hey BP,

Unfortunately I have been shafted on my first deal. I jumped through all the hurdles needed to close the deal. Handled all the renovations myself; even after been victimized of fraud & rented my second unit to a great tenant.

Now this is a 2 family house In Northern NJ. I also have been furloughed from my awesome paying JOB. And I have been forced to be unemployed, but I am looking for work.

Because I lost money have in the middle of November of 2019. It has snowballed into being down 26k in my mortgage payments. The house is worth about 435k. I know if I was able to put in more work into the house it would appraise for 500k.

I’m at a crossroads right now. I want to keep the house. But I don’t want to be Foreclosed on.

Any idea on what I can do here??

Thank you ahead of time BP.