I live in NY. My husband passed away March 2009, with no life insurance. We haave 4 children, ages 9,10,15,17.
My assets are my house, with a mortgage under 400,000, and a value of about 350,000 to 400,000, and a 2004 Toyota with a value of about 4,000.
While my husband was alive, our earnings were about 120,000, of which he earned 90,000 and I earned 30,000. After he passed away,family earnings reduced to my income of 30,000.
The mortgage payments were 2,500 per month, which included interesst, principal, and escrow for home owners insurance and real estate taxes
. In February, 2009, our mortgage lender put us on a trial period to pay 1050 per month for three months. I am still paying the same amount currently, all on a timely basis.
I am trying to negotiate with the bank for a loan modification
an they refuse. Only alternative is banruptcy. Can I keep my house in NY if I file?