Never thought it would come to this... HELP!!! - Page 3

AtHomeWith2 · 11-02-2007, 09:31 PM

I do not think I would try to keep the house unless you know your income is going to go up dramatically. Also, keep in mind if they foreclose on the house they can sue you for the difference and eventually garnish wages until the debt is repaid. Also, they will 1099 you for it because debt relief is considered taxable income and you will have to include it on your taxes which may put you into debt with the IRS as well. The laws about foreclosure and wage garnishment vary by state so you can do some research online. The federal law is the same for everyone though debt relieved is taxable income so if you decide to let the house be sure when you pick a place to rent that you keep in mind you may have to pay when you file your taxes. I'll keep you and your family in my prayers.

MissyfromMN · 11-07-2007, 11:17 AM

Quote:

Originally Posted by lesliesmom

We were 3 months behind (literally, 3rd month hit and bam!). The mortgage company really didn't give us any notice.. had I not called them I probably wouldn't have known until we got a letter from an attorney like 5 days later and then a notice of Sheriff Sale a few days after that. We are consulting with an attorney to see if it's best to file Chapter 13 or just let it go. I've been told that after the sale it can take up to 9 months (sometimes longer since the foreclosure rate in my area is so high) to have to be out.. so we'll see, pray and keep a positive outlook that something will go right!

Wow, that is fast. My bil lived in his house almost 1 1/2 years without paying before they forclosed on him. I think mortgage companies are in a money crunch too just like us if they are moving that fast. Holy cow.

PHOTOMOM · 11-07-2007, 12:13 PM

wow , what state do you live in. in my state they have to give you notice by certified mailing, then you get a 20 summons then they have hearing that are 30 days or longer after that then they have to publish in the newspaper for 60 days so it will take about 5 months before a sale.

I am surprise your state what ever state it is in is like that

luvmybabies3 · 11-07-2007, 04:05 PM

Oh no! I am so sorry you are going threw this. We have come close MANY times and now if nothing else gets paid, my morgtage will be paid regarless! I was wondering...what got you into this mess? Is it a permanant situation or did something freak happen and it turned into a snowball situation? I will be praying for you. I know how scary this is.

dillonsmama · 11-10-2007, 12:47 PM

I am so sorry that you are going through this. We are in a similar situation due to having to move to another state for my DH's work and our house just will not sell. Has anyone on here ever done a short sale? I have heard that since we have a second mortgage it will probably not work for us and we will just have to get foreclosed on. I will pray for you and I hope you will pray for us also.

lms · 11-25-2007, 09:04 PM

I know in our area there is a Homeowner's emergency mortgage assistance program. May be you can check to see if that is offered in your area.

crazylady · 11-26-2007, 04:06 PM

I am no expert on foreclosure, but I've heard Dave ramsey talk about doing a Deed in Leiu of Foreclosure with no recorse. you ought to call his talk show tonight at 8:00 pm on the Fox business network and ask him his advice. I am sorry you are going through this.

changed4life · 11-26-2007, 05:21 PM

A good rule of thumb when buying your next house would be to purchase one on only your husband's base income. No overtime, no second job income. This way if the second job get nixed or overtime is less you can still make the payments. A lot of people purchase a home on two incomes or depend on overtime, etc. to make the payments. This is a mistake.

At any rate, my best wishes to you and I hope you get out of this situation quickly.