Should I allow foreclosure, file bankruptcy, and/or walk away? solution

Should I allow foreclosure, file bankruptcy, and/or walk away?

Tags:dire need, foundation work, mortgage company, poor credit, refi,

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I paid for a home for 130,000 3 yrs ago that was good in my equates to during a time. we put 10,000 down. we adore this area as well as longed for to live here for ever. we was told my payments would be 900/month though by a time we sealed as well as after all pronounced as well as finished my payments were 1500/month. It was as well late for me to spin back. Even after we found this out we did all we could to have a payments with hopes of refinancing years down a road. we was you do ok until we mislaid my pursuit a year ago.I am right divided participating in a loan mod module after descending during a back of upon my mortgage. Now my residence is in apocalyptic need of repairs( Serious substructure work, no heating system, as well as roof tiles needs deputy prior to it collapses.) None of these were strong to me during time of purchase, as well as we had 3 inspections, zero of that found any of these problems. Now we cant presumably do these repairs as well as means a debt during a same time. we am told my residence is usually value 30-40,000 right divided as well as we still owe over 100,000. we dont know what to do. we call my debt association continually as well as they have been wakeful of my incident though outward of my stream loan mod (which brought my payments down to 1,250/month) they will do zero for me. we have bad credit as well as cannot refi. Should we let them foreclose, or only travel away? Please help.

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Comments (1)

Pinkribbon said on 02-12-2009

A similar thing happened to me. My husband was terminally ill. He had had cancer three times. When I found out he was dying I panicked because I knew that I could not pay the mortgage payments on my own. We had refinanced to the limit because of his cancer problems and mine. I had cancer twice. Not being in a good frame of mind it was a bad choice. The lender told me that my payments would go from 1400 a month to 863. They did not make it clear to me that was only half the interest. Nothing on the principle. The principle kept going up with the adding interest. I had planned on putting my house on the market after my husband passed. But, seven months later our only daughter passed away. I did not have it in me to sell the house. Seven months later I lost my eyesight and had to be off work for three months. The market for home sales came to a halt. The house was worth a fraction of what I owed. I called the bank and asked for help. They told me they could do nothing unless I was three to four months behind in mortgage payments. I moved out and left the house. I knew that by the time the bank got done with me I would have no credit to find an apartment.My credit had been stellar before this happened. I only moved two blocks away and I still took care of the house. I kept paying the utilities for the next eight months. I mowed the lawn and tried to sell the house. I lost my job in March of this year. I had to move again to senior housing that I could afford. In the meantime I sent the bank an offer of 140,000 which they totally ignored. No response from them what so ever. To this day they have not foreclosed on my house yet. I moved out of the house last Nov. I got a letter from a mortgage collection agency. I sent them all the details of what happened and they have not contacted me since. I am sure I have not heard the end of this problem. I did not pay the taxes this year on the house. This has all happened within the last two years.

I hope my experience has helped you make a decision. I have nothing left for them to take from me. I lost my credibility and now I live in low-income housing. I don’t worry about the house anymore. There is nothing I can do about it.