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Posted by Jeff on February 27, 2005 at 14:10:25:
I will try to make this long story short.....Last year we were facing foreclsoure. We filed Chapter 13 bankruptcy but the judge did not approve the plan. He sadi the payments were going to be too high. We were able to work out a forebearance plan with GMAC. $5,000 down, $2500.00 month for 12 months and then a balloon payment of $18,000. They told us to call when the balloon payment was due and they would work out a modification. We paid all the payments on time and called them in October....3 months before balloon payment was due. They said they were working on a modification and then mid January they said they no longer did modifications as of January 1, 2005. They worked up another forebearance plan....$2,500 month for 18 months and then a balloon payment of $20,000. We paid $127,000 for this house and they are now saying we owe $170,000. Then the IRS came in on January 3rd and filed a $33,000 lien against the house. The market value on the house is only $200,000. We tried to refinance, but couldn't do it because of the lien. We would like to sell it to someone, rent it back for a year and then buy it back if possible, but have been unable to find anyone to do that. We thought about filing Chapter 13 again, but don't know if that is a good option. We have to make our first forebearance payment on March 10th of $2,500, but do not have all of it right now. We spent %36,000 last year trying to save our house. Any ideas or options from anyone out there would be greatly appreciated. We really don't know what to do right now. We have no other place to go if we lose our home. Borrowing money from family is not an option as they do not have it. Thanks for your help
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