Home Going Into Foreclosure - HELP!!! (Colorado)

Posted by Shawn on April 20, 2005 at 13:44:21:

Hi all -- I have been reading all the postings on here and am feeling a little better about my situation. Basically, not unlike alot of you, I went through a divorce a couple years ago in addition to being left with a bunch of bills and being forced into refinancing the home in my own name (meaning my ex-husband wanted out) in exchange for me keeping the home and everything in it. I had my daughter at the time and wanted to keep her home and her same school, all of that. I do not have family here, so it was very difficult, but I did do it. Now, two years later, I am real trouble. My income has gone down and have already been close to the foreclosure process...I decided to get help from a company that "specializes in foreclosure negotiations". What a waste of time and $1200 of my money that was. So anyone that is planning on trying to email me about your companies if this is what you do, don't bother. It caused me more grief than helping.

So, now since I was behind a few payments, I entered into a forbearance agreenment. That has been probably the most difficult part of this whole thing. I was barely able to come up with my regular mortgage payment, but then I had to come up with an additional $400 on top of it to pay for the arreages too. Well, I've done it for 6 months, but this month I was unable to, and it went into breach. So now, I am trying a loan modification, but even then I don't know if that is going to be approved. So, my questions are, if I do decide to let it go into foreclosure, am I royally screwed in ever getting credit again? I owe about $194,000...what if they do foreclose and the entire note is not paid? What if there is a remaining balance of like $30,000? Do they sue me for that? Will I be garnished? I also own a home in California that is completely paid off that was left to my brother & I when our father passed away. I have already tried to see if my brother would be willing to allow me to borrow against that house to pay off the amount of the house in Colorado and he said no, that he was not comfortable doing that. So thanks if anyone tries to suggest that, but I already tried that route. I can't file for bankruptcy as I own that house and a trustee would force the sale of it. I am to the point where I really don't care anymore and my health is starting to suffer for it. My daughter doesn't even live with me anymore because it became to hard to pay for the house and her childcare expenses.

I have called HUD already here in Denver. Left a msg but have not heard back. What can they do? Has anyone had any luck with them? I noticed they are a Money Manageement Affiliate. Well, I'm already in Money Management Debt Consolidation for other loans I have, ironically.

Please, if anyone has any suggestions, let me know. Thanks for taking the time to read my ranting & problems.


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