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Posted by NJM on April 29, 2002 at 10:21:58:
My husband lost his job last June. He finally secured employment in October 2001. Mind you, this job pays only 1/4 of what he was making at his old job. By then, the bank started Foreclosure proceedings against us. We were willing to do a deed-in-lieu but we have a second mortgage. We put our house up for sale by owner in July but unfortunately, no serious buyers. Lots of interest from Real estate companies though. Our problem is this: Since we owe on the first and second mortgage, along with the back property taxes, our home is now priced at least $20,000 more than what other homes have sold for in our neighboorhood (not including Attorney fees). We can't have a realtor list our home due to the commission that would be owed to them. The title just wouldn't be able to transfer. The attorney representing the Lender sent us info on how much we need to reinstate the loan. We just don't have the $35000 needed to bring the loan up to date. Since it is apparent we will have a Sheriff Sale on our property, will we have to pay any balances remaining? Or does the 2nd mortgage and taxes get wiped away? Also, I'm sure I saw this printed somewhere but I can't seem to find the answer: How long does a Foreclosure stay on my Credit Report? Thanks for your time!
