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Posted by Debi on December 30, 2006 at 15:33:09:
Here is a short version of whats going on. Our home is in Michigan and has been for sale since February due to my husband taking a job in another state. We also have a 2nd mortgage which is still in good standing. In October our lender told us they were no longer accepting our payments (I had started make smaller payments, but weekly). We went through the lender's collection service and explained and filed hardship with them, they told us there was nothing they could do and they would rather foreclose than work it out. At first I was almost relieved. The house has been for sale in a dead market area for almost a year, at least it wouldn't be my problem anymore! But because of the foreclosure, we will no longer qualify for the house that we were contracted to buy in liue of the sale of our house. When they stopped accepting our payments, I started paying other bills off to help clear our credit but the foreclosure will leave a huge bruise. So now what?? The foreclosure sale is set for 1/17/07. Even though we don't live in the home we are still maintaining it as far as heat, water, elect, lawn care. Do we keep listed with the realtor? What happens with the 2nd mortgage? I feel so sick over this. I just can't believe we are in this situation!
