Foreclosure Question(s)


Posted by Laura on October 27, 2008 at 19:03:28:

I'm in Minnesota and am the owner of a townhome. We purchased in '03 and have a standard 30 year mortgage in which $199,000 is currently owed. My husband has become unemployed and he was the main breadwinner. I went back to school and graduated in March. Sounds good except I can't get a job in my field. Shoot, I can't even get an office job because I'm too qualified. So I'm stuck at the server job I had while in school. I also own a very small skin care company that's basically paying for itself and not much more.

Background explained.

We are now unable to pay our mortgage. We talked to our bank (Wells Fargo) who said, gee, too bad. You're current and we can't help you. Call our customer service people who won't be able to help you. Call FHA. Check Hope for Homeowners. Good luck.

Lovely.

Many townhomes in my cluster are for sale. Comparables are $40,000 less than what we owe so selling isn't an option. Besides, nothing is moving. At all.

What do we do??

We've got a place to go that will save us $700 per month (renting). This will allow us to survive. But what do we do with the townhouse? Let the bank take it? But what happens? Do they come after us?

Please help. I'm very, very scared and don't know where to turn.


Follow Ups:

Current Discussion

2008 Archives

2007 Archives

Earlier Archives