Mortgages & Foreclosures Support Group

This community is for concerns, problems, and challenges relating to mortgages and foreclosures. The significant downturn in the housing market, including the widespread drop in home values, the reduction in subprime loans, and the crisis for large subprime lenders, has had long reaching consequences for millions of people.

0 Online

Scared about foreclosure

Hi everyone,

I'm just a couple weeks away from deed-in-leiu-of or a foreclosure suit and I'm freaking out! I was hoping to find some voices out there who understand and perhaps could share their experience.

Thanks for reading my post,
Laura

Replies

deleted_user
deleted_user

Well I guess no one else is since I've yet to receive a reply - you're all much stronger than I!
deleted_user
deleted_user

Hi,
You're not alone! I'm in pretty much the same situation and I'm freaking out too!! I just wish I could turn the clock back and do things differently.
deleted_user
deleted_user

mousecat,

Thanks so much for your response! I know about wishing you could turn back the clock - it's so scary and I've learned so much the hard way and I still don't know what way it's going to turn out. It's been going on for 5 months and the pressure, the fear, the limbo is starting to weigh on me. Please message me/post more if you like - I appreciate the support and wish you the same!
deleted_user
deleted_user

Hi Bluejade2u and Mousecat!

I know how tough these situations can be but make sure you get sound advice from experts. More often than not I find that anything a homeowner does on their own without the advice of an expert the existing lenders tend to create paperwork that is slated to their advantage ie. they don't consider the homeowners credit and they might not write off the debt completely and the homeowner would never know the difference upfront but would pay the price down the road.

Check out my BLOG at www.brentlane.wordpress.com for more information and if you need something specific please let me know.

Be in touch.
Brent
deleted_user
deleted_user

Hi Bluejade, (& Brent)
I know what you mean, are you scared to death to too? I can't eat, I can't sleep, I can't get my heart to stop pounding. Friends and family have abandoned us. I feel like I'm the only person in the world who's going through this.
Sorry to be such a drag but it's one of those days when everything looks gloomy. (Stupid menopausal making-me-crazy hormones don't help the situation either, ha, ha.) Maybe I'll join one the mental health support groups.
Anyway, bluejade I said a prayer for you last night.
Take care
Thanks Brent for the advice, I'll be sure to check out your blog.
deleted_user
deleted_user

Mousecat,

Thank you for the prayer. I have been and still am scared to death. My boyfriend tells me it will all be fine but it's my house, he lives 1,000 miles away, has never been through this and owes me money so there's my support. It's awful, just awful. I do belong to one of the mental health groups (bipolar) so the only way I sleep is with my meds - perhaps you should join! LOL! P.S. Don't apologize to me for being 'gloomy' - I'm sure you already do that enough with everyone else and I understand - it's not 'gloomy' - it's real.
deleted_user
deleted_user

Under the circumstances, I believe a deed-in-lieu of foreclosure is a victory for you and your family. Without knowing your situation I expect you have a single loan or if more than one that they are both with the same lender? I also imagine your lender is accepting your deed-in-lieu as "full satisfaction" for your loan and therefore you will not have a deficiency judgment? You should also benefit because your credit will avoid a big negative foreclosure hit? Which means that if your income is still stable that you should be able to buy another home and qualify for a possible fixed rate loan, if you and your family desire too. I do sympathize with you and your family, but under the circumstances most families in foreclosure will not fair as well as you. Take a deep breathe, exercise, take a long walk...You and your family are handling the situation better than you know. Lastly, no matter what you may be feeling, you are strong! Make no mistake about it. Good luck to you and your family.
deleted_user
deleted_user

Hi bluejade2u,

We recently went through a foreclosure earlier this year. We tried to do a deed-in-lieu, but it was too late and the lender ended up foreclosing on our house. We struggled for about a year trying to keep it. It took a toll on us emotionally. A good thing you have to look forward to is this: Whatever the outcome, you are closer and closer to getting this behind you and moving on. During our struggles, I dreamed of the day when I was no longer worrying about the house and how to get out of our financial hardship.

I can say from my experience is that when you do get it behind you, the stress, depress, anxiety, sense of hopelessness, and feeling of impending doom do go away. We still have some sadness, but that is just part of grieving the house we lost.

We started a foreclosure support group in our area, its called Moving Forward (http://wearemovingforward.org).

I hope your deed-in-lieu goes well, and I also hope that you will start to feel a sense of relief and a little piece of mind.

Best Regards,

Mike Bertrand
Moving Forward
deleted_user
deleted_user

Mike,

Thank you so much for your words of support. I'm still in the 90 day trying for a short sale then we'll see if my bank accepts deed-in-lieu or if they move forward with the foreclosure. Especially in this 'not knowing' time, it is so very comforting to hear from someone who has made it to the other side. Thank you again!!
deleted_user
deleted_user

Hi all.

add me to the list of frightened people losing their home. My home of 13 years. I wasn't trying to be greedy, I was trying to diversify my savings and start a small business as a landlord for the long haul. I envisioned moving into one of these properties and retiring while living off the rents of the others.

I put 10 to 20 percent down and did my homework. Even if the market failed I thought I'd be safe.

I took on three investment properties that took a lot to maintain and finance. However, I quit my job over a year ago because of my health and have since used all my personal savings from 15 years to pay my home mortg as well as my to maintain the props. I'm looking hard for a job for 2 months now.

One bad thing after another. A year ago I was making six figures, had a 744 score, leased a nice car, and had very little debt expect mortgages.

Now, I got 1500.00 in a vanguard fund and people have begun knocking on my door tonight- Saturday.

I'd probably be hanging from the rafters, except I have two dogs that I can't abandon. That probably sounds dumb, but they are my children.

I was a go-getter. Now I hide in my house, paralyed. Any suggestions on the first step?

The hardest thing is letting my tenants down who tell me all the time how they love where they live. I can get over the embarasssment of losing my home infront of my nosey wealthyish neighbors, but other people are going to be out on the street too because I'm a lousey scared f*ck up.
Thriver
Thriver

Toast and others,
at least try to be kind to yourself. Sometimes the market is bigger than all of us. Shit happens. That doesn't make it better, but at least don't berate yourself when you were doing the best you could. So many people are in the same sitch.
If others will be afffected, you have to tell them ASAP. Don't wait until the last minute. They would be upset if you do that to them. Give them a chance to rework their lives. It will not kill them to find another place to live.
deleted_user
deleted_user

Thanks much Thriver. I needed to vent and feel sorry for me. Your absolutely right-- shit happens.

Funny thing, is that I'm just wish it could all be over soon (for everyone on the street)so we can start rebuilding a new improved life. "Minimalist" is the word for this decade.

I recommend Craig's List to make some change and dump some of the extravagance collected over the years.

hmm.
deleted_user
deleted_user

We've been trying to do a short-sale since January and every offer the bank counters and the buyers walk away. 2 months ago we requested a deed-in-lieu and are still going through the approval process. We just received a notice of a hearing for summary judgement for foreclosure. Do we need to hire an attorney? How long do we have to complete the deed in lieu before it goes up for sale at the courthouse steps? help....
deleted_user
deleted_user

Hi Clovergirl,

What state is the property in?

Regards,

Mike
Moving Forward
wearemovingforward.org
deleted_user
deleted_user

Florida