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We are going to end up in foreclosure,it hasn't happened yet but it will,and that's ok now. We have accepted this fact. Due to disability,wifes job loss, bankruptcy (#7) etc. it is going to happen.As twisted as this may seem,we would like to know how to speed things up or must this all just run its course.Could we inform the mortgage companies we are giving up, here's the house,we are leaving. I know this all sounds crazy,but it is now a fact that it will happen and we are going through mental hell and would like to just go ahead and move on and leave.Can anyone comment on this? Has this happened to anyone? Can this be done this way? Please give some advice.Thank you so much.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Mikee,

Before taking final decision of foreclosure, atleast have a talk with the lender to suggest some foreclosure prevention plans.Im sure you will find a solution.

jenkin7 · Posted: Sun Jul 01, 2007 11:43 pm Post subject:

Hello Mikee,

I understand your state of mind. You have talked about lots of problems in your life and after going through it, I can feel you pain. To leave a house is a very painful task and you are going through it. Sad

But, you are not the only one here. My friend also went through a similar situation and came out of it. What he had, was a cool mind and patience. Smile

You could try the option that he took to come out of the situation. What he tried was a deed-in-lieu of foreclosure. In that, if you are in a default and you have tried various options and failed, you can voluntarily give back the house to the lender. But, this is possible after you have talked with your lender and you both have agreed on it. This way, your credit ratings would not be having a negative effect and you would get an opportunity to apply for loans in future.

You also talked about bankruptcy. So have you filed for one?

Do feel free to ask questions.

Samantha · Posted: Mon Jul 02, 2007 4:43 am Post subject: RE: foreclosure prevention

Hi Mikee,

Welcome to the forums.

It seems that you've gone through a lot of financial hardship. But you have to fight it our or else everything will be messed up.

I am not sure but have you applied for any kind of disability insurance so that in case you are into such a situation, at least you can pay down the mortgage?

You can definitely inform the mortgage company that you want to leave but that's not the solution here – I mean you will lose your home but the unpaid debt will be reported to your credit report and that's really going to harm your credit. What I shall suggest that instead of declaring that you are giving up why not explain your situation to the lender and request him to suspend payment for a while so that you can gather the funds and get current on the loan. Or else, request him to provide you with an alternative payment plan.

There are some other alternatives to foreclosure; these constitute the loss mitigation plans - the ways of avoiding foreclosure.

Hope this helps..

God bless you.

Guest

Thank you so much for your responses. Yes, bankruptcy is in the works (#7) I don't think the DIL will work as we owe more than the house is worth.We are actually ok now with the foreclosure thoughts. We will not be able now or in the future to make the payments. We have found some alternative living arrangments and would like to take advantage of it as it might not be there if we stay here for the months and months it will probably take for the foreclosure process to play out. Is it possible to just leave now or must we stay here while the process unfolds. As of this month the payments all stop. (3 mortgages) We are not sure about how to initiate the process. Seems like we probably must stay and go through the process and let the chips fall. It's become a struggle to just get through the days now. Any big lottery winners out there want to help? As of now it seems like this mess will never end. We appreciate your encouraging words.

sara · Posted: Mon Jul 02, 2007 5:02 am Post subject: RE:

Hi Mikee,

I can understand your situation but let me tell you - it's been a practical move on your part. If you have got some alternative living arrangements, then that's good enough at this situation. The thought of leaving a home is indeed painful but things do at times go out of control. So, just have patience and god will help you come out of this trouble.

But hey as far as I knew, as far as the bankruptcy procedure is going on, the foreclosure is kept on hold. So, you will still have some time to get rid of the foreclosure. But for that you need money and that's where I guess the problem lies. Still I would suggest that you take a look at some of the foreclosure prevention assistance programs offered to people in financial distress and find out if these suit you.

Take Care

jenkin7 · Posted: Mon Jul 02, 2007 5:16 am Post subject:

Hello Mikee,

I definitely agree with Sara on that. I also feel that even though you are going through a trauma, that you are consistent in finding a solution to end your situation is truly admirable. Do not lose the mental strength.

Guest

Does anyone know if in Pennsylvania can your wages be attached in a defeciency suit? Thanks again to all.

Guest

We honestly can not afford anymore to keep a house. I am on a permanent disability, but this all happened before we got this house so disability insurance won't help. We know there is help out there to try and keep the house but can't keep the payments going. This is why we have come to accept the foreclosure situation. We contacted the lenders about a month ago and explained the situation and asked what help they could offer. Not one of them offered any help at all. (unbelievable but true) I guess it's just as good none was offered as we wouldn't be able to keep up the payments anyway. Seems like all this will never end. You don't know how much it means to have this site to talk to.

vpdawn58 · Joined: 28 Jun 2007 Posts: 3 3.50 Dollars($)

Hi Mikee,
I too am going through this experience. Nope, it's not twisted at all to want it over with NOW! Take a deep breath, and thank goodness for forums like this where we can ask a question, hopefully gain a little knowledge and feel human again. One of the problems I experienced through this whole thing is you just can't help but take it personally. Yea, although they say you shouldn't it just happens. We work hard and want to do the right thing, then circumstances beyond our control happen and wham! I'm new to the site but I just keep asking questions, little by little I am learning how to navigate through this mess. Hang in there and keep going! We're all in this together....God Bless

Guest

vpdawn58, thank you for your reply. I find it hard to just get through the day anymore. I'm worried about wage garnishment when there's a loan deficiency suit brought on. With my luck there will be. Can they attach your wages, how do they determine how much to take? There is a place we could move to and rent, but can we leave now or do you stay here until the foreclosure stuff all plays out. By that time the place we could go will probably be gone. A short sale,who do I ask, the 1st lender? What about the other 2 lenders, what can they say/do about a short sale? Questions, questions! I hope the bankruptcy attorney can maybe answer these or maybe someone here will know a answer or two. I can't imagine it getting any worse, but it probably will. Thank goddness for this site.

Guest

To Sara, vpdawn58,jenkin7,Samantha and larry, just a note to say thank you for your responses and help. We have decided to try the short sale idea, weather it works or not, who knows. One thing for sure is the house will be going. All the helpfull ideas are appreciated but we can't now or in the future keep up the payments that would be needed. If we got help like getting a couple months of no payments, it would only prolong the inevitable. We have found a modest place we can move to and rent and I think we should take it now before that option is gone.The short sale or foreclosure and the bankruptcy will all be happenning as the next few months go by. We sure hope it's true that the day will come when this is all over, it just doesn't seem like it now. My fingers are crossed that this all somehow gets over with and we come to see that life does indeed go on. Please keep this site going, for some, it's the only connection to people who seem to really care and take their time to help people out with ideas, suggestions or wishes of hope. It's been this and more for me. I'll probably be back with a few more questions but for now I thank you all. Mikee also known as Dad

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

Hi Mikee,

You asked about what happens if the foreclosure sale does not result in recovery of all balance mortgage amount. In your state deficiency judgment is allowed. What it means is that lender can place a lien on your other properties or garnish wages after taking permission from court for it.

If you are looking to have a short sale then request the lender to waive his rights to claim deficiency judgment. That way you will at least be clear from paying whatever balance is left unrecovered from sale of the house.

Miller

Niicss · Posted: Tue Jul 03, 2007 5:34 pm Post subject:

Short sale will be quicker than foreclosure procedure. It will also help you to shift early into the rented apartment you have located. But as Miller said request the lender to waive his right to claim deficiency judgment (get it in writing). Many lenders do agree to it, so it is worth putting your request.

Guest

I had information the deficiency amount in PA was not included in what is allowed for wage garnishment.There are 5 things allowed and this was not one of them. Here is what I was told:

Mortgage deficiency suit
Question In Pennsylvania can wages be attached when involved with a mortgage deficiency law suit? If so, how do they determine the amount to take from the wages? Thank you.

---------------------------------------------------------------------- ----------

Answer Only under very limited circumstances does Pennsylvania law permit the garnishment of wages. Garnishment of wages is a seizure of wages while they are still in the control of the employer, and have not yet been paid out to the employee. An employee's wages, salaries and commissions may be taken from an employer through appropriate legal procedures to satisfy five kinds of debts:

1. judgments for child or spousal support
2. PHEAA student loans
3. room and board for four weeks or less
4. back rent on a residential lease
5. obligations relating to final divorce distribution

Garnishment of wages can be accomplished only by a court order directed to the employer and no such court order can be issued without fair notice to the debtor/wage earner. Other than the kinds of debt listed above, no other debt or legal obligation can give rise to wage attachment in Pennsylvania.

Please, if anyone cares to comment please do. I'll check back every once in a while to see what others have to say. Thank you.

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How to avoid foreclosure amidst disability and bankruptcy