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How Can I continue to keep my house on the market and work out a deal with my bank?...We have had our home on the market for over a year. My husbands income has dropped signifigantly and although a new prospect may be in sight for him, we are over our head. We are behind in most every bill (utility, car, mortgage). We have 2 mortgages on our home. We would like to get out of this house and try to start over and rebuild. The bank on the 1st mortgage has sent us to foreclosure. We would hate for this to happen since it would make our credit even worse then it is now. The bank is looking at a possible refinance or modification to our loan, but we are told from others that if the bank knew that we wanted to continue to persue the sell of our home they would not work with us. We want to get the situation under control, but not sure how. Is there a way to work with the bank to help get us somewhat current while we continue to look for a buyer on our home? Or should we just allow the foreclosure to continue?

smithsussane · Posted: Tue May 19, 2009 10:11 pm Post subject:

Hi Guest!

Welcome to forums!

You can contact your lender and apply for a loan modification. If the lender agrees to modify the loan, you can then try to be current on your mortgage payments. Meanwhile, check out if you can get buyers for the property so that you sell it off.

Feel free to ask if you have further queries.

Sussane

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