Who do we talk to about Foreclosure?

[fedinor]

Help! I am new to this forum. I will try to keep this short. We are probably going to stop paying our mortgage payments (we have 2 mortgages on our house) soon. We have no equity, the house is worth less than we paid, we have high interest rates, I lost my job last year and my husband took a recent pay cut. We have been barely getting by the past year and our mortgage company will not help. We do not qualify for any of the programs. My name is the only name on our house. I'm receiving unemployment benefits, and they don't count my husband's salary. We tried for a modification 7 months before I lost my job and they took 5 months to tell us NO. AWFUL!

Who should we speak with to find out the best way to get out and what our rights are? A mortgage broker, a lawyer? I don't know a lot about this topic, but I believe that I will probably have to file BK as well. I don't even know where to start! We live in Oregon.

Thank you for any advice!

[ItsJustMe]

You don't really need to talk to anyone. Just stop paying. There's a good chance they will contact you and offer a mod, BTW, if you are still interested in staying. Miss a couple of payments and all of a sudden they're offering help.

[fedinor]

I'm not holding my breath, we missed a payment last year and did not qualify for any mod or program because they only count my income which is unemployment benefits for the time being. They said that disqualifies us.

[BKDefender]

If you want to short-sale your home, talk to a real estate agent that specializes in short-sales. I use a great agent here in Las Vegas that has helped my clients. I'm sure you can find one near you that has a good reputation and deals with short-sales and foreclosure homes.

If you just want to get rid of your home and want to avoid liability for any deficiencies, then talk to a BK attorney.

--William

[limage]

A short sale is the LAST thing you should be doing now. Everybody benefits on a short sale but you - the banks get their REO off their books, the agents make their commission, and the title company and attorneys will also take their cut. The only thing you will get is nothing. You'll be broke, unemployed and HOMELESS! And I have read where they are starting to go after people for their deficiencies, forcing them to BK.

Stop paying your mortgage and save what you can and start stashing some cash. You'll probably get at least a year. I haven't paid my mortgage since 10/2009 and the bank is still sitting on their hands. Don't pay any of your credit cards if you have them- and stop using them. Change your phone numbers if you can- don't listen to threats from creditors and focus on getting a new job. Read this forum - A LOT, but remember the bad stuff you read rarely happens. Talk with an attorney. Stay healthy. Then think about a BK after the smoke clears.