What if we can't pay total amt due before threat of acceleration date?

[sleeplessinohio]

Hello all,

Firstly AND most importantly, thanks to anyone who reads or responds to this question and best wishes to us all. This is all so disheartening. And hard.

Anyway. We live in Ohio. We are post BK7 (discharged 2 years ago). We did NOT reaffirm. We got behind but have been working to get caught up. Our lender, Wells Fargo, has told us that we do not qualify for a modification program.

Bottom line is that we received a certified letter telling us that we have to bring the mortgage current by June 9 or they will accelerate the mortgage note. I know that means they will demand the entire amount that we owe. I don't really know what happens next, but I assume it goes downhill quickly from there.

I can come up with most, but not all, of the money they want. Is this really our last chance? If I pay what I can, but am short by a third, will I buy time? Will they refuse my payment? Will all be lost?

We are trying so hard to keep our home. I don't think we're underwater. I'd guess that we owe about what it is worth. I keep thinking that someday we will be glad we did this. My son has three more years of high school. I'm trying to provide stability for him. After high school.... after that... we can let go if we have to.

The worst part of all of this... is even knowing what to do... I don't know if keeping the house is a good idea or not... how does one know that? Can we afford it? No. Not really. But, I doubt we could rent for much less. I've no idea what we could do with our things. When we were in bankruptcy, I was so consumed with trying to educate myself on the process that I overlooked the house. I remember trying to talk to our attorney about it. While he was very efficient and helpful about actually filing the BK, he never gave us advice about what we should or should not do about the house. He basically just said it was up to us. I have never been able to figure it out beyond that. Anyway, I'm rambling. The question is up there. If you're still reading. Thank you.

Best wishes, again, to us all.

sleepless in ohio

[despritfreya]

Take a deep breath and relax. You are not losing the home tomorrow. I do not know Ohio foreclosure procedure but I can assure you, not matter what it is, it takes months and months. Remember, the lender cannot force you to pay $$. Your legal obligation to pay was discharged.

Now, should you even try to save the home? Your attorney was correct. It is up to you but. . . you see the writing on the wall when you recognize that you cannot afford it. You also stated that you did not think you can rent for less. This tells me that you have not looked at rentals. Well, start looking. You might be surprised what you can find in your local area.

The bottom line is that you need to make a business decision. Is trying to stall the loss of the home cost effective? In most cases it isn't but until one gets past the emotion of it all, one will be hard pressed to "see the light".

I am sure others will chime in as to the actual foreclosure procedure in your State. I just wanted to make sure you understand that losing sleep over something you have no control over (you don't have enough $$ to keep the property) makes little sense. IMHO you need to focus on the future. Walking away from a home, in the here and now, hurts. But once you resolve to it and do it, life moves on quite nicely.

Des.

[AngelinaCatHub]

How can I beat what Des said? I can't as it is too logical. In that the market is flooded with empty and foreclosing houses, I would think that the bank would prefer your money than attempting to sell another empty house. Perhaps you could even do a deed in lieu with an agreement to rent for half the mortgage payment by lease? The bank would own the house, but you would keep the benefit for half the price. It is worth a far fetched try. If you do not ask, there is only one answer, if you ask there are one of two answers. 'Hub

[Sweetpea3829]

Des and Hub gave great advice...

Not long ago, my husband and I were desperately fighting to keep a home that we couldn't afford. Our story is here: http://www.bkforum.com/showthread.ph...age!-Our-story. For a number of reasons, our story is a bit different from yours, yet there are a few things that ring similar. We didn't see that we had any other options. Renting was definitely not an affordable option in our area. Buying was out of the question.

Our BK was discharged four years ago and we continued to pay and stay on our home. We always stayed current, but it was extremely difficult to do so. When we sought a modification and were denied on the basis that we'd never been late (and therefore were not at risk of default), it was the proverbial straw that broke our backs. We've not paid since.

So you know...we've been sent a notice of acceleration three different times. We were sent one just a month or so after we defaulted...this was perhaps last October that we received it. Maybe September, I can't remember.

We received a notice of acceleration again this past March.

AND...shockingly, just today I received a notice of acceleration AGAIN! All three were exactly the same...so it's not like they were moving forward in the process.

If you really wish to keep the home...perhaps try another modification. Depending on the reasons for the denial, you may find that you might qualify now, when you didn't before.

But...if you do have to walk away...please know that it really will be a big burden lifted off of your shoulders.

You don't HAVE to be burdened by that home any longer. Your son will adjust...it might be difficult, but I daresay it'll be easier on him to relocate because you've chosen to, than to be foreclosed on. He's old enough to probably have an idea of what's going on anyways and I'm sure he senses the stress and difficulties you guys are going through.

Good luck...and please...keep reading here! There's a lot of hope here! People have gone through what you're going through and they're coming out on the other end. And they're ok. :-)

[sleeplessinohio]

despritfreya, AngelinaCatHub, and Sweatpea3829... thank you so much.... for your comforting answers. You've reminded me of the important things that I tend to forget. Take care and best wishes.