received notice of foreclosure from the court - please help...
Hello all,
Our Chapter 7 BK was discharged 9/22/09. Our home was included in the BK and we did not reaffirm the mortgage.
As much as I've tried to stay on top of this and understand everything, getting these court papers today has come as a complete surprise.
At the end of last year, we were struggling to pay our mortgage payments due to a high interest rate. In December, Wells Fargo told us they wouldn't modify our loan to a lower interest rate unless we were behind on our payments. So, I let us get behind two months.
Then, WF advised us to apply for a modification. Twice. I did as they told me to do both times and both times they denied the modification. In May, we got an acceleration letter. I couldn't come up with all the money at once, WF refused to work with us in any way at all. They refused to accept any amount less than their demand. They told me that in about three weeks, we'd get a letter from an attorney asking us one final time for the money. In short, we didn't get a letter asking for the money. We got foreclosure papers instead.
We want to keep the house. Wells Fargo has completely refused to work with us at all. I had hoped to refinance the house with a lower interest rate after September when we pass the two year mark for our bankruptcy. Our credit scores are at about 680. We are both working and have good (though reduced) income. We have credit cards, but with a zero balances. One car loan and one student loan payment paid up to date. I think we would be a good risk.
I guess my question is... now that the foreclosure proceedings have begun in the courts, can we still pay the arrearage and stay in the house? Have we lost all of our options? Should I be working to stop the foreclosure, to refinance, or to move?
As for what we can afford. We can afford this house if we can have a lower interest rate. We are currently at 8.5%. If we were around 5%, I calculate it would save us $300-400 per month and then we would easily be able to afford the payments.
I'm so confused and haven't felt this low since facing bankruptcy. I thought we were doing everything right. Today we got kicked in the stomach.
All of this is down to my husband walking into work one day after 22 years (and just about 3 years from full retirement) and finding out that his services were no longer needed. We will never fully recover from this, though we are trying hard.
I could really use any advice or suggestions any of you might have.
Thank you.
sleepless in ohio
Our Chapter 7 BK was discharged 9/22/09. Our home was included in the BK and we did not reaffirm the mortgage.
As much as I've tried to stay on top of this and understand everything, getting these court papers today has come as a complete surprise.
At the end of last year, we were struggling to pay our mortgage payments due to a high interest rate. In December, Wells Fargo told us they wouldn't modify our loan to a lower interest rate unless we were behind on our payments. So, I let us get behind two months.
Then, WF advised us to apply for a modification. Twice. I did as they told me to do both times and both times they denied the modification. In May, we got an acceleration letter. I couldn't come up with all the money at once, WF refused to work with us in any way at all. They refused to accept any amount less than their demand. They told me that in about three weeks, we'd get a letter from an attorney asking us one final time for the money. In short, we didn't get a letter asking for the money. We got foreclosure papers instead.
We want to keep the house. Wells Fargo has completely refused to work with us at all. I had hoped to refinance the house with a lower interest rate after September when we pass the two year mark for our bankruptcy. Our credit scores are at about 680. We are both working and have good (though reduced) income. We have credit cards, but with a zero balances. One car loan and one student loan payment paid up to date. I think we would be a good risk.
I guess my question is... now that the foreclosure proceedings have begun in the courts, can we still pay the arrearage and stay in the house? Have we lost all of our options? Should I be working to stop the foreclosure, to refinance, or to move?
As for what we can afford. We can afford this house if we can have a lower interest rate. We are currently at 8.5%. If we were around 5%, I calculate it would save us $300-400 per month and then we would easily be able to afford the payments.
I'm so confused and haven't felt this low since facing bankruptcy. I thought we were doing everything right. Today we got kicked in the stomach.
All of this is down to my husband walking into work one day after 22 years (and just about 3 years from full retirement) and finding out that his services were no longer needed. We will never fully recover from this, though we are trying hard.
I could really use any advice or suggestions any of you might have.
Thank you.
sleepless in ohio
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