Hi everyone.
I'm here at the advice of my best friend. I need help. My husband and I bought our house in March of 2005 (in his name only-I did not have a job and still don't) for 0 down and paid $121,000 through a mortgage broker. The loan was sold to Wells Fargo. At that time, our payments were $965.00 a month and were manageable (our cars were paid off). Since then, the value of the house has dropped to $80,000. We still owe $107,000. Our mortgage, with property taxes and insurance costs included and rising, is now $1045.00 a month. From March of 2012 through August 2012 we were in a forbearance with WF and paid $860 a month. Then the sh** hit the fan in September and we had to come up with $2800 to catch up our arrears and interest and fees. My mother kindly gave it to us, although she could not afford it. I made that payment on September 12. On October 1, we were supposed to pay our 1045.00 payment, but we simply did not have it.
My husband makes around 40k a year, but brings home $700 a week. I am disabled and cannot work. Our utilities, medical bills, groceries, and credit cards add up to more than $1900 per month. The mortgage company, back in early September, refused to modify or make any changes to our mortgage so we can pay it. We have had both cars break down and a lawsuit for medical bills (which we paid) that have made it impossible for us to pay the mortgage in October or November. Now we owe $2800 to WF and they are sending info re. how to avoid foreclosure (a pamplet) and calling about eight times a day. We have tapped out our relatives and friends.
We live in Ohio. How long until WF actually moves forward with foreclosure if our last payment was September 1? Should we try again to get a modification or forbearance of some type? Should we hire an attorney who specializes in defense against foreclosure? File for BK? What type of BK? What are our options? Somebody please advise, and thank you.
Candace
I'm here at the advice of my best friend. I need help. My husband and I bought our house in March of 2005 (in his name only-I did not have a job and still don't) for 0 down and paid $121,000 through a mortgage broker. The loan was sold to Wells Fargo. At that time, our payments were $965.00 a month and were manageable (our cars were paid off). Since then, the value of the house has dropped to $80,000. We still owe $107,000. Our mortgage, with property taxes and insurance costs included and rising, is now $1045.00 a month. From March of 2012 through August 2012 we were in a forbearance with WF and paid $860 a month. Then the sh** hit the fan in September and we had to come up with $2800 to catch up our arrears and interest and fees. My mother kindly gave it to us, although she could not afford it. I made that payment on September 12. On October 1, we were supposed to pay our 1045.00 payment, but we simply did not have it.
My husband makes around 40k a year, but brings home $700 a week. I am disabled and cannot work. Our utilities, medical bills, groceries, and credit cards add up to more than $1900 per month. The mortgage company, back in early September, refused to modify or make any changes to our mortgage so we can pay it. We have had both cars break down and a lawsuit for medical bills (which we paid) that have made it impossible for us to pay the mortgage in October or November. Now we owe $2800 to WF and they are sending info re. how to avoid foreclosure (a pamplet) and calling about eight times a day. We have tapped out our relatives and friends.
We live in Ohio. How long until WF actually moves forward with foreclosure if our last payment was September 1? Should we try again to get a modification or forbearance of some type? Should we hire an attorney who specializes in defense against foreclosure? File for BK? What type of BK? What are our options? Somebody please advise, and thank you.
Candace
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