My wife and I filed bankruptcy in late 2012 in Illinois and it was discharged in February, 2013. We did not reaffirm our $300,000 mortgage. My wife has not been working since September 2012 due to our daughter being homebound due to medical issues, and we are now facing foreclosure again. We went through a HAMP remodification loan process in 2012 before filing bankruptcy. After the bankruptcy we received assistance on our mortgage payment through the Illinois Hardest Hit fund (due to our daughter's medical condition).
It is December 3, 2014 today and we haven't made a mortgage payment since April of this year. My wife thinks that we should ignore our lender's constant calls because she says they will quickly evaluate our income to see if we qualify for any of the loan repayment/modification plans that are currently available to us, which we probably will not qualify for due to our low income. (You can't stay in a $300,000 home making just $40,000 a year, right?) So, if we fill out the income form and submit it to our lender to see what we program(s) we might qualify for, we are concerned that it may accelerate the process of putting us out on the street when they determine that we are just in over our head.
It would be financially impossible for us to move out and rent right at this moment. I am a self-employed web developer and my business hit a real weak spot in sales starting in September of this year when a big client took their outsourced work in-house. It seems like we are just living from financial crisis to financial crisis and we need a little breathing room to get caught up on things. So I guess my main question is, how can we delay the foreclosure process? Should we immediately submit the income form to our lender to see if we qualify for any of the remodification, repayment, or reinstatement programs that might be available to us? I'm concerned that the lender may tell Fannie Mae that we are not responding, which could make us disqualified to be considered for assistance.
Any advice would be greatly appreciated. I have been looking for places to rent on Craigslist ever day for the past six months trying to prepare to get out from under this mortgage, and it is depressing.
It is December 3, 2014 today and we haven't made a mortgage payment since April of this year. My wife thinks that we should ignore our lender's constant calls because she says they will quickly evaluate our income to see if we qualify for any of the loan repayment/modification plans that are currently available to us, which we probably will not qualify for due to our low income. (You can't stay in a $300,000 home making just $40,000 a year, right?) So, if we fill out the income form and submit it to our lender to see what we program(s) we might qualify for, we are concerned that it may accelerate the process of putting us out on the street when they determine that we are just in over our head.
It would be financially impossible for us to move out and rent right at this moment. I am a self-employed web developer and my business hit a real weak spot in sales starting in September of this year when a big client took their outsourced work in-house. It seems like we are just living from financial crisis to financial crisis and we need a little breathing room to get caught up on things. So I guess my main question is, how can we delay the foreclosure process? Should we immediately submit the income form to our lender to see if we qualify for any of the remodification, repayment, or reinstatement programs that might be available to us? I'm concerned that the lender may tell Fannie Mae that we are not responding, which could make us disqualified to be considered for assistance.
Any advice would be greatly appreciated. I have been looking for places to rent on Craigslist ever day for the past six months trying to prepare to get out from under this mortgage, and it is depressing.
Bankruptcy Wizard
Comment