shopgrl

We've been out of the house since March and initial foreclosure proceedings started in May 2009. We don't want the house, obviously... we could no longer pay for it and our efforts for modifications didn't pan out. So, do I have to go to the hearing? Unless I must be there, I don't want to go and be even more humiliated than I already am. Help! Thanks!

We received a notice of hearing - it is on November 18th. We have moved out of the house and have no plans to continue to try to save it. Must we go to the hearing?

Thanks for the advice.

We quit making mortgage payments in 12/08 due to my husband's cut in pay. We signed up with a law firm that advertised mortgage defense/loan modifications in March 2009. Nothing seemed to be happening. We were served in May 2009 for foreclosure proceedings. The law firm did respond to that and we heard nothing else, ever. We finally decided to cut our losses, find a rental home and move on. We have been out of the house for a few weeks. We're trying to figure out what to do now. We do live in a judicial state. Should we file for bankruptcy? Chances are it will have to be a 13. Do we wait until they foreclose or do it before? We can't do a DIL because we have a 2nd mortgage. Our first is serviced by Citi but it is with Fannie Mae. Our 2nd is with Citi.

Whatever you decide, if and when they file in court (assuming you are in a judicial state), please be sure to come back here if you receive any papers from the court aka being sued by mortgage co. Answering the suit can do wonders because it makes them work for it. Just remember to come back to creditboards for help answering any complaints for foreclosure if it gets that far. We're in a similar boat. We quit making mortgage payments in 12/08 due to my husband's cut in pay. We signed up with a law firm that advertised mortgage defense/loan modifications in March 2009. Nothing seemed to be happening. We were served in May 2009 for foreclosure proceedings. The law firm did respond to that and we heard nothing else, ever. We finally decided to cut our losses, find a rental home and move on. We have been out of the house for a few weeks. We're trying to figure out what to do now. We do live in a judicial state. Should we file for bankruptcy? Chances are it will have to be a 13. Do we wait until they foreclose or do it before? We can't do a DIL because we have a 2nd mortgage. Our first is serviced by Citi but it is with Fannie Mae. Our 2nd is with Citi.

I'd like to know too. Has Citi started foreclosure?

They are both with Citi Mortgage.

It is taking them a year to foreclose in FL........what kind of rate do you have? Have you called the lender and asked for a modification? We haven't contacted them yet. Right now we are current on the house. We have a 5.875 fixed on our first mortgage of $400,000 and 8.375 on the HEL (15 year balloon) of $69,600. We have to pay this month's payment but I'm not sure what we will do after that. My dh's pay has taken a huge hit over the last year due to the economy in S. Florida and we've used so much of our savings already. We are behind on credit cards already but have kept the house, cars and utilities current. The big blow came this week when my husband lost his guarantee of $10K a month and is now straight commission plus a small salary which looks like it will vary from $5k - $7K a month before taxes, insurance, etc. We can't make it on that with our current bills. I'm working from home but am only making about $700 month and that is about all I can do right now. Our mortgage & HEL is $3700 a month so we were barely making it on his guarantee, which is why the credit cards are already slipping. I'm almost afraid to pay this month's mortgage because our savings is almost gone... like $150 because we've used it all year trying to hang on until things get better. It is not going to happen anytime soon. If I send that money in and there is no money next month we're in serious trouble. We have 4 kids so we've got to have a place to live - but if it doesn't turn around soon we're going to have to get to where we can file a clean ch.7. It has been tough this past year but I never thought we would be at this point. I'm sure lots of other people didn't either.

If it comes down to that in a few months, is it better to file bk7 before or after foreclosure? We're in FL if that matters. With the auto industry and my husband losing his guarantee I don't know how many more months we can pay for the house. I do know we wouldn't be able to file and do a ch. 7 for 6 months because of the median income thing. Is there a way we could stay in our home that long or what happens? Is there a good site or even book to read about this stuff? Thanks!

You were 5 months behind with Citi mortgage? They hold our mortgage and I'm worried since our income was just cut big time. I thought they started foreclosure after 3 months. We're not behind but I think we will be soon.

We're in some deep trouble! My dh is in auto finance and has made good money. The past year we have had a great reduction in income but he still had a guaranteed amount. Since Florida has been hit hard for a while with the economy we have already used most of our savings and am behind on credit cards. Today the rug was pulled out. Dh lost his guarantee so we will now lose another 3-4K a month and I don't think we'll be able to pay the mortgage for more than a couple of months, if that... How long will they go before they start foreclosing and how long does it take before you actually lose the home? I honestly hope it doesn't come to that but things are only getting worse and the stress is going to kill my husband. Also, if we end up having to file BK, we will have to wait a few months because his income has been above the median even though we have SO many bills and four kids. How does filing work before/after foreclosure, etc? BTW, we have about $50K on credit cards that are past due by a few months and we have a 1st of $403K & 2nd of $74K on the house. The market is so bad here I have no idea what the house is worth, but nowhere near that much. Oh, and what happens if we don't file BK, will Citimortgage sue us for the difference? I have searched foreclosure online and only got lists of how to buy one, etc. Thanks!

Thank you all. That is what I thought.

I'm trying to see where I can find this information. We live in Florida and I have two credit cards in my name that have charged off. I know I can be sued, etc. if I can get payment worked out but I need to know if they can go after my husband's income. They are not in his name only mine. Any idea where I can find the facts on this? Thanks!

bump

I'm confused by your post.