I am brand new to this site and thankful/hopeful I can get some advice. Having read through various threads I thought I'd post my situation because at this point, we don't know which way to turn with all the questions we have.
In short, our adjustable with CountryWide kicked in last March of 2007. Not being able to keep up with it, we fell behind (loss of salary). We weren't able to refinance at the time due to credit and value of home to loan. We were put on a recovery program and then in Nov 07, I lost my job. We stopped making mortgage payments, that had over doubled, $1400 - $3000 in Sept '07.
After staying in touch with
CW throughout this time, I was told in Oct we were being considered for a modification to the loan. Kept calling to find out status. Finally word came that we didn't qualify for the modification.
Sorry for the length of this but fast foward to March. I called
CW to see if there was anything we could do. I was informed that back in Oct their database was messed up and they didn't process the modification they should have with their investors. He said literally thousands of modifications should have been approved that weren't. He thought we had a good chance to be approved for modification and suggested we resubmit now that their system was fixed. Resubmitted the info. On March 24th I was served, (taped to my door) with a summons of foreclosure. I have 20 days to respond.
Today I spoke with a bankruptcy attorney, I spoke with the law firm that served the summons and I spoke with
CW who tells me my modification is in process, still!
The perfect scenario, we get modified at a rate we can afford, keep our home and get our credit reestablished.
My questions:
How do I respond to the summons? Deutsche Bank holds the loan it appears and the clock is ticking.
Should I hire an attorney to respond to the summons?
Should I file for bankruptcy as I hear this delays the foreclosure?
Should I wait for
CW to come through, maybe with a modification?
If I file for bankruptcy and then
CW offers a modification will I be denied?
Any advice, experience would be greatly appreciated. We've been in our home for 14 years and made the mistake of getting in the adjustable several years back and things didn't work out. We're frankly are not sure whether to walk away, as their is not much equity in the house or fight to stay with the home/neighbors/friends we love.
JMCD311