Hi, I'm new to the site, well I have been on here reading the information, which has been very informative to me but just recently decided to post about our own foreclosure.
My husband and I have been having problems paying our mortgage since I lost my job back in 2007, I did have another one but it was $5 less an hour than my other job and it just didn't work out and I have not really found anything since so I started going to school. In 2008 we just couldn't keep up on the payments, we got behind and the bank put the 2 past due payments on the end of our loan but it didn't really solve the problem of the high payment, we kept up for awhile by using my student loan money but I knew this couldn't continue so we got behind again and just couldn't find no way to keep up. In the mean time we stopped paying on the credit cards and my son's car was repoed, my husbands name is on that too,we stopped paying on those bills in order to keep up with the house payments. our gas bill is up to $800 again and I'm sure we will be all summer without any hot water.
The house went into foreclosure and the sherif's sale is April 3rd, the bank (servicing company) contacted us and now wants us to try to short refinance the house, it's something they would accept. First they wanted $1000 down and we are to make $900.00 a month payments but we could or only wanted to give them $500 because I'm afraid if this doesn't work out we will be out more money. I mailed all the paperwork in and now it's going for approval and hopefully they will lift the sherif's sale and it will give us time to refinance.
I guess my questions would be who is going to refinance us with such a bad credit history? Should we file bankruptcy on all the credit card bills and the car loan? If this doesn't work how hard is it going to be for us to rent? We have 5 people living here. If this doesn't work do they go back into foreclosure and we have 6 months again after the sherif's sale?
I'm tired of this mess and just want it to go away. any imput would be appreciated.
