We are in Oklahoma, in 2008 we had a Ch 7 bankruptcy discharged, during which our first and second mortgages were not reaffirmed. We have not modified either of them. Last summer we put our home on the market (short-sale) bc my husband was relocated to a different state. The home has been on the market for one year with no luck. We have just fallen behind on both mortgages. Our 2nd mortgage is threatening to charge the loan off and has said they will make it impossible for us to sale.
We are trying to figure out what to do...rent for less then what would pay both mortgages (seems like a horrible idea and can't really afford long term); continue to try to get a short-sale and just call the 2nd mortgage bluff, allow the first to foreclose, or rent the home - catch the first mortgage up and let the 2nd charge us off.
If we allow them to charge us off, will they come after the home and what will happen if we eventually do try to sale the home. Any advice would be great because we are at the end of our rope.