Walk Away?

[Lisann4bz]

Hi,
I need advice. My husband and I bought our home in CA a year ago in September. Two days later he was laid off for 24 weeks. In that time the bank offered us a plan where we didn't pay the mortgage for 6 months but all those payments were due on August 5. He had been at his new job 14 weeks when he was laid off so again we could not pay. Now we have a letter from the bank saying they are looking at "Acceleration" then foreclosure if the amount is not paid on by 9-15. We have no idea what to do. Should we try to come up with the 6 months we owe knowing we can not afford the monthly payments at this time. Would paying that even help at this point? This is our only home. Any advice is appreciated!
~Lisa
P.S. As I was writing this my husband talked to WF and the guy (they say something different each time) said that if we made one month's payment, foreclosure would be moved to October 15th. Is this true?

[Evan Bedard]

Hi lizann4bz welcome and thank you for joining.

Applying for a loan modification may help you further postpone the sale until you get your situation resolved. I would look into a reputable attorney or NACA a non profit organization which has helped many here. You need to get started right away to make sure you can get the sale postponed..