I will try to be brief
We found our dream property back in 05 it needed some work so we bought it and did a construction loan with a local bank. The idea was after we were done they would help us find permenant financing. After we were complete we met with our new Loan officer who started looking for options. After about a month he said our options were very limited due to the fact the property for on 25 acres. They said tell you what we will do a 1 yr finance in house at 7.9% while we find you a better deal. Yr goes by and still no new options, that loan officer is gone and now we have a new one she says no problem I will find you the best option but lets just renew for 1 yr same rate while I look. We sign up and go another yr with them during the year we had some some financial problems and some tax problems on a failing business but were still making it. Time to renew Oh wow ya'll have some tax problems and loss of income we need to refinance you at a different rate so we go to 8.9% last year. We tried to stay current but 1947.00 was hard to do We kept calling the bank and asking for a better deal or help us finance somewhere else but it was like talking to the wall. Nope pay on time or else. So we got 60 days behind and pop they send it to foreclosure. We have called, Contacted HUD about any help dealing with them but they will not budge. So it looks like we will have to file bankruptcy but from what I can tell that will not lower the interest or payment any so we will still be in the same problem We checked around but right now noone is doing refi's We accept 100% of the blame for this we should have done more about getting a better rate when we could but now we are stuck with them and a payment we can't make.
We are in Georgia is there anything in Bankruptcy court that may provide us relief on the interest or the payments ? Any ideas.
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