Foreclosure stress--long--


12 Years
Oct 1, 2007
Medina, OH
I don't think I've ever 'vented' on this forum before, but if I could, I'd like to do so now. Perhaps someone here could offer advise, suggestions, a drink, etc...

About two years ago my DH and I had finally had enought of the inner city life and the lousy school system and noisey neighbors. So we decided to do what we have always wanted to do and move out to a bit more country.
For a year prior to our move, we had dealt with a dear freind of ours dying of cancer. My husband was with him everyday. Everyday. We watched him go from a man that filled your doorway and looked like John Wayne to someone in a refugee camp. This man had a wife with an alcohol problem. While trying to kept our freind comforable, we were also dealing with his wife that was an awful, mean drunk. Many a time she appeared on our doorstep drunk and not always completely clothed. Doing anything, and yes I mean anything for another drink. A drink of Vanilla extract, Listerine, etc. Our friend died in June of 06 and yet, the drama w/the wife continued. (She had and to the best of my knowledge still has no interest in quitting the drink.) When I realized the wedge it was putting between DH and I, I ended the whole scene. A couple of weeks later, she ended up trying to kill herself in a housefire. This too helped us decide it was time to leave.

Dec of 06 we bought a great house in a good area with an excellent school system. Very happy, yes we are. Before we signed our lives away, I had figured out that we could afford double mortgages for about 6 mos. 9 if we had to. I had a realtor tell me the old house would be sold within 3-6 mos. DH and I were willing to do the double mortgages since we found the 'perfect' house, had pets and lots of cars and stuff. Easier than moving into an apt and then into a house. (we moved everything just the two of us.)

After my DH went thru 2 jobs in 9 mos, with huge pay cuts of course and a month of no job and our oldest going off to college we had someone that wanted to buy the for 6 mos and then buy. Ok, so we end up renting it at 1/2 of what it costs us to keep the house-mortgage, ins, txs, etc.

I find out today that there is no way at all that these people can get financed to buy. None.
Over the past 15 mos, we have incurred debt, fallen behind on everything, stressed out, fought, you name it. All for nothing. We can't sell the house to save our lives and now it must go to foreclosure. Our credit is shot for years now.

I am upset, disappointed and feel like an idiot.

But I will say that thru all of this, every day I have realized that my life could be so much worse and I am thankful that my family is together and healthy. And that I have my chickens. They have made me laugh on the crappiest of days.

Ok. Now I am done!
AWWWW, I'm so sorry that you are going through all this. I have a feeling with your positive outlook on life that things will be better for you and your family. I wish I could offer more to make you feel better.
I am sorry you had to go through all of that! I am glad you have family and good friends to turn to. I am glad you can see the good in your situation. Keep up the positive attitude!
The last resort, You can save your house by applying for bankrupcy. I think it's called a chapter 11. My brother had to do this when his wife lost her job and it was tough but it took them 3 years to climb out of it. My brother and his wife's grandmother's farm was saved. Is there anyway you can refinance? It probally would do you some good to contact a lawyer dealing with mortgages and bankrupcy to find out your options.
Thank you both. it's nice to vent and be heard. The chickens can only offer me so much advise!

The funny part is I am not a risk taker, and always was a negative person. But I have noticed that my negative outlook on life was rubbing off on my 7 yr old and that is just no good.
I'm sorry. I feel that life always gets harder before it gets better. Keep your chin up and you are right to be happy for what you do have. It could be a lot worse.
even if they cant get financed could you maybe do some type of lease/purchase agreement where they make the mortgage payment and either continue that or eventually find financing?
everything in real estate is negotiable.

I feel bad about your situation and I can relate with the renters
different circumstances messed up my credit and even though I make decent money I couldn't even get approved for a credit card, still cant and my GF also had messed up credit but I felt her was repairable so I spent a few weeks writing dispute letters and fighting everything on her report. In the end I pulled her score up from a 570 average to around 700.

we ended up buying a house in december, well she did in her name because there was no way I was going to get approved.

maybe you can work something out with the renters, help one or both get their credit fixed up.All they have to do is write dispute letters for everything in ther reports and the collection agencies have 30 days to respond or by law they must remove the information. If you have good renters that are sincere about buing the house maybe you can work through it and explain the situation that the rent isn't even covering 1/2 of the mortgage.

it's really tough to sell a house right and and will be for some time so unless you plan on taking a big loss you should try and work with what you can.

good luck
From what I understand, when your house goes to foreclosure, whatever balance is still due after the sheriff's sale, the banks can come after you for. Be it, a lein on your other house, attach your wages, or sue you. Worst case is the banks can take your other house away and sell it for the balance owed on the old house. I talked to a real estate attornery and he said that if our old house goes into foreclosure, the banks/courts shouldn't try to come after the new house.

I have thought about bankruptcy and I may look into that but you need $ to do that and we just don't have it. A freind of mine did it last year and it cost her $1000. And honestly, I don't want to save the old house. I just want to sell it!! Anyone want to buy a nice bungalow in Cleveland?! lol....
The renters are aware of the loss we are taking on the rent. They are even aware of the loss we would be taking on selling it. It would have been a shortsale. Today's market won't even allow us to sell teh house for what is owed on it...$73k.

I explained to teh renters that we were ok with them renting for another 6 mos until they could get financed but it would have to be at the amount to cover the mortgage. We'd cover the ins/taxes. They won't budge on the price of the rent.

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