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Can anyone help us avoid foreclosure

March 13, 2008

I found your website & was wondering if you could help us. We have been repeatedly turned down to refinance our adjustable rate mortgage which has gone up yet again. We filed Chapter 13 bankruptcy 2 years ago & we are sinking deeper. They are taking my husband’s entire paycheck. My 80 year old mother in law lives with us & has dementia. We do have $900 a month income from her. I have been selling on eBay but they say we can’t use that income toward refinance without 2 years of tax statements. It would cost us more in adult daycare than I would bring in working a job.
My husband only makes $28,000 a year & our payments to the court are $875 twice a month. He is searching for another job but cannot find anything making more right now. He has also been hospitalized 3 times in the last year for heart failure & heart problems so at this time, a 2nd job is out of the question. The bankruptcy lawyer says that he cannot make the mortgage company stop raising the rate.
We owe $16,000 on the bankruptcy including several thousand in student loans. The pay off on the house is $177,000 & it was appraised 3 years ago at $210,000. The fair market value should have gone up as there are now several houses that have been built & sold since then. Before there wasn’t anything comparable. One of our central units has gone out, our back door & the wood around it needs replacing & the floor of the master bath needs replacing. It is 3,500 square feet with 4 bedrooms, an office & 3 baths. We love our house but now the payments for just the mortgage have gone to more than he even makes.

This entry was:
Posted By Avoid Foreclosure at 02:10 PM
Comments (1) | Categories: Wells Fargo, Florida Foreclosure | Tags: wells fargo florida

Related Entries

  • Foreclosure with Wells Fargo has me on the brink of losing my home - January 14, 2008
  • My wife balmes me for geting this mortgage with Well Fargo - January 21, 2008
  • I can't sell, but I am being re-stationed - March 25, 2008
 

Comments

I feel for your situation. I had to file bankruptcy about 8 years ago myself. My situation wasn't even as serious yours. From your post it sounds that your best and only real option is to sell your property and get something else more affordable. You have equity so you should be able to through a Realtor of yourself. Let me know if I can be of help.
Posted By John Craig on April 30, 2008 at 06:50 AM

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