In foreclosure, just a vent - Page 4

[Mama~Love]

Originally Posted by p1gg1e

Hugs!!

We had a rough year last year , we moved 4 people into 550 sqft ( if that). One bedroom...and everything we used broke , washer , dryer , cars , camera...I really felt like I lived in the depression. It though was after looking back a great thing we went through. it was hard I washed cloth diapers by hand for 3 months to save up for a washer ( that then broke ).

Anyway a year later things are going well and we have learned SOOOO much. It hard to see the path laid out esp if it looks bleak but you never know what it will lead you to.

I get what you're saying. I'm sure we'll end up being stronger people for it when it's all said & done. We'll learn a lot too.

[mumstheway]

Originally Posted by ThereseReich

Please correct me if I'm wrong, but from my understanding, with The Mortgage Forgiveness Debt Relief Act and Debt Cancellation (here it is on IRS.gov: http://www.irs.gov/individuals/artic...179414,00.html) from years 2007 through 2012, anyone doing a short sale or foreclosure, will not owe any taxes on the difference.

We considered doing a short sale for our situation, but then we determined that we'd save a lot of money but just letting the house go into foreclosure, so thats why we're choosing foreclosure, but from the tax perspective, we could have gone either way.

Yeah, I read it and apparently the people I know who did a short sale didn't live there long enough to have a 'qualified principle residence.'

[MyLilPwny]

Originally Posted by mumstheway

Yeah, I read it and apparently the people I know who did a short sale didn't live there long enough to have a 'qualified principle residence.'

I read through it and didn't see any mention of how long you have to live there in order to qualify, but I want to make sure we qualify, so could you please share what part of it mentions about the length of time?

[fljen]

Big hug! As people like to say about a lot of things "this too shall pass"! Keep saying it to yourself, believe it, take it one day at a time. As one of my favorite people loves to say "When one door closes another one opens, but the hallway in between is a _____!" and "The light at the end of the tunnel isn't _always_ another train!"

I read through the thread but didn't see, where are you located?

[Delicateflower]

Originally Posted by Mama~Love

We'd have to squeeze into a smaller place as well. We could make 3 bedrooms/1 bath work.

You might have difficulty. many places have laws against renting a place that size for that many people. It's to prevent places becoming slums.

[Mama~Love]

Originally Posted by fljen

Big hug! As people like to say about a lot of things "this too shall pass"! Keep saying it to yourself, believe it, take it one day at a time. As one of my favorite people loves to say "When one door closes another one opens, but the hallway in between is a _____!" and "The light at the end of the tunnel isn't _always_ another train!"

I read through the thread but didn't see, where are you located?

That will be my new chant! Thanks!

I'm in Minnesota .

Originally Posted by Delicateflower

You might have difficulty. many places have laws against renting a place that size for that many people. It's to prevent places becoming slums.

Thanks, I'll keep that in mind.

[greengrad]

No words of wisdom, just encouragement. *hug*

[MaryLang]

We're in a tough spot too. Haven't gone into foreclosure, but its probably close. DH lost his job a month ago and I'm a SAHM.
Take it one day at a time. Like pp's said look into a HUD counselor. Stay in touch with the mortgage company. There isn't really much help out there, not like I thought. And I too have had the same feelings, "where's the help when WE need it?". But just keep pressing on. This too shall pass. You can only do what you can do. And keep focused on those little ones. I know in my house they really feel when I'm stressed, I know its hard. I know DH and I feel like we're just grass blowing in the wind, we're just doing what we can and going with the flow.

[MaryLang]

Originally Posted by momhugs

No judgement here, but it puzzles me that people do not safe when the times are good. Than they expect help for their bad choices.

Umm... times were good? Can you remind when exactly that was, cause we kinda missed that part. Your post is kind of laughable~no judgment though

[PenelopeJune]

Umm... times were good? Can you remind when exactly that was, cause we kinda missed that part. Your post is kind of laughable~no judgment though

Ha! Ditto. We never had good times, we just had times that sucked slightly less.

[SunshineJ]

Ok from what I could find out, it looks like you have approximately 7 months to vacate from the time the sale is scheduled. (Every state is different, these are the rules for MN) The sheriff's office has to run the sale notice for 6 weeks (you have to be notified of that sale at least 4 weeks in advance). After the sale is concluded, they can do nothing for 6 months. This is called the redemption period, in which time you can pay the same amount as the winning bidder plus taxes and fees and keep the house. (Some property types and mortgages allow 12 months instead of 6). If someone bids on the house and wins, they are given a certificate of sale and possession effective at the end of the redemption period. http://www.realtytrac.com/foreclosur...osure-laws.asp

Now, according to another source, if the amount due at the date of the notice of forclosure sale is LESS than 2/3 of the original loan amount, then it's a 12 month redemption time. http://www.foreclosureuniversity.com.../minnesota.php

Not sure if this helps any or not, but it may at least give you a couple months breathing room!

[Mama~Love]

Originally Posted by MaryLang

Umm... times were good? Can you remind when exactly that was, cause we kinda missed that part. Your post is kind of laughable~no judgment though

I missed that memo too .

Originally Posted by PenelopeJune

Ha! Ditto. We never had good times, we just had times that sucked slightly less.

Same here. Thanks for the laughs!

Originally Posted by SunshineJ

Ok from what I could find out, it looks like you have approximately 7 months to vacate from the time the sale is scheduled. (Every state is different, these are the rules for MN) The sheriff's office has to run the sale notice for 6 weeks (you have to be notified of that sale at least 4 weeks in advance). After the sale is concluded, they can do nothing for 6 months. This is called the redemption period, in which time you can pay the same amount as the winning bidder plus taxes and fees and keep the house. (Some property types and mortgages allow 12 months instead of 6). If someone bids on the house and wins, they are given a certificate of sale and possession effective at the end of the redemption period. http://www.realtytrac.com/foreclosur...osure-laws.asp

Now, according to another source, if the amount due at the date of the notice of forclosure sale is LESS than 2/3 of the original loan amount, then it's a 12 month redemption time. http://www.foreclosureuniversity.com.../minnesota.php

Not sure if this helps any or not, but it may at least give you a couple months breathing room!

That does help. Our property is 60 acres, so it's 12 months instead of 6. Gives us a little more time as well.

[BetsyS]

Good thoughts to you, OP!

In Georgia, to show how it's different in different places, once the mortgage company decides to foreclose, you have like 35 days. They advertise for 4 weeks, then sell on the second Tuesday of the month. Then they evict immediately. You are also responsible for the difference between what the house auctions for and what you owe, unless you file bankruptcy at the same time.

Yucky all around.

[maciascl]

Originally Posted by fljen

"The light at the end of the tunnel isn't _always_ another train!"

1st to OP. Dh works in an industry hard hit in our area & we have been struggleing & "robbing Peter to pay Paul" for the last 2 years. It has finally come to a head & May will be the last mortgage payment we can make as well. We are looking into a modification program that should help somewhat. But you are not alone!!! I hope everything works out well for your family.

fljen, thank you! I often feel like the light at the end of the tunnel is a train & many times lately it really has been. I've never thought to turn it around!

[Smithie]

OP, if you've got a 12-month redemption period, that seems like fantastic news! 'Way back on page 2 where somebody suggested that you save up first, last and surety in cash - that could really work out if you have a year to do it!

[rainbowmoon]

Except you are forgetting OP lost her job!


to the OP. It will work itself out somehow.

Originally Posted by Smithie

OP, if you've got a 12-month redemption period, that seems like fantastic news! 'Way back on page 2 where somebody suggested that you save up first, last and surety in cash - that could really work out if you have a year to do it!

[Smithie]

Well, 12 months is better than 6 or 8 months to find a new job and start socking away some $$$ under the mattress!

<---- incurable optimist

[Mama~Love]

We're putting away what we can. DH has been working a LOT of overtime the past 2 weeks, and just put in an application for another weekend job. So between all that, it'll be a start.

Also, my unemployment runs out at the end of July, and we will qualify for Food Stamps then too, and I will not be ashamed to use them.

[Smithie]

Of course not! This is the kind of situation that food stamps EXIST for. My family qualified once, when I was in high school, and the freed-up grocery money was most definitely spent well (on overdue bills). Huge stress relief for my mom, even though she WAS ashamed and wound up shopping 20 miles away so her colleagues at our local grocery store wouldn't realize how badly off we were.

[Mama~Love]

Originally Posted by Smithie

Of course not! This is the kind of situation that food stamps EXIST for. My family qualified once, when I was in high school, and the freed-up grocery money was most definitely spent well (on overdue bills). Huge stress relief for my mom, even though she WAS ashamed and wound up shopping 20 miles away so her colleagues at our local grocery store wouldn't realize how badly off we were.

That's so sad. Sorry your mom felt that way. The Food Stamps will free up several hundred dollars a month for us to use elsewhere. We will get more than double what we spend on food now, which would be great for stocking up on stuff.