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Old 05-07-2009, 11:40 AM - Thread Starter
 
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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.

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Old 05-07-2009, 11:45 AM
 
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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.'
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Old 05-07-2009, 03:27 PM
 
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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?

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Old 05-07-2009, 03:37 PM
 
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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?
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Old 05-07-2009, 03:48 PM
 
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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.
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Old 05-07-2009, 04:14 PM - Thread Starter
 
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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 .

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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.

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Old 05-07-2009, 08:07 PM
 
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No words of wisdom, just encouragement. *hug*
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Old 05-07-2009, 11:15 PM
 
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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.

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Old 05-07-2009, 11:27 PM
 
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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

hearts.gifhearts.gifhearts.gifhearts.gifhearts.gif A house full of girls, but for dad and one brother bikenew.gif
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Old 05-07-2009, 11:40 PM
 
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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.
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Old 05-08-2009, 04:11 AM
 
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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!
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Old 05-08-2009, 09:17 AM - Thread Starter
 
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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 .

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Ha! Ditto. We never had good times, we just had times that sucked slightly less.
Same here. Thanks for the laughs!

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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.

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Old 05-08-2009, 03:13 PM
 
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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.
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Old 05-08-2009, 05:34 PM
 
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"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!

Cheryl, wife to an amazing man, homeschooling SAHM to Gavin 12/03, Rhys 09/06, and Ian Aug 11, 2010.

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Old 05-08-2009, 07:47 PM
 
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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!
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Old 05-08-2009, 09:14 PM
 
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Except you are forgetting OP lost her job!


to the OP. It will work itself out somehow.
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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!

Blissful Mama to DD-(5), DS-(6) and someone new due in November!
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Old 05-08-2009, 10:16 PM
 
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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
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Old 05-08-2009, 11:26 PM - Thread Starter
 
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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.

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Old 05-09-2009, 09:55 AM
 
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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.
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Old 05-09-2009, 11:48 AM - Thread Starter
 
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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.

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Old 05-09-2009, 11:52 AM
 
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Food stamps are a blessing. We were on them for about 2 years, and it allowed us to get the ball rolling on the pantry principle, which is a big part of how we managed to get our food bills low. I am still very grateful for having gotten them. They should help a lot, especially considering what it probably costs to feed a family of eight.

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Old 05-09-2009, 03:13 PM
 
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Hey Mama~Love!

As someone growing up in a rural area, I know what you mean about finding a place to rent! Word of mouth IS KEY. Start talking to friends, family, local business people etc. In our little town, it's the best way to find a place to live. The landlords don't always advertise, or at best, only stick a sign in a window.

Plus, if you find a place through friends of friends etc, they might be more willing to vouch for you and give you a chance vs anyone off the street.

Blogging about renovations in our first home
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Old 05-09-2009, 05:46 PM - Thread Starter
 
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We are going to try using a mediator to see if we can negociate with them about it. Our property is classified as agricultural, we have livestock and 60 acres of land.

Maybe, just maybe, we could get the principal lowered a bit so we can afford the payments. We're NOT looking for a free ride, free pass, or anything like that. We LOVE our place here, and want to live here forever if we can.

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Old 05-09-2009, 06:35 PM
 
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We are going to try using a mediator to see if we can negociate with them about it. Our property is classified as agricultural, we have livestock and 60 acres of land.

Maybe, just maybe, we could get the principal lowered a bit so we can afford the payments. We're NOT looking for a free ride, free pass, or anything like that. We LOVE our place here, and want to live here forever if we can.


will pray that you are able to stay on your land.
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Old 05-09-2009, 07:17 PM
 
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We are going to try using a mediator to see if we can negociate with them about it. Our property is classified as agricultural, we have livestock and 60 acres of land.

Maybe, just maybe, we could get the principal lowered a bit so we can afford the payments. We're NOT looking for a free ride, free pass, or anything like that. We LOVE our place here, and want to live here forever if we can.
Any way you can sell some live stock or rent your land out if its tillable? I hope your able to stay!
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Old 05-10-2009, 02:56 PM
 
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Do you have a bankrupcy atty you can talk to? Classify the land as 'in current use' to lower your taxes on it? Refinancing the mortgage is probably out, but banks don't want to go thru foreclosure and have that on their books. Isn't there anything they can do in terms of extending the terms of your mortgage (to like 50 yrs for the time being, then refinancing it back to 20 or 30)? Can you rent part of the house to increase your income (and pay your mortgage?)? Borrow money from family? Not like you probably haven't already exhausted those paths, but I couldn't read and not reply.
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Old 05-10-2009, 06:58 PM
 
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I know this is late but I couldn't read and not .

S-d D which made them three. M grew lonely, and now there's baby D.
"Who of you by worrying can add a single hour to his life?"
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Old 05-11-2009, 06:29 PM - Thread Starter
 
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Do you have a bankrupcy atty you can talk to? Classify the land as 'in current use' to lower your taxes on it? Refinancing the mortgage is probably out, but banks don't want to go thru foreclosure and have that on their books. Isn't there anything they can do in terms of extending the terms of your mortgage (to like 50 yrs for the time being, then refinancing it back to 20 or 30)? Can you rent part of the house to increase your income (and pay your mortgage?)? Borrow money from family? Not like you probably haven't already exhausted those paths, but I couldn't read and not reply.
We are in the process of negotiating with them. Just got the mediation papers on Friday. There's no extra part of the house to rent, and none of my family is well-off.

We just got it classified as agricultural in the past year, and WOW what a HUGE difference in the taxes!

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Old 05-11-2009, 06:40 PM
 
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I'm incredibly hopeful that you'll be able to find a way to stay in your home!

If you need to move, my understanding of federal tenancy rules is that you can have two people per bedroom plus one overall, so 3 people in a 1 bedroom, 5 in a 2 bedroom, 7 in a 3 bedroom, 9 in a 4 bedroom. Even if you don't feel like you need that much space, bigger landlord and property management companies will stick to that, so it's better to find an individual who might bend for your family size.
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Old 05-11-2009, 08:49 PM
 
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I don't know a darn thing about foreclosure or any of this stuff. I just wanted to say:

You and your family will get through this.

It will be OK.

You'll come out stronger on the other side.

:

Mara, mama to two boys born 05/2009 and 04/2011, after four miscarriages. 

Also: chicken3.gif  dog2.gif

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