I have some questions regarding what happens if your home goes into foreclosure.
Alittle background-- dh and I first off have a privately held mortgage. However, we hold the title, went through closing, all the same as a traditional mortgage. The mortgage holders is not the type that would be willing to work anything out. She has more money than she know what to do with and thinks everyone must.
That being said dh and I are getting in way over our heads. Since the week of 4th of July work has been terrible for him. Usually is right around the 4th, but it usually picks back up by the end of July. It hasn't picked back up at his work or in the industry. He was bringing home an average of $1300-1500 biweekly. Since that week we've been seeing $300-500 avg bi-weekly. That is a massive paycut as anyone can see.
We didn't have any savings it was all spent on a medical crisis that happened a few years ago. That being said, we are also in the middle of a current bankruptcy (chpt 13). We are really not poor money managers, just a series of bad events. Just to avoid the "flames"-- our bankruptcy did not have 1 single credit card in it, nor do we carry credit cards. We had over $85,000 in debt from a staph infection from a kidney stone that wound my dh in critical condition. We had no health insurance to cover the ordeal. We were trying to pay back what we could- but there was 4 hospitals involved, 4 weeks of meds from a visting nurse company at $700 a day, 3 surgeries, more doctors than you can shake a stick at... you get the picture. We couldn't even send everyone $20.00/month and have any money left. This would of been compounded on $10,000 in medical bills I was trying to pay from a surgery I had a few months previous. They started getting judgements, going after our bank accts, ect... we felt we had no choice but to file. They are now getting a portion paid back, but it's much more managable.
Fast forward, I now work 2 jobs and ebay like crazy. Dh works fulltime as a truck driver hauling steel- and it wouldn't be possible for him to pull a second job, he doesn't know when he'll be home. I am starting a 3rd job this Thursday. So, we are physically tapped out on hrs to work. DH hasn't wanted to leave his job because of the benefits and such. The industry is bad on a whole, and he feels he needs to give it a while longer to "tough it out".
Now my questions..........
I cannot and will not be able to pay my village property taxes that are due on 9/30, nor can I pay my mortgage that was due 9/1, nor will I be able to pay the school tax due on 11/1. We had a major car repair that I HAVE to get my car out of hock w/ what little money I have left. They've had the car for a few weeks (I couldn't pay it), and I'm going to be racking up $5/day storage fee if I don't get it this week. I am behind on my utilities, they are to the point I cannot put them off any further, otherwise they'll get shut off. So I am pretty much left w/ little to no money. So while everything else is going up weekly (gas, milk, electric, ect), our pay is going steadily down. My one job my hrs were recently cut and I haven't see a raise in 5 yrs, the other job they just cut our pay- bringing my check down about $20/week. My ebay sales- well for the first time in 4 yrs they are down 45% this year. It's just been an awful financial year.
So, if I cannot pay these things, how does foreclosure work?? The judge when we filed bankruptcy told us if we miss just 1 pymt the mortgage holder could go after a foreclosure notice. Do you get any notice to get out of the house and move? I am stressed to the point I've been having chest pains the last few weeks and I am crying all the time. I feel lost, embarassed, and ashamed. I've posted this 3 times and erased before I actually posted. However, I feel like I need a little background info of what could happen to start preparing for the worst.
Alittle background-- dh and I first off have a privately held mortgage. However, we hold the title, went through closing, all the same as a traditional mortgage. The mortgage holders is not the type that would be willing to work anything out. She has more money than she know what to do with and thinks everyone must.
That being said dh and I are getting in way over our heads. Since the week of 4th of July work has been terrible for him. Usually is right around the 4th, but it usually picks back up by the end of July. It hasn't picked back up at his work or in the industry. He was bringing home an average of $1300-1500 biweekly. Since that week we've been seeing $300-500 avg bi-weekly. That is a massive paycut as anyone can see.
We didn't have any savings it was all spent on a medical crisis that happened a few years ago. That being said, we are also in the middle of a current bankruptcy (chpt 13). We are really not poor money managers, just a series of bad events. Just to avoid the "flames"-- our bankruptcy did not have 1 single credit card in it, nor do we carry credit cards. We had over $85,000 in debt from a staph infection from a kidney stone that wound my dh in critical condition. We had no health insurance to cover the ordeal. We were trying to pay back what we could- but there was 4 hospitals involved, 4 weeks of meds from a visting nurse company at $700 a day, 3 surgeries, more doctors than you can shake a stick at... you get the picture. We couldn't even send everyone $20.00/month and have any money left. This would of been compounded on $10,000 in medical bills I was trying to pay from a surgery I had a few months previous. They started getting judgements, going after our bank accts, ect... we felt we had no choice but to file. They are now getting a portion paid back, but it's much more managable.
Fast forward, I now work 2 jobs and ebay like crazy. Dh works fulltime as a truck driver hauling steel- and it wouldn't be possible for him to pull a second job, he doesn't know when he'll be home. I am starting a 3rd job this Thursday. So, we are physically tapped out on hrs to work. DH hasn't wanted to leave his job because of the benefits and such. The industry is bad on a whole, and he feels he needs to give it a while longer to "tough it out".
Now my questions..........
I cannot and will not be able to pay my village property taxes that are due on 9/30, nor can I pay my mortgage that was due 9/1, nor will I be able to pay the school tax due on 11/1. We had a major car repair that I HAVE to get my car out of hock w/ what little money I have left. They've had the car for a few weeks (I couldn't pay it), and I'm going to be racking up $5/day storage fee if I don't get it this week. I am behind on my utilities, they are to the point I cannot put them off any further, otherwise they'll get shut off. So I am pretty much left w/ little to no money. So while everything else is going up weekly (gas, milk, electric, ect), our pay is going steadily down. My one job my hrs were recently cut and I haven't see a raise in 5 yrs, the other job they just cut our pay- bringing my check down about $20/week. My ebay sales- well for the first time in 4 yrs they are down 45% this year. It's just been an awful financial year.
So, if I cannot pay these things, how does foreclosure work?? The judge when we filed bankruptcy told us if we miss just 1 pymt the mortgage holder could go after a foreclosure notice. Do you get any notice to get out of the house and move? I am stressed to the point I've been having chest pains the last few weeks and I am crying all the time. I feel lost, embarassed, and ashamed. I've posted this 3 times and erased before I actually posted. However, I feel like I need a little background info of what could happen to start preparing for the worst.
Things happen sometimes that are NOT our fault and what you need now is some advice/help - NOT a lecture. That being said, I don't know what the laws are in your state. Here in Washington, it's very difficult to foreclose on a property. If you lose your house, where will you live? Do you have someplace to go? If you are going to pay rent you might as well pay your mortgage, even if it means working 3 or 4 jobs for the next few months. Have you checked with a free legal service company? They are usually in the blue pages in the front of the phone book, they can tell you the foreclosure laws in your state. You can probably even find the info on the web. Best of luck to you, I hope everything works out!
Please feel free to post an update...
. I was only late then because of a payroll glitch.
