My house was foreclosed by...
My house was foreclosed by Fannie Mae w/ Bank of America as being the servicer in the state of Georgia after being late on my mortage payments for 3 months. This was due to income loss/ reduction (our intent was to "catch up on the payments" since my husband's line of buisness would pick up more income in March). We were late January, February, and March. By April 1st 2011 I made a mortgage
payment for one month, which they declined. April 4th (Monday) we recieved by certified mail a forecloser notice saying that our home was to be auctioned off on May 3rd 2011 . We chose to have a realtor help us sell the house for short sale and work directly with the bank, which we had 5 offers on within the first week for the short sale. We accecpted the highest offer for 118,000 ( we owed 143,00 altogether: 131,000 was on our first mortgae, and 13,000 was for an equity line of credit). The value of the homes in our neighborhood had drastically declined in recent years many homes being sold for a fraction of their original value. So, we were not going to be able to get the full amount of what we owed. In the beginning it seemed that we were in the short sale process. However, Bank of America and the "investor" Fannie Mae eventually declined the short sale offer, and the request to delay the forecloser date. Reason being, "not enough time." This happened so fast. I feel they were not interested in working with us. This has been devastating , to say the least. We have been out of our home since June 6th, 2011. With a cash for keys
offer of 1,000.00. We did not have a lawyer and we have not filed for bankrupcy. I guess my questions are: 1. Will/ Can the investor expect us to pay the difference if they sell the house for less than 131,000? (We are paying the line of credit payments for a total of 13,000). 2. Does the Obama plan help us with a deficiency? 3. Do you think filing bankrupcy is necesary for our situation? (Student loans are our biggest debt . We have 2 car payments totaling 530.00 per month totaling 19,000; 2 credit cards with a total of 9,000; and our line of credit totaling now, 12,000. ). 3. When/Will we be able to purchase a home with only a forecloser? (I was told by a mortgage person to file bankrupcy asap so that I can be qualified to purchase a home in 3 years). My husband has recently found steady employment and is no longer self-employed.
Sorry for so many questions. I know i should probably talk to a lawyer, wich will be my next step. I appreciate your answers.