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Hi. I lost my full time job about a year ago and have only managed to pick up a couple of temporary jobs since. So of course my wife and I are struggling to make our mortgage payments. We received a "notice of intent to accelerate" from BofA after falling behind a month and a half. Basically stating that if we don't cure on or before June 16th they will foreclose. We're presently in the review stage of a modification with BofA and have been waiting for months on an answer. Whenever we call them, all we get is "your case is still being reviewed...we have no further information." We also have a second mortgage with Associated Bank. Associated Bank has actually done a great job in working with us to temporarily modify the 2nd to make it much more affordable. We think that at this point with our current financial situation and with the job market being what it is that we should just cut our loses and allow them to foreclose rather than continuing to struggle like we are. Its unfortunate because we really love our home alot. We wish there were other alternatives than just allowing them to foreclose. We don't have the money. There's absolutely no way we're going to be able to sell our home because we live in a new neighborhood with new vacant homes and vacant lots all around us. Why would someone buy our home when they can just move into a new one or just simply have them one built on one of the vacant lots? We don't know how to proceed from here. We don't know all of the ramifications of foreclosure. We don't know if we should just stop paying the mortgages and save that money. We don't know if we're going to be responsible for any defeciencies suffured by the bank. Any help at all would be greatly appreciated. Thank you.

I am not an expert in mortgage but I think short sell, deed-in-lieu or even bankruptcy can save your home from being foreclosed. Check out your other options before you actually decide on letting your bank foreclose the property.

Regarding modification, unfortunately, it didn't come into use for many homeowners as promised by the Government.

Sub: #1 posted on Wed, 05/26/2010 - 16:20

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