emergency foreclosure help

we stop paying our morgage are we in trouble besides foreclosure?

my husband and I own a home that has gone down in value.we have tryed to refinance but always get denied,due to the fact that the house is worth less than the loan.I lost my job last yr. and we are just making ends meet between my unemployment benefits and my husband’s checks.we also contacted our morgage lender and got denied!! I must say that with our income, we are able to make all monthly payments,but have nothing left for an emergency or to servive on.not even gas $ to move around and for my husband to get to work;therefor we decided to stop paying our morgage.please help!!!! also, my husban is diadetic and lenders don’t seem to care that we don’t have $ left for his meds.

It is all about money. Once the lender takes the house through foreclosure and tries to liquidate it to recapture your debt, the lender then has the option to pursue any left over debt in a future law suit. When a lender forecloses on a borrower they incur all sorts of fees that will be tacked on to your total debt which will likely come back to haunt you. To avoid these fees you could provide the deed in lieu of foreclosure. I know you are thinking that you can’t get blood from a stone, but I am willing to bet you are forgetting about the likelihood that you will gain assets in your future that the lender could attach in a law suit.

If by chance your loan is an FHA/VA you need to contact HUD as they will bend over backwards to help you avoid foreclosure.

emergency foreclosure help