About Me

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My husband and I are both 35. We have two small children, ages 5 & 2. We are a military family in the midst of the foreclosure process.

Our Story:

Our family has been facing the idea of foreclsoure for the last year, but it has now come to decison time....

Our brief story......My husband is currently on Active Duty in the Air Force. In June 2006, we were sent (called a PCS in the Air Force) to Las Vegas, NV. At that time, we purchased a house for 455,000. This was well in our means and affordable. Nothing large, 4 bedroom 3 bath. It was next to impossible to even get a house at that time. We put 10% down plus an additional 50,000 to finish the house (it was new construction and needed landscape, window treatments ,etc.). Now, 3 years later, our house is worth 212,000 - we have no choice but to "walk-away" from our dream home.

This past summer we once again moved for the military. This time to Kansas. We knew our future looked dismal. Fortunately, we were able to get renters in our house; however, they were paying less then what we owed our mortage company monthly. These renters have turned out to be bad news. They have been late on payments and are now leaving our house. Now, unable to get renters, plus knowing that we can not afford the additional payment of 3,000./month, we have no choice put to walk-away.

We have tried everything else we know of. Over the past year, we have sent several "hardship letters" to the bank. All of which have been denied. In addition, we even "qualified" for the "loan modification program" from the government. However, after two weeks in the program we were sent a letter stating we were denied for no reason. What a joke that was:)

Saturday, January 9, 2010

Searching, searching, searching.....

Everyday I find myself searching the internet for articles, people, anything to help guide us through this process. Mostly, I come across scams....I think they are pretty easy to detect. Especially when they start out by saying "We can HELP" Really??

At this point, and for the next couple of months, I just want to know if the banks will decide to file a deficiency judgement after the foreclosure is complete. I find that most of the information I read says "No". However, I am not niave and know that we could be the 1% that they do come after. Each night I pray that the banks end up sending us a 1099 form (which basically means they are not going to file a deficiency). Actually, maybe we will have a little party to celebrate our 1099, if we ever receive one.

For now, still waiting for the calls to start......

Here are some good links I have recently found (or that have been sent to me by my friends).....
Others on our journey - make sure you check out the self-help forum
The Evil Banks - Do they seek deficency??
What is a deficiency balance and what are my options? 
Paying A Deficiency Judgment From A Foreclosure Nevada 

Off to enjoy this Saturday with the family......Shrimp bisque on the menu for tonight!!!
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