Going through foreclosure...Anyone else? Pointers, etc.

Getting legal help is probably a good idea on the contract end of it.

I'm not a lawyer, but I don't think the bank can come after you for the difference. That's the good news.

The bad news is that the bank will report it to the IRS who will consider the difference as earned income and you will owe taxes on it (and your credit rating will suffer for a few years).

You're in my prayers.
 
in some states they can't come after you for the balance, in some they can. sometimes even if they can, they may not.
 
Elks, I feel for you. You and your family are in my prayers. You still have your wife and family and time heals quite a bit. Just stay positive and remember there are tens of thousands of people in this country who have-are-will face the same thing. Most people are one big emergency from the exact same scenario. You sound like a great guy who is honest and has character. Keep your chin up, get a lawyer, and remember that things could be both better or worse, just keep your attitude pointed in the direction you want to go. There's a lot of good books out there for times like this: Think and Grow Rich by Napoleon Hill is a really good one. I'd be more than happy to mail it to you to borrow and you can mail it back when you are finished. Also, The Secret (I don't remember the author). Good stuff to help get you headed toward success again and overcoming life's problems. My father went though a similar situation when I was in middleschool and he made me read books like this when I was a kid and give him book reports. It has helped me see the best in a lot of situations that appeared just the opposite. Sounds like a bunch of fluff, but attitude and perspective can change quite a bit.
 
Elks, I'll second the motion, talk to a lawyer.

I also agree, after the bank takes the house, I don't think they can come after you for the difference. That used to be the case but then laws were put in place after banks really abused the situation.

I assume you and the family have your health, you are putting food on the table, etc. Everything else become irrelevant very quickly.

Just stay focused on whats really important.

Good luck.
 
Elks, Fear is a terrible thing. It can motivate you or shut you down. You and your wife are in this together, therefore you have each other to lean on. I'm sure lots of us could tell you we have at one time or another gone through some tough times. "Things" will work out one way or another. Get a hold on your fear of the "what if". That alone will eat you alive if you let it. You have an education and someone who loves you. You will get through it and if you are smart you will do it with your wife by your side. I wish you both all the best.

When you can look back at it and know it didn't beat you, tell us how it all worked out.----- Ben Jimmy
 
Well I had a good discussion with hte lawyer today and he helped put many of our fears to rest. I also have word of a possible sale offer comming this weekend. I am keeping my fingers crossed. The realtor say our house is the only house they want to buy right now. We will see what offer they make. So keep those preyers coming and thanks to all for the words of encouragement.
 
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