what are my foreclosure options?

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3 years ago, my husband and I both lost our jobs within 4 months of each other. We were unemployed for two years and then both landed jobs within 3 days of each other. During the time we were unemployed we only had his unemployment to live on. Our mortgage company worked with us during that time and agreed to accept lower payments from us. Now the difference was accruing the whole time and we are now $ 14k behind on our mortgage. Once we found work, we began the process of trying to get caught up. We’ve filed an application with our mortgage company in an attempt to work out a repayment plan to bring us current again. However, we just received a notice that our loan has been turned over for foreclosure.

I’ve already seen this happen with my sister and her house where the bank apparently found a buyer for the home and no longer was willing to work with her and sold her house out from under her. (we won’t get into all of the illegal crap they did during that process). She has told me that once they find a buyer, they will do anything to get the homeowner out of the house. Apparently with the government aid they receive when they foreclose it works out really well for them.

What I wanna know is this: Now that our home is in the foreclosure process, is there a way to put a stop to it that allows us to stay in the home without paying the entire $ 14k at once? Our lender is PNC and I know they’ve come under fire for their foreclosure practices. Can we turn that around to our advantage? Can we make a lump payment with our tax money and will it be enough to stop the foreclosure or will they take our money and our house?

I know I’m not the only one with this problem and I am so frustrated for those of us who make every good faith attempt to make good on our responsibilities and still get run over.
@Common Sense: we’re not dead beats. We lost our jobs. We did what we could to satisfy the lender and paid the agreed upon amount that whole time. We have sent in our proof of income and asked to reassess so we could begin making larger payments again. And their answer to our request to make larger payments is to foreclose instead? Why, when we do the proper thing and let them know of our employment and attempt to raise our payments again, would they react by foreclosing unless it would be more lucrative to do so, especially considering that they’ve been content to work with us while we were unemployed? I’ll say it again… We’ve never failed to send payments in the agreed upon amount. When we sent less, it was because the bank agreed to that amount. We want to send more now and they foreclose! that does not make us deadbeats. It would have been so easy when we lost our jobs to quit making payments and save the money for as long as possible before getting booted out, but we didn’t do t
that. We called the lender and let them know what was going on and worked with them the whole time. Before we lost our jobs, we always made our payments on time and added an extra $ 300 a month to boot.

I didn’t come here to be abused, I came to get answers. And if you think that the banks are completely fair and above board, you’re the delusional one. If you think that the banks aren’t getting government money then you’re not just delusional, you’re flat crazy. The government bought out the banks… where do you think the jump in our national debt came from? It didn’t just materialize from thin air.
@Spalmer: Thank you for your answer, it seems the most informative to this point. The reason I said what I did about the banks already having a buyer is because I’ve seen it happen. My sister was working with her lender (Chase) when she went on disability. The bottom line is, they lied to her repeatedly. And as they were working things out with her, they sent her foreclosure notices. When she called they said it was just a formality as part of the process. Once they sent her an actual auction date on her home, she called again. They told her that she needed to pay X amount in full before the date of auction in order to keep her house. She was literally on the phone calling in the payment two days before the date they gave her when someone showed up at her house and informed her they’d bought it and wanted to know how long she was planning to take to move out. I don’t know what the market is like where you live on foreclosed properties, but around here, they get snapped up.

We will be happy to hear your thoughts

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