:confused: I lost my job due to car accident and my husband retired to take care of me, we have moved out of the house three months ago to avoid embarrassment when my house foreclose. We have not paid the mortgage payments for 3 months now, I wrote many letters to Countrywide, sent them Deed in Lieu of Foreclosure form signed by a Notary Public, mailed all the house keys and garage door openers, have asked them if we can sell the house as short sale. But there's no buyer to buy my house, the listing expires next month. I wrote Countrywide again told them we are giving our house to them. After I lost my job we've stayed in the house for 2 years hoping we can find a job nearby but to no avail. We have used all our equity and retirement money to pay our mortgage for 2 years, we have put upgrades totalled $74,000 thinking we can sell the house. No one wants to buy my house because Centex and other builders are building new homes and reduced their prices from $500,000 to $307,000 plus they give incentives of $30,000 with high upgrades, no closing costs no fees. I bought my house for $475,000, plus additional upgrades for $24,900. The selling prices of existing homes now went down to $299,900 but no buyer. No one is buying my house so I told Countrywide that they can have my house and told them that I lost a lot of money in this house. Countrywide never answered my letters, and it's hard to get through their phones.
Since I've missed 3 payments, when will Countrywide foreclosed my house. I owed $442,000 but the selling prices is down o $299,000, if the house sold in 2 months. When do I file bankruptcy so I don't have to pay the balance owed. Please help me I really dn't know what to do. Thanks and God bless.

You will need to talk to a lawyer, but depending on your resources, it may not matter a whole lot when you file bankruptcy. As far as when countrywide will foreclose, that is not an easy question to answer. They might be slow because of the many foreclosures that are taking place all over the nation at this time. You are not alone in the problems. For your own piece of mind, consult an attorney to help you get started on the road to financial recovery.

Your situation requires really careful legal and financial analysis.

If you were to see a typical bankruptcy lawyer, you would likely end up in chapter 13 and this would only work if you have enough income to make up your arrearages with the lender over a 5 year period. Many people can't succeed at this.

If you were to see a typical attorney otherwise, he or she would likely not know much about mortgage foreclosure defense. There are many issues to be considered including Truth in Lending Act, servicing abuse and the entire situation which occurred when you made your original loan or refinancing.

Sometimes, the best resolution is to consider mortgage litigation in context of bankruptcy.

It is great to try to work it out with the lender but "the lender" may turn out to be a trustee for a complicated bond who gives the servicer, in your case, Countrywide, little discretion to deal.

So find someone who knows what he or she is doing to really get the best possible options.

Information concerning bankruptcy generally is at my website: Bankruptcy: Illinois Lawyers: Lakelaw Bankrupcy Center Attorneys serving Waukegan (http://www.bankruptcy.lakelaw.com)

No one can predict when Countrywide will start foreclosure. With the huge increase in foreclosures it could be awhile.

You should discuss your situation with a bankruptcy atty. Many will offer a free consultation.