Homeowner Fees During Foreclosure
At the end of the real estate rush of '05 in August we impulsively bought a nicer home falsely assuming that selling the one we had would be no problem. A year and four months later, we have exhausted all of over 25,000$ in our life savings while paying two mortgages and trying to sell our first home without success. We are now in a lengthy process of waiting for approval of a Deed in lieu of Foreclosure but will resort to a regular foreclosure should our request be denied. The problem is that our first homeowner fees are due, we haven't the money to pay them and we stopped paying that mortgage several months ago. Another interesting facet to this is that other homeowners in our development have been allowed to lease or rent out their properties when our covenants state it can only be done in a state of financial emergency with the association's approval. All of OUR attempts at this process-phone calls, letters, and e-mails have gone ignored. What can we do about our impending fees without incurring more problems? Thank You