 At My Ropes End - Foreclosure Questions
What is the name of your state? GA
First my wife and I have an appointment with an attorney this coming Monday to discuss our options. Have pending Foreclosure sale date of July 3,2007 (Happy Fourth of July!!)
Some background...purchased 49.49 acres way out in the country on which we wanted to build our dream home. Placed a mobile home on 2 acres of the property which a mortgage company holds the loan along with 2 acres. Found out that the 2 acres was never split off from the original 49.49 acres but is in the legal description of the papers in the closing documents. Had problem finding lender to do 47.49 acres and home in one loan. Finally Regions Mortgage said that they could under a 1yr ARM. Built our home and had initial payment of just $600 more than what we were paying in our old home which we sold and put down on the property. Been in the house since 2003 and each year the payment has jumped $500 a month while I had to take paycuts and layoff. Have spent all my retirement money and other funds to try and keep the house but I am broke. Placed the home on the market to sell....appraised for $601,300...last selling price I was asking was $518,000. In 6 months on the market have had only 5 interested parties come out and look. Home is too big....too much property...and too far out into the country. I cannot GIVE the home and property away!!! My monthly payments have went from initial amount of $1,900 a month to now over $4,100 a month
My question is that the foreclosure is coming....is a short sell my best option and what does this mean?
I have an equity line that the home is used as collateral for by Regions Bank....will this go away with a short sell or will still be liable for this?
All my credit card and other bills are current...only thing I am behind on is the mortgage. What about bankruptcy? If I will be held liable for the equity line then bankruptcy after the foreclosure seems my only option. Should I file bankruptcy before the sale date of the foreclosure?
I cannot find the legal description of the property and home in our closing documents...all it says is see exhibit attached...there is no exhibit in my paperwork. The banks lawyers are using the plot # for the land and says that 49.49 acres will be sold...but I only told them there was 47.49 acres because the 2 acres is held with the other mortgage on the mobile home. I do not know what to do about this problem. Afraid that I will have no land for the mobile home to sit on and I cannot afford to move the mobile home or let alone buy more property now that my credit is in the toilet!! Opinions on this issue??  | 
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