Help.. Possible Foreclosure. Need Advice
We went over 6yrs before missing a mortgage payment. Now we are in some trouble and have received just awful advise from day 1.
We are $25,000 behind in payments. There is lots of equity in the house so we thought getting a second mortgage to play catchup would be no problem as there was lots of term left in the mortgage.
The bank who holds the mortgage bullied our first mortgage broker and second, telling them that we could not catchup and reinstate the mortgage, rather we had to pay the full amount owing by way of getting a new 1st mortgage.
After a long battle and several lawyers they finally abided by the law and provided us with a payment amount to catchup the mortgage. Up to that point our first mortgage broker was seeking a new first mortgage, they never thought to simply find a new 2nd mortgage, since they bought into the bank's bully tactics and did not push the option of simply paying the arrears with a new 2nd mortgage.
Now the monkey wrench thrown into this whole mess is that only now were we informed that there are a couple personal writs filed against us from credit card companies who were defaulted on during the period where we were unable to make payments.
Now all we are seeking is that the writ holders temporarily lift the writs for the purpose of filing a new 2nd mortgage in to cover the arrears of the first that is behind.
The reality is that if this home foreclosures, the writ holders will receive nothing. So we are just asking them to keep things status quo while we work through these issues. If they allow the mortgage to be executed by lifting their writs, they we will be able to keep our home while we work to properly settle these writs.
So far we have asked the writ holders (Bank credit card holders) to just lift the writ for the purpose of us to insert a second mortgage so we do not lose the house and to their benefit so the house does not go to foreclosure where they will risk losing everything.
We are willing to offer a nominal fee for their services, but if things get whacky, we are also prepared to walk away and file bankruptcy as nothing will be left for anyone.
I do appreciate your help.
I would not wish this process upon anyone.
Thank you for help, feel free to ask for further clarification!