Hi Tina:

From this post and the other post you had, I think you need to go back and start talking to your mortgage broker again. However, as it seems to me, you are in some way deep into all these and don’t know what to do, it might be time for you to find a professional, probably a Realtor to start with; in you area to help you navigate thru this unfortunate situation.

You definitely want to continue paying your mortgage, and taxes (your other question - yes, you can have IRS liens if you don’t pay the tax), but sounds like it might time for you to check with the ‘Loss Mitigation’ department of the Lender and see if they will allow you to possibly do a Short Sale (a brief explanation is the lender might forgive you for the differences between the proceeds from the sale and the mortgage you owed) instead of just walking out on the house and ruin your credit.

This is a complex process and takes time, experience and knowledge and really won’t be fully answered via this forum – we have to know the details; so I strongly suggest that you talk to a local Realtor who is experienced in handling this. Usually you will want to give the permission to the Lender for your Realtor to talk to the lender about the details.

The process take a long time, so get started now before they foreclose on your property; then it will be even more difficult.

Best,
Sylvia

Tina:
First and foremost: BREATHE!!! Slow down and get your thoughts together. Get all your paperwork in order by date. Find out who paid who & what the ultimate tax bill is or will be.

You really need to talk to an atty to see if the 2nd mortgage company was authorized to change your monthly mortgage.

The only way you can get through this is to have a professional on your side - and have them follow-up for you.

Make sure you do some research on the FHA Secure plan as Patrict mentioned. We aren't attorneys nor are we familiar with your particulars - no matter the detail you have included in this posting.

Get professional help. But above all else - DO NOT PANIC. Much luck to you and your family.

I would contact a bankruptcy attorney ASAP you may only have to file to reorganize, There is also a new plan called FHA Secure. Contact Bank of America or Country wide also.
Good Luck

I would contact a bankruptcy attorney ASAP you may only file to reorganize, There is also a new plan called FHA Secure. Contact Bank of America or Country wide also.
Good Luck