The site below can answer a lot of your questions on short sales...good luck!

Miranda,

Stop listening to all of us and get in touch with a good real estate agent in your area who can walk you through this step by step. Your situation is far too complicated for us to be of any real help here and as such you need someone in your locale who can help you.

Cameron Piper

What I'll share with you is somthing that you must do under any circumstances. Find out who the lender really is. Chances are its not the party you have been talking. Create a carefully prepared “Qualified Written Request” (QWR). The law protecting homeowners against questionable fees, entries, documentation and a “life of loan history” (all fees and payments ever made on your mortgage) from your lender. for example --

A lack of Joinder is proven from the demand for sufficeint notices --

12 usc section 2605servicing of mortgage loansand administration of escrow accounts
TITLE 12--BANKS AND BANKING

CHAPTER 27--REAL ESTATE SETTLEMENT PROCEDURES
Sec. 2605. Servicing of mortgage loans and administration of escrow accounts
(a) Disclosure to applicant relating to assignment, sale, or transfer of loan servicing each person who makes a federally related mortgage loan shall disclose to each person who applies for the loan, at the time of application for the loan, whether the servicing of the loan may be assigned, sold, or transferred to any other person at any time while the loan is outstanding.

(b) Notice by transferor of loan servicing at time of transfer

(1) Notice requirement

Each servicer of any federally related mortgage loan shall notify the borrower in writing of any assignment, sale, or transfer of the servicing of the loan to any other person.
(2) Time of notice (A) In general
Except as provided under subparagraphs (B) and (C), the notice required under paragraph (1) shall be made to the borrower not less than 15 days before the effective date of transfer of the servicing of the mortgage loan (with respect to which such notice is made).

G) A statement that the assignment, sale, or transfer of the servicing of the mortgage loan does not affect any term or condition of the security instruments other than terms directly related to the servicing of such loan.
(c) Notice by transferee of loan servicing at time of transfer
(1) Notice requirement

Each transferee servicer to whom the servicing of any federally related mortgage loan is assigned, sold, or transferred shall notify the borrower of any changes impacting the loan. There needs to be a proper exit and release here and that allows you to follow the rules and see to it the lender does the same. It protects you and also may turn up any illgitimate attempts by parties lacking Joinder and seeking to claim unlawfully the property in a forecosure.

msoliman http://www.foreclsureinfosearch.com
Web Reference: http://www.borrowerhotline.com

Miranda, Go to this site and see if you might find some information that can help you...
http://www.ofheo.gov/PublicInformation.aspx?Nav=136
It has a lot of information on the foreclosure assistance...

This site will allow you to get free legal advice on Minnesota foreclosures
http://www.avvo.com/search/answer_search?q=foreclosure&loc=mn

Good luck, Dunes

Hello Miranda,

i am sorry to hear about your situation but you MUST call your lender immediatly! They actually may have programs to help you keep your home.

If your lender is not responsive, go to your U S Congressman's office and ask them for assistance. There are any federal programs in place that will help you!

Do not, under any circumstances, go to a company that will help you modify your loan for a large fee up front. Even your local real estate agent and mortgage broker can help you through the process for no fee. There are also governmentally approved non-profits helping people every day!

Smile! Go forth and seek help. It's nothing to be ashamed of!

Contact bank become agressive work with them, if not request for short sale packet better than a foreclosure on your record. Also confer with attorney if concerned with wages. No matter what your credit will be damaged

Miranda,

I'm sorry to hear about your situation.

Your credit will be ruined and they will remove you from your home. Call your bank and see if you can work something out, you could do a short sale or possibly they will rework your loan payments. I don't work in Illinois but with a foreclosure you usually lose the house, nothing more.

Michael Doyle Realtor

First of all, have you expressed this to your lender? If not, that is absolutely the first thing you should do. The longer you wait, the less options you will have. Are you already behind and if so, how far behind? If you can avoid foreclosure, you should. Your lender may be able to restructure your loan to buy you a little time.