Home Ownership in California>Question Details

judesccbiz, Home Buyer in Austin, TX

Hello, Looks like I'm going to lose my home to foreclosure because of a short-term problem that could be fixed in a few months!

Asked by judesccbiz, Austin, TX Fri May 3, 2013

We bought from an owner who carried paper on his free and clear home. We pay interest only for 5 years at a nice interest rate, then refi and away we go. Long story short, IRS problems caused us to have to hire a lawyer at $15,000 upfront, along with IRS garnishing wages and a 4 month (filing review period) to determine what happened. We asked the owner to allow us to take 4 months payments and write up a promissory note or wrap those payments into our existing loan and we will resume payments in 4 months. He said, pay up now or he will start foreclosure immediately. We have no other debt, no cars we can sell, no family to borrow from, and no ability to get a loan while going thru this IRS review. I've been heartsick to think of losing my home because of a mistake to begin with and it seems I have no means of correcting it until it's too late. Ideas? outside the box? anything? thank you...

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