So, after trying to sell our place for 10 months and having two buyers waiting in the wings for three months, it looks like we're not going to make it into escrow before foreclosure.
We got our foreclosure notice back in June. We have been trying to do a short sale since March (?) and in June we got two buyers! Unfortunately, entering escrow requires the mortgage holder to approve the buyer, so they have sent out three appraisers, but so far we're still waiting on the paperwork.
As most normal escrows take 30 days, short sale escrows tend to take 45 days or more. As the foreclosure auction will occur before the sale completes, we are not going to get done.
Oh, we're still waiting on the third appraiser's final report, and that was almost a month ago. *sigh* It is almost like the bank wants to foreclose instead of selling the property.
Cathy talked to several financial counseling places. The first one, a non-Christian one, suggested that we go into bankruptcy. I called a Christian one that told me to stop paying all my bills and call back in four weeks. Cathy called a couple more Christian ones and they both suggested that they couldn't help us and that we seriously consider bankruptcy. *sigh*
I spoke with a real estate attorney and he says our second mortgage holder gets very little from a short sale, so they would likely block the sale. I didn't know they could do that, but CitiMortgage did call me up and, when I told them about the short sale, said they would block it as a matter of course. The attorney said that the second mortgage holder would get a judgment against us for the full amount and we'd be in debt for a long time to come. He also suggested bankruptcy.
So, despite our efforts, we're going into foreclosure. There's still a change our primary mortgage holder will put it off and try to work with us but, since we're still not in escrow, I doubt it.
It is a rather unfortunate set of circumstances. I'm not sure where Rhonda (my M.I.L.) will live, but we'll be moving into the R.V., and it looks like that will be October.