Anatomy Of A Foreclosure

My wife drafted this, I reviewed it, and she sent it out.

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Hey All,

I wanted to contact you all by phone, but it is much easier by email. Please forgive me as I know this can be very impersonal. -=C=- and I have the unfortunate news to tell you that we have a 95% chance that we are losing our home of 11 years. I know that this will come as a surprise to all, but unfortunately it is true.

A few years back we took a loan to do home improvements and to invest in -=C=-s business. At the time the loan did not put us at 100% equity out. As we are all aware of the economic down turn and property values drop we are now at about 150% loan to value. While taking the chance to strengthen -=C=-’s business was needed, unfortunately we were not able to sustain the high mortgage payment.

Also, it is my job to maintain the paying of the bills and all of the stuff that goes with the running of our home. Unfortunately, with Dad’s illness and eventual passing, I allowed us to fall behind in a lot of our financial dealings.

All of this to say, as of Friday we received notice that our home is to be foreclosed and sold at public auction on July 23^rd. As of today, Litton is finally talking with us to say that they are (for the 5th time) putting us in for a loan modification and that we are to wait until one week before the 23^rd to see if we have been given or to ask for a 90 day stay. More confusion from the Mortgage company.....for months they wouldn’t return calls or answer emails. So we are not hopeful.

I write this note not to explain away our fault in this situation, but since you are very important people in our lives, we are asking for your prayers for guidance. We are aware that this situation is ultimately our fault, only God can direct us in our next step. We are going to continue with our plan, which is to start packing and sorting our stuff and to look for another place to live. We are sadden, but also resolved and know that unless they cut our payment in ½ we are ready to move forward, stress free from our current predicament.

Thank you all for your prayers and we will keep you informed,

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