Your situation is not unique. You home is what is sometimes called a "zombie foreclosure." It still lives but under the threat of seemingly imminent foreclosure. As long as someone is in the house, often the bank will prefer to let the property sit hoping that home values will rise and then they can foreclose later and get more money then while focusing now on properties that have been abandoned or are otherwise in poor condition. Instead of waiting on the bank to foreclose, depending on your situation, you may be a candidate for a short sale where the deficiency you owe can be waived, and you might even qualify for federal funds for moving expenses.
Answered on May 27th, 2013 at 8:33 PM