I have not been paying my mortgage for some time now but later after some thoughts I decided to call the mortgage companies to allow me to Sign over the ownership(Deed-in-Lieu) since I have got two mortgages. My first mortgage suggested that I email the offer to the second mortgage to see if they will settle for a specific amount. I did like i was told. I was also told to move out of the property which i did. A few days later, I traveled to my country and on getting back after two months, the first mortgage now took over the property by putting their lock box and winterized the entire property.
Now, i am receiving letters from the mortgage company saying the property is under accelerated Foreclosure. Please, advise me, what do I do? I am currently pregnant and homeless!!!
Divorce / Separation Lawyer
So far you have failed to do the one thing that everyone in financial distress should do. Lenders lie and engage in anti-consumer practices every day. Much of their conduct is frankly despicable, and sometimes it is even illegal. Because of that, you should have seen a lawyer long ago. You may or may not have remedies to protect or save the home, and you also need to look at what to do to protect you from an enormous suit (and future garnishment) by teh 2nd mortgage lender (and maybe also the first). This means see a lawyer immediately (as in today).
If your foreclosure is set for February, you are nearly out of time. At this late stage, likely your immediate remedy may be Chapter 13 (or 7) bankruptcy. Feel free to contact me at 404-768-3509 if you wish to look at options, but don't wait another day.
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As was mentioned in the earlier answer - you need to talk to a good bankruptcy attorney now.
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While some of the things you posted are curious, a couple things stand out. One, you have not been paying your mortgage for some time. That means you are in default and the lenders will foreclose. Second, you mention a letter about foreclosure (which should be no surprise), but don't tell us who it is from, exactly what is says (there is no "accelerated foreclosure"), and if a foreclosure date has been set (such as the first Tuesday of February) or if it has already taken place. If there is no foreclosure, there is no illegal foreclosure. Details and facts matter. As far as the second lender taking over the property, perhaps they thought you abandoned. Did you ask them?