Legal Question in Real Estate Law in Delaware

Home foreclosure

I am sure I am in a postion much like many others around the country. I own a home in Selbyville, DE with my boyfriend. We bought this home a little over 2 years ago. At the 2 year mark our rate adjusted and so therefore so did our payment, drastically. We were unaware that we had gotten involved in an ARM. I had a client who owned a mortgage company and who said that she could look into refinance for us. After many months of tweaking on her end and providing much information on our end, it was basically determined that with my debt to income ratio and my boyfriends new employment, we would not be approved for this refinance. Our interest rate, however, had adjusted to 11% making for a monthly payment which just wasn't feasible for us. Foreclosure seemed like the only way. Debbi, my client/mortgage broker told me of the horrible future we would be setting ourselves up for for atleast the next 10 years. At that point my parents got involved, my mom has now applied as my cosigner as well as assisted us in making the last 2 months of the excruciatingly high mortgage payment. We have now a closing date to refinance. But now I am wondering if foreclosure would have been the right way to go with so many others in this same

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