Comments on: Am I Doing The Right Thing To Avoid Foreclosure?

By: Your Property Path

Your Property Path — Sun, 15 Nov 2009 00:22:24 +0000

Yes, you have to talk to the bank. They will help you manage the situation because they do not want to inventory property.
You may also want to go to the HUD site. Here is a data base of home counselors that are part of the process before a home forecloses. They are there to help.http://www.hud.gov/foreclosure/index.cfm
You may also want to go to http://yourpropertypath.com/artman2/publ…
and call Fannie Mae at 916.408.0494 for some info on foreclosure

By: haroon a

haroon a — Sat, 14 Nov 2009 18:03:08 +0000

Talk to a realtor who is a short sale specialist before getting into forclosure. They can speak to the lender on your behalf, explaining your hardship ( the bank would rather take $50000 off the price of your loan in a short sale than deal with the foreclosure). Also if you can find some one to piggyback your credit, you can get there credit score in about 30 days.

By: Suz123

Suz123 — Sat, 14 Nov 2009 15:18:58 +0000

The bank can give you an extension. Speak with your loan officer. He will be happy to work with you.

By: satarnag

satarnag — Sat, 14 Nov 2009 14:48:16 +0000

Hi,
I help people like you on a daily basis. The number one thing you should do is contact your lender and tell them that the terms of your loan have just adjusted and you no longer can afford the new payments and you have depleted all of your savings and have no personal assets to sell. See if they can redraft the note or refi you to get to a lower affordable payment.
If they say no or if what they offer you doesn’t fit within your budget, you should look into doing a short sale. It will hurt your credit, but it’s better than a foreclosure or a bankruptcy (This is my opinion and you should check with a bankruptcy lawyer and your accountant for proper advice regarding your particular situation).
Even if they accept partial payments, the loan will need to be paid off before you can sell. With the shor sale, the lender will accept less than what is owed in order for you to sell the place and for them to avoid the costs of foreclosing on you.
Regards
EDIT:
You cannot get evicted if you do not pay your mortgage company. You only get evicted once you have been foreclosed on and the property gets transferred out of your control. And trust me, whatever the reason was why you couldn’t pay your loan/mortgage, they (the foreclosing lender or new owner) won’t care and will still evict you.

By: ♥ †@ÿŁƏƏ♥

♥ †@ÿŁƏƏ♥ — Sat, 14 Nov 2009 10:36:05 +0000

I think you are doing the right thing. Try to avoid foreclosure at all costs. Good Luck!

By: Blue October

Blue October — Sat, 14 Nov 2009 04:18:29 +0000

you are headed in the right direction—here is a website that details the foreclosure laws and timelines for themhttp://www.foreclosures.com/pages/state_…
just click on your state and read….
good luck

By: Josephine C

Josephine C — Sat, 14 Nov 2009 00:50:46 +0000

I agree with Haroon a up above. I also feel you made a bad deal from the beginning.. I’m sorry for your troubles. Hope it works out. LOL

By: Mary G

Mary G — Fri, 13 Nov 2009 20:55:33 +0000

Talk to the bank, they don’t want your condo. They should try to work with you until you get your condo sold.

By: Cookie Girl

Cookie Girl — Fri, 13 Nov 2009 15:39:45 +0000

I would have a talk with the bank, because they don’t want to foreclose on you. That means that they have to sell your condo and try to recoup their loss. You’re going on the right track. However this is a buyers market, meaning that your going to have to give an incentive to buy your condo and it may not be in your best interest. Tell the mortgage company that you do not have the money to pay the next month’s payment and tell them that you are trying to sell the condo so that they won’t evict you. I’m sure they will try to help you as much as possible. I would really try to get the advice of an Attorney, they may be able to give you the best information on how to expedite the process.