Best way to foreclose on house?
My wife and I are not doing well financially and are probably going to foreclose on our house. We are behind on our monthly mortgage payments by about 2 months now. Our house has been for sale for about 2 months also. We are aware that being behind on payments as well as foreclosure itself looks very bad on your credit score, so we are considering moving to an apartment before the credit score gets too bad. My wife and I move want to move to an apartment and just let the house foreclose. I’m looking for some advice on the procedure on how to handle everything that is happening. I was told the foreclosure process takes about 4-6 months for everything so, if we move to an apartment in the mean time we would still own the house for another 3 months or so. Would we just turn off all the utilities and pretty much abandon the house until everything is taken care of? Also what is the best way to foreclose? A Deed in Lieu or just a regular foreclosure? My loan is through CITI mortgage and I read somewhere on their website saying they would accept a deed in lieu if we are behind on the payment and the house has been for sale for 3 months. What you recommend doing? Hopefully you understand all of this. Thank you very much in advance for your help on this. I greatly appreciate any advice your willing to give.
A few of you mention filing bankruptcy as a main option. To me, I believe this is a bad idea, because the only debt I have is my home. All my credit cards and other bills are completely paid for. Also to file bankruptcy requires legal fees which I dont really want to pay. Also some people mention that I should just stay in the house, but I am changing colleges in the fall and I am trying to move closer to school if I can. The difference in distance is about 20 minutes, but that can add up over the course of two years of driving. I am just trying to move on and forget about this house. Thanks again for all your help so far.
Sell House Quick
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3 Responses to “Best way to foreclose on house?”
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November 21st, 2009 at 12:09 am
The bank to restructure your loan and then can you make your home loan and then reaffirm your loan and then can you wont have any other bills then can you wont have any other bills then can you wont have any other bills then reaffirm your loan and keep it because you.
November 21st, 2009 at 4:34 pm
You need to call your Lender & ask to speak with a Supervisor. Talking to them directly & honestly can open up many doors. You have options. Also, the rate of foreclosure is so high right now, it is taking 5-6 months for banks to foreclose in many cases.
1. If you qualify, due to new government guidelines, they have to offer you a lower fixed rate or a refinance so that you can pay your mortgage
2. Ask them if a short sale is acceptable – this is when the lender agrees to take less $ than you owe them on the house, so you can lower the sales price. Your Lender spends thousands in legal fees to foreclose & will many times approve a short sale.
3. A Deed in Lieu of Foreclosure will keep a foreclosure off of your credit. You would be signing your house over to your bank (you would no longer own it) & would no longer have to make payments on your mortgage.
EDIT: IF you do decide to leave your home, you are smart to rent asap before you have a foreclosure on your credit. No one will rent to you with a bad credit history & you would have to apply for low income housing. Do not listen to others who tell you to stay in your home until they foreclose. If you must rent, you are smart to get approved before your credit plunges.
November 25th, 2009 at 2:26 am
jeder Aktenbankrott oder leben im Haus und leisten keine Zahlungen, bis Sie heraus umziehen müssen. Warum Bewegung in eine Wohnung und Lohn mieten, während Ihr Haus leeres sitzt. Das forecloser geht auf Ihre Aufzeichnung jede Weise mindestens außer etwas Geld, indem es Miete nicht für einige Monate zahlt. Ich weiß, dass es saugt, aber, wenn Zeiten stark sind, Sie nach Ihnen und Ihrer Familie heraus zuerst suchen müssen
gutes Glück mit, was auch immer Sie entscheiden