I am not in foreclosure yet, but I recently lost my position and we have very little savings so I don't know that I will be able to save my house. We just got into our home in July and then my company lost a major account and I was out of work. I am doing sales now, but that is commission based and slow to pay. I have no equity in my home per se, and i live in California. I guess I'm wondering with the market the way it is, it might be better to walk away and try again in a few years.
2006-10-15 04:02:53 · 4 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Sell ...it's the only chance you have....otherwise your credit would be destroyed for a long time....you wouldn't be able to even rent in a good place.....you would end up in a crimeridden roach infested motel somewhere.
Good luck.
2006-10-15 04:11:47 · answer #1 · answered by Anonymous · 0⤊ 0⤋
How bad is it? Very
How can you avoid it? Sell the house or pay the mortgage.
Get an evening/weekend job to bring in extra money and keep looking for a better job. Make sure you cut all non-necessary things out of your expenses. This basically means anything other than water, electric and basic food. Everything else should go.
2006-10-15 04:27:59 · answer #2 · answered by personal_finance_101 3 · 0⤊ 0⤋
CALL YOUR LENDER....THEY DONT WANT YOUR HOUSE BACK...IF YOU ARE WITH B OF A YOU ARE IN LUCK...THEY WILL DO ANYTHING THEY CAN TO AVOID TAKING YOUR HOME BACK...IF IT IS ANOTHER COMPANY THEY MAY DO THE SAME THING......IF ALL ELSE FAILS AND YOU SEE NO WAY OUT YOU CAN FILE A REORGANIZATION THRU BANKRUPTCY...THIS WILL ALLOW YOU UP TO 5 YEARS TO CATCH UP, BUT YOU MUST PAY YOUR CURRENT MONTHLY PAYMENT PLUS A SMALL PORTION ON THE BACK AMOUNT.......AS A LAST DITCH EFFORT AND YOU WOULD RATHER GIVE IT BACK....TRY SELLING IT FOR THE BALANCE ON THE LOAN....LIST IT ON CRAIGSLIST ....ITS FREE OR IF YOU WANT JUST A LITTLE ABOVE, TAKE THE EXTRA AS A SECOND WITH A DUE DATE OF TWO, FIVE YEARS OR WHATEVER TERM YOU AGREE ON...HAVE THE BUYER PAY ALL CLOSING COSTS....YOU MOVE OUT, YOUR CREDIT IS SAVED.....THE SECOND ON THE HOME MUST BE SATISFIED BEFORE IT CAN BE RESOLD...SO EVEN IF THE PERSON WHO PURCHASES THE HOME FROM YOU DEFAULTS, THE MORTGAGE COMPANY MUST PAY YOU OFF BEFORE THEY CAN RESELL THE HOUSE....IT IS A WIN, WIN FOR YOU.
2006-10-15 04:34:22 · answer #3 · answered by madcutter213 1 · 0⤊ 0⤋
Dude.
You are in CALI, so you KNOW you have an oppressive mortgage given that you don't have any equity.
I have three recommendations.
1) Sell
2) Sell
3) Sell.
It is no used rearranging the chairs of the deck of the Titatanic when you know full well it is in the process of sinking.
And don't ever forget that real estate in the South is HELLA CHEAP when compared to CALI. You don't have to defer the dream if you are willing to leave a housing bubble environment.
2006-10-15 16:37:26 · answer #4 · answered by DaMan 5 · 0⤊ 0⤋