2006-11-25 03:26:25 · 9 answers · asked by kmgabbard07 1 in Business & Finance ➔ Renting & Real Estate
Need more specific information. I would sell as quickly as possible and take the equity and put it into something more managable.
2006-11-25 03:29:30 · answer #1 · answered by donewiththismess 5 · 0⤊ 3⤋
Don't panic.
You have to assess your situation in terms of where you want to be with this house in six months, and what might be feasible.
If you were not behind, could you afford the payments now? If you just hit a bump like changing jobs, and the payments would be otherwise manageable, there's hope. You can get in touch with your lender's "loss mitigation" department and possibly get all the past due amounts amortized over the remainder of the loan period, and keep the house.
Or, have you lost your income completely, and know it's just a matter of time no matter what? It's possible you can offer them a "deed in lieu of foreclosure" which still hurts your credit, but probably keeps them from pursuing you for a deficiency since you save them a lot of time and money getting to the inevitable.
There are many possibilities, some better than others, and it depends on your total situation. The single worst choice is to do absolutely nothing and let someone else make all the decisions.
No matter what, you need to start with an attorney.
2006-11-25 03:34:18 · answer #2 · answered by open4one 7 · 3⤊ 0⤋
"some thing to think about for those scum bad Realtors and loan officers when you sucking every dime out of some guy"
Yeah, right Drew. It's always someone elses fault when people buy more house than they can afford because the realtors and loan officers held guns to their head and made them do it, right?
Kmga, first of all, get a grip. It's just a house.
Do you have a job? Why couldn't you make your payments? Is that situation over with or did you just plain borrow too much, buy a more expensive house than you could afford, etc? What exactly happened?
Have you spoken to the loss mitigation dept of your lender? And I mean that exact department, not just some collections person. If you haven't, do it now and leave out all the B.S. drama. No one is going to deal with a drama queen/king. Ask for what is called a workout or a loan modification if you can actually afford the house you bought going forward.
Do you have any equity in it? If you do, pull out the equity and get caught up. Can you afford the payments if you get caught up? If you can't, then don't keep the house because you will be right back in the same spot again next year.
Is it worth more than you paid for it? If it is, sell it fast and walk away with some cash. Then get a house or apartment or whatever that you can afford.
Have you checked out doing a short sale or a deed in lieu of foreclosure? Is bankruptcy an option?
Since you left out all the pertinent details on your situation in favor of drama, you can't get a detailed solution for your specific situation. You would have been much better off if you simply stated what happened and asked what your options were.
2006-11-25 12:03:07 · answer #3 · answered by BoomChikkaBoom 6 · 0⤊ 0⤋
Going into foreclosure is not as bad as it seems. The first thing you want to check out is if you have any equity in your home. If so you can sell it or possibly refinance it. Most people who go into foreclosure have no equity. So stay in the house as long as you can without paying the mortgage. The bank has to go through the foreclosure process and it will take some time to evict you. During that time you can save up some money to move. Don't get fooled by anyone offering to get you out of foreclosure for a fee. It can't be done. Good luck.
2006-11-25 03:58:10 · answer #4 · answered by G B 1 · 0⤊ 0⤋
Just look as this guy question off his profile, some thing to think about for those scum bad Realtors and loan officers when you sucking every dime out of some guy. The Blood is in your hands.
I think I am going to start a betting pool on when the first guy walk in the some loan office and shoot the clown in the face.
I bet that will take place some time in February.
You screw over some guy who end up in a divorce after several months of finical hardship, so now the guy has lost him family, his wife want money for child support plus alimony, he has no house and most likely this will affect his work, not that he want want to work since he lost every thing and they take what is left.
Once this happens and it breaks in the news I am sure other with the same idea will get the green light and it will happen again several time.
2006-11-25 04:09:36 · answer #5 · answered by Anonymous · 0⤊ 1⤋
It is a question of money not life. If you don't have the money to keep the house, call the bank (creditors) and tell them. THey will want to work something out. Then you sell the house, move into an apt. or even rent a room from someone. Money is only a way to get things. Things are not life. Life is about helping other people. Go down to a shelter and feed food to people who live on the street. Get some perspective. Ask for help
2006-11-25 03:33:07 · answer #6 · answered by t S 4 · 3⤊ 0⤋
6 years ago.... lost my home, followed by 2 jobs, and a divorce. Had to beg/borrow just to live for a while... but things turned around. Now I am happier than ever.
At the time I felt like you... but don't do it. It's hard to imagine everything can be better... but it will. Find someone you can talk to and the rest will work itself out.
2006-11-25 03:31:41 · answer #7 · answered by Norm 3 · 2⤊ 0⤋
That's idiotic. Even if you lose your home, you can start over.
2006-11-25 03:29:00 · answer #8 · answered by notyou311 7 · 0⤊ 1⤋
get help man. it's never that bad. really it isn't.
2006-11-25 03:28:49 · answer #9 · answered by SiLKy 3 · 1⤊ 0⤋