I have had my house on the market, priced low, and no bites yet. I had a job change and unexpected expenses that have gotten me behind to a point that I can't catch up. I dont mind losing the house, in fact I know that is what is going to happen. I have somewhere to go, but my question is what is the best way to get out? I realize I have damaged my credit and all that, but how can I minimize the damage during a foreclosure?
2007-01-16 03:13:09 · 8 answers · asked by Don W 1 in Business & Finance ➔ Renting & Real Estate
Go with the Deed in lieu of Foreclosure. If you've already begun to fall behind, and have no chance to get caught up, the bank would probably prefer to take the property now, instead of waiting another 6-9 months while incurring further interest and legal fees.
In most cases, if they do this, you'll be clear of any future obligation on this property.
2007-01-16 05:23:26 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Contact your mortgage holder and ask for options. You can abandon your home but most state laws will make you pay te costs of selling via foreclosure. Your lender may offer the option of Deed in Lieu, which means they will not penalize you for leaving the home in most cases. You really have to read the fine print in your mortgage and talk with your lender. Events do unfold at times that make homeownership no longer possible. Selling it is the best way out though.
2007-01-16 03:21:01 · answer #2 · answered by Edward H 1 · 0⤊ 0⤋
Ask your lender if they would take the deed in lieu of forclosure if you have any equity and have the house in decent shape they may surprise you and you can avoid a full blowout forclosure.
Ask them credit wise it's probably better than a regular forclosure. Best of luck.
PS: Go in to speak wih the mortgage manager in the bank.
You may be surprised.
2007-01-16 03:48:14 · answer #3 · answered by Yahoouser 7 · 0⤊ 0⤋
Call the mortgage company. Tell them. You will still have to go through the process and a foreclosure will still look bad on your credit but.........it will be much easier emotionally for you. There are legal steps that they will still have to take but.........
2007-01-16 03:21:58 · answer #4 · answered by Shawn 4 · 0⤊ 0⤋
Contact broker and see if they have any investors willing to buy the house. Hopefully you have some equity in the house and your willing to take a small hit. It prevents forcloser and your credit doesn't drop drastically. Mortgage Consultant.
2007-01-16 03:37:54 · answer #5 · answered by Jeff 1 · 0⤊ 0⤋
Offer to hand the keys over to the mortgage company. Explain your predicament. This minimizes their costs in chasing you and going through court and conscequently your costs. If you hand over the house in reasonable condition you you will get more when they sell it off.
2007-01-16 03:19:13 · answer #6 · answered by Biz Guru 5 · 0⤊ 0⤋
I'm a Real Estate agent and also an Investor. Please email me at universaljamalbert@yahoo.com
please include how much you bought it for how long ago and whats it appraising at? What State and County. Our Company was able to buy and save a foreclosed property a few weeks ago and I hope we can do the same. Thank You. -Albert
2007-01-16 07:01:26 · answer #7 · answered by The O.C Real Estate Agent 2 · 0⤊ 1⤋
I wish you found scope for a second mortgage.
2007-01-16 03:25:01 · answer #8 · answered by seshu 4 · 0⤊ 0⤋