2007-06-12 07:41:35 · 5 answers · asked by cel 1 in Business & Finance ➔ Renting & Real Estate
Contact your lender and try to set up a payment plan for getting caught up.....
You may or may not have to speak to the financial institution's "loss mitigation" department. I hope you can get caught up, and I do know that banks seriously want to avoid foreclosures in this market. Hopefully, they'll work with you, and it will end up a "win win" situation.
2007-06-12 07:49:11 · answer #1 · answered by R.E. Advice 3 · 0⤊ 0⤋
If you continue to default on payments much longer, you will be involved in a foreclosure action by your lender. This does NOT get you off the hook for the amount of money have you borrowed against this house. The lender will foreclose to regain ownership, sell the house for as much as the lender can get, and then probably take a judgment against you for the difference, plus for any costs the lender incurred in processing and completing the foreclosure action.
2007-06-12 14:45:32 · answer #2 · answered by acermill 7 · 1⤊ 0⤋
call your lender. Tell them you want a forebearance agreement. This will buy you time, without them filing default. Put it on the market and get that thing sold. you DONT want a forclosure or even default on your credit.
2007-06-12 14:57:03 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You've inadvertently joined the U.S. housing bubble collapse. Try your best to sell even if you have to take a loss.....Good Luck!
2007-06-12 14:51:49 · answer #4 · answered by beesting 6 · 0⤊ 0⤋
you should immediately put the house on the market for sale, if they take your house they may sell it for less than what you owe and than you will be relliable for the rest.
2007-06-12 14:45:46 · answer #5 · answered by nightsong 2 · 1⤊ 0⤋