2007-10-15 03:55:56 · 7 answers · asked by Ann M 1 in Business & Finance ➔ Renting & Real Estate
anything other than forclosure if you can avoid it. It will ruin your credit for a long time.
2007-10-15 04:02:42 · answer #1 · answered by redwine 6 · 0⤊ 0⤋
Everyone is going to tell you that foreclosure is awful and you should never do it. Honestly, it may be in your best interest to just let the house go. Why should you continue to struggle to make the payments every month, especially if you have no equity in the property? Realistically speaking, even if you continue to just get by and barely make the payments every month, you will probably find yourself in this boat of barely surviving for the next few years and it's likely you could be facing foreclosure again in 6 months and you'd have wasted all that money making payments to the lender for nothing. It may be wise for you to go rent an apartment with a lower monthly payment and let the bank have the house. Yes, it will hurt your credit but if you are already on your way to foreclosure and you are behind in your payments, your credit is already really low. You may even want to look at filing a bankruptcy and including the house in the bankruptcy. Again, most people will tell you that is not a good idea. At least with a bankruptcy, you would have a fresh start. With a foreclosure, you are still responsible to pay the difference between how much money the bank receives from the sale of your house and how much you actually owe.
2007-10-15 13:45:58 · answer #2 · answered by Jason S 2 · 0⤊ 0⤋
Do everything you can to keep your home. Is renting a room in your home an option? Talk with your current lender as well about your situation. They may have other borrowers like you that they are negotiating with to make sure they don't lose their home, and the lender doesn't lose the loan. No lender wants to go to foreclosure, and in this market they will probably work with you to some extent. http://www.choicerealestate.net/
2007-10-15 12:42:52 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Please contact your lender immediately and go in and meet with the appropriate person face to face.
They may be willing to help - trust me, your lender does not want your house, they want your payments.
If they can not help you with your current loan, discuss a short sale - selling your house and having the lender forgive the balance owed.
Foreclosure should be avoided at all costs. This is not the easy way out.
Call your lender and go in for a meeting. Don't be afraid. Don't be embarassed. This is business, not personal.
Good luck and best wishes.
2007-10-15 11:02:41 · answer #4 · answered by venicefloridarealtor 4 · 0⤊ 0⤋
no it is not.
maybe you can do a 80 20 split and and make the 20 an interest only loan. plus you can skip a month on the refi. and you can take over your own escrow account to pay your taxes. Most of these account hold a 1000.00 dollars in the account that you would have.
call someone.
2007-10-15 11:11:08 · answer #5 · answered by specail ed 3 · 0⤊ 1⤋
Probably not.
Talk to your mortgage company about a short sale. (a sale in which you accept more than you owe) Do that now.
Find a qualified real estate agent in your area that can handle a short sale.
You're not alone.
2007-10-15 11:00:02 · answer #6 · answered by Sharon 3 · 0⤊ 0⤋
How about renting it out to someone who CAN afford the monthly payment?
2007-10-15 13:22:01 · answer #7 · answered by Roland'sMommy 6 · 0⤊ 0⤋