Foreclosure?
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Wow, you collected some spam from this one!
Don't give them any data, you want to solve with with people in person.
It takes about 4 months for everything to be said and done. You not only loose all equity, you will never get another loan.
One of the above posters recommended talking to a BROKER. This is a great idea, although I would stick with them, not an agent. Agents don't really have much pull and knowledge levels vary greatly.
Have that broker talk to the bank, you have to sign a release form. They can and will agree to a short sale if the broker is any good. Selling your house short will help you get out of it fast. It is not legal to sell short w/o the bank agreeing to it, so you need someone who will help you work it out with them.
They will likely also agree to interest only while you are for sale. They really don't want to foreclose either, but need assurance that you are going to resolve the situation.
This will protect your credit and assure that you can try again in the future.
Depending on the bank your currently with, they may be able to assist you! Try this URL out(http://finance.yahoo.com/print/expert/ar... It is very helpful for your siruation. Have you tried to refinance and find a program which will help you thru these hard times? I am a Loan Officer that helps people in your situation. Shoot me an email(coachtonyramirez@yahoo.c... and maybe I could find you a program that would fit your needs.
Dan you should contact the mortgage company and see if they can refinance your loan to something you can afford, and I don't mean an "interest only" loan. Then call 3 local Relators, who have a GRI or CRS designation, that tells you they have been in business a long time and have expertise. Get your home listed for sale, if the mortgage company won't work with you. You could also call any Real Estate office and ask for the Broker, they can tell which agent has experience with quick sales and/or foreclosure. I'm hoping one of the two will help get you out of this fix and help you avoid losing your home and your credit history. Good Luck
Contact your bank and workout a solution. If you are having a tough financial period, lets say you lost your job, they may agree to let you pay interest only, adding the difference in what you are not paying to your principal. If you have considerable equity, you can refinance your home to lower the monthly rate. In either case, it is best for you to contact your mortgage lender. They want you to pay your mortgage and considering all the sub-prime problems the industry is experiencing, they should be eager to help.
How long will vary by state. In some the foreclosure process is as short as 21 days from the Notice Of Default to when the auction takes place. Most states it will take longer. Some states you have the right to redeem the property after the sale at auction. Bottom line is you need to check the state regulations based on where the property is located.
If you have considerable equity but you can not sell the property there is a problem. In many cases the equity is not really there. Drop the price until it sells. That is the market price. If there is a specific reason why you can not sell but the value is correct then you need to explain more before you can get specific ideas.
Yes, a bank will work with someone if they are at least 3 months over due on payments.
They will usually allow you to pay interest only payments for a couple years to help you get back on your feet.
The will tack the payment you have missed to the back end of the loan and probably only make you pay one payment up front to get the new agreement.
I have been there and done that...
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