Has anyone been through a foreclosure ?
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Answer:
I would first talk to the bank that holds your mortgage about doing a deed-in-lieu, which could at least save you from a foreclosure. That just means that you hand over title instead of going through the pain of foreclosure.
You could also try to do a short sale - selling it quickly and cheaply to whoever will take it. Sometimes the banks will help with this.
If you want to keep it, you could try to set up a payment plan with them. Some banks will do this because they don't want a real estate owned property on their books - it makes them look bad and they don't get as much money when they sell it.
Do not use a "foreclosure specialist", they will only take your house and leave you in a worse situation than you are already in.
Good luck!
If you have children, go to social services tomorrow, you can get emergency help for 3-6 months! If this is not an option, go see an attorney! If you are not working, I realize you can afford this & they are foreclosing because you haven't paid them & are probably at least 90-180 days days in default. But for probably less than $150 you can an attonery to file an "answer" to their foreclosure motion. Go to a goood real estate agent & put the house on the market. Call the bank & ask if you can get " a couple of months to try to sell it". There are 2 reasons to do this.
#1 If they foreclose, sell it at auction, & don't get what is still owed, they will sue you for the deficiency balance and they will get a judgemant, so you will still owe them the rest. You will better off to sell the place for the payoff yourself!
#2 If they are not willing to "work with you". Then they probably feel they can more from the auction than you owe, this for them is pure profit! Every state I know off allows them to keep anything above the payoff for their trouble. If this is the case your could actually put cash in our pocket if you sell "outside foreclosure". But contact an attorney for your states specific laws. It will be well worth it!!
That means they've forwarded your case to the attorney and you should attempt to negotiate with their foreclosure attorney, hopefully, with your attorney. If you have none, then I'm afraid there's not much you can do.
They don't do foreclosure proceedings until 90-120 days late, so in this case, you've had an ample amount of time to settle it or arrange different billing options. At this point, it is very hard to keep your place.
If you want to know what happens in a foreclosure and other things, see the book below.
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