Foreclosure on house?
Question:
Answer:
You can't sell your house ASAP to at least cover the loan?
A foreclosure is a losing deal for all those involved. The house will be sold at auction by the bank to cover the loan. If it is not enough to cover your loan, the bank will still be coming after you for the remainder. Surely you have seen ads or heard people talk about buying up foreclosures. They are bought at a huge discount, normally, which is not good news for you. All the bank wants to do is get rid of the asset to cover their liability.
I would encourage you to do whatever possible to get rid of your house before they foreclose. This might help you with understanding short sale.
http://www.mortgagenewsdaily.com/752005_...
Whatever the reason may be, try to work with your bank as much as possible. Don't ignore them. They don't want to pay the legal fees to foreclose, and you don't want that on your credit.
Good luck
I'm guessing that they will sell your home and if they can't sell it for what you still owed on it, they'll come after you for it.
The bank can report your missed payments to the IRS as income that you received, and you may not know it. The next time tax season comes around, the IRS might be expecting you to pay more than you think.
I suggest short-selling. The bank doesn't want to go through a foreclosure any more than you do, so a short-sell will allow the bank to lose the least amount of money.
It will ruin your credit.
will sell the house.
you will be out of the house and with a credit down on the floor untrusted if you decide to buy another house.
The above answer is the best choice. Sell it quickly even if you have to sell it for what's owed on the mortgage. Your lender may be willing to work with you, so be sure to read the entire link below to understand how to go about it. I will post a link below for you to read about how to proceed concerning short selling. Do whatever you can to save the home from foreclosure. Good luck, sorry you're having this problem. Take care, be well.
http://www.ehow.com/how_8132_short-sale.
They will take over ownership, and probably evict you.
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