Do's and don't 's about foreclosures ?
Question:
"Dont" get forecloed on and "do" seek help before going to default
just what just mee said.
SELL, either to an investor or with a realtor....but sell. Between now and then, call the bank and get a forebearance which will place the next few month's mortgage payments at the back of your mortgage and bring you current.
An investor will take care of all arrears and work to sell the home quickly so they can benefit from the profits...
with a realtor, if you decide, copy the sale contract and fax or mail with a letter stating your intent to sell....banks don't want to own real estate and if you are selling, you are doing them a favor....foreclosure can be costly, many legal fees!
a foreclosure will drop you credit score big time.
Do sell your home if its in foreclosure but pray to god the lender will do a short sale. If the bank takes your property and sell a house for less then what is owed, the IRS will expect you to put that money on your tax returns as a profit. Your credit score will be shot because it will say open collection at X amount of dollars.
Don't get foreclosed on and don't stop making payments so nobody has to deal with the mess.
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