Can you get a foreclosure on your house w/out filing bankruptcy?
Question:
Answer:
Yes, but you will still end up owing the bank money, and they can get a judgment against you for the amount of the loan minus what they make at the foreclosure sale, so it's probably not something you'd want to "get". It will also show up on your credit, and looks bad against you. A "short sale" might be one other option to consider, if you're that desperate to get out of the house.
absolutely---the sure way to go into foreclosure without a bankruptcy is just to lock the door and walk away. this is done every day.
after a certain amount of time (depending on your lender and your state) you will be in default and then the property will go to a trustee sale.
here is a website that outlines foreclosure laws and timelines by state...hope this helps you.
http://www.foreclosures.com/pages/state_...
yeah - if you don't pay your mortgage...
Yes, if you don't pay your mortgage.
Yes. Whoever holds the mortgage on your house can foreclose if you get behind on payments.
The foreclosure process is begun by the bank or lender. Its basis is that you are not paying your mortgage, bankrupt or not.
The rules of the game require that the lender let you know of a program that will help council you before the foreclosure process. The Fed requires that the customer be told about the availability of home ownership counseling offered by the creditor and also advise the customer about home ownership counseling information available through HUD. The toll-free telephone number (1-800-569-4287) provides information about home ownership counseling
You should also talk to your lender about a short sale.
I found http://how-to-buy-foreclosure.com... and they had some great information. I actually bought the ebook package, learned a lot and am working on my first deal highly recommended by me. Anyone else check out this site? I enjoy ebooks cuz I can read them on my computer and everyone I get gives me a little nugget of information that is going to help me succeed. . This sites info really gave me everything I need to know... I think I can finally stop wasting my hard earned cake on seminars, books, ebooks, audio tapes on how to do foreclosure and pre-foreclosures. But check it out for yourself, hopefully it helps you like it did me.
Peace be with you
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