Foreclosure party?
Question:
What should I do to the house before getting forclosed? Any tip for a foreclosure party?
Stay in the house for as long as you can, go bankrupt (that is a must), always answer the lender calls, and if you have assets or another property, protect your self because after is all gone, lender can go after your assets or tax you for the loss they had.
You shouldn't "do" anything to the house. Just move your stuff out when the time comes.
And a foreclosure party would be in extremely poor taste.
Don't be an idiot and damage the property.
Taking on a home purchase is a huge responsibilty and it does have some risk. Thats the nature of the beast. The fact that your home didn't appreciate in value shouldn't have anythng to do with your inability to make the payments. Were you able to make the payments initially? Did you get into a negative Amortization loan with a "Low 1% payment?" That isn't your realtors fault. Neither is the state of the economy. Its also not the realtors fault that you took out a loan that you can't afford. Stop blaming others.
I don't know the ins and outs but I think that you could face charges if you damage the house intentionally prior to a foreclosure.but I'm not sure of that.
break the windows & punch holes on walls. also spray paint the outside walls & your soon to be ex-neighbors' as well.
Ask your Realtor what his/her crystal ball shows now?
Then once you've heard another line of BS, throw a foreclosure party for investors. Hit every real estate investment site you can find in your area and invite them all (RSVP of course). Hand each attendee some paper and ask them to take 5 minutes to look at the house and then make a bid on the home.just try to get something in writing even though it's not binding, and then contact your lender. This should indicate to the lender that you're working to find a buyer and this in turn buys you a lot more time. Most lenders would rather have an owner living in a house and not paying the mortgage than have it unoccupied and not being paid still have to worry about maintenance issues, upkeep, vandalism, etc. In Texas, most folks can live another 5-8 months with no payments being made before the lender moves toward foreclosure.you just need to contact them and let them know you're working on a solution....even if you're not you party fool.
Did you try to do a short sale before it goes into foreclosure? Just try to get the money to pay of the loan.
If you damage the property you won't have that much leverage to negotiate with your lender. If the sale of the property doesn't bring in enough money to cover the loan, the lender can pursue you for a deficieny judgment. You can negotiate this part, as it is expensive to pursue a deficiency judgment. If the property is damaged, then the lender will have to pay for the cost of repairs. Therefore, don't ruin the property.
Hope this helps...
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