Foreclosure, bankruptcy?
Question:
looks like one house i own is to be on a foreclosure. should i let it be? what's the consequence other than credit...? what type of bills am i looking at?
should i bankrupt? how do i do all these? this is a mess.
For heaven's sake, don't just sit back and watch things happen.
Talk to your lender, and see what you can work out in terms of restructuring your loan. He doesn't want to foreclose, and you don't want a foreclosure on your credit record.
If nothing else, you can save your lender the costs and aggravation involved with a foreclosure. The lender doesn't want to hire someone to mow the law regularly, and doesn't want to pay a lawyer for all sorts of stuff.
If the lender foreclosed, he'd turn around and sell the place, right? Go to the lender and point out that a house in foreclosure sells at a significant discount. You can sell the house for more than he can - so get his agreement on how to sell the house.
You may end up with a deficiency, because the house sells for less than you owe. That happens sometimes. If you maximize the amount of money the lender gets from the sale of the house, the lender may be willing to write off part or all of the deficiency - which would be a super-plus for you. But simply avoiding the foreclosure on your credit record is a win for you.
There is a lot more information needed to determine what avenues you should take.
How far are you past due? Do you have the income to make the minimum payments, along with taxes and insurance?
What are your other financial obligations?
Have you been in contact with the lender?
Most lenders do not want to own a property. With all of the news talking about housing lately, they will try and do almost anything to keep you in your home.
I suggest that you put together a budget and then contact your lender with a program to retain the home. In many cases, owning a home is cheaper than renting
Is this your only problem or do you huge credit card and or medical bills hanging over you. If this is all, you may be able to sell the house in a hurry at a reduced price. If you owe more than it is worth, you could sell it at a short sale which is better than a foreclosure. If you want to talk bankruptcy, get a consultation with a local attorney. It is not a do it yourself project. Talk to a local real estate broker about the problems with your home loan. Don't stick your head in the sand.
Try to work it out. Credit is NOT the only issue here. IF your house goes on the block, as in forecloser. The means it goes out to auction. So if the house sells for only $10,000 and you owe $100,000, guess what. You NOW OWE the bank $90,000.
I know these fiugures are EXTREME, but I am doing it this way to show you you will still LOSE. So try to work it out, before the auction.
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