Can anyone hlep me with foreclosure information?
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Answer:
Good luck; it's tough to be in that situation. As previous answerer suggested, have you spoken to your bank? Ask for loss mitigation department...or their attorney. They might want to work something out with you. However, I don't agree that it costs the bank "$60k" to foreclose on a house.much less for the legal costs and real estate doesn't depreciate that much in a forced sale. But odds are that if it's gotten to foreclosure, you have already gone past trying to work it out.
You can file bankruptcy if you think you have the income to meet monthly obligations on the mortgage in the future. That will allow you to work out payment of the past due balance.
And yes, if the property doesn't bring enough at sale to cover the mortgage and legal costs of the foreclosure, technically the bank can come after you for the deficiency. They don't always do that however because of restrictive rules on sale of the property and they know if you had trouble paying your mortgage, how are you going to pay the deficiency? But, it definitely will go on your credit and will affect your ability to buy another house in the foreseeable future. Do your utmost to try to work the matter out with the attorney or the bank if at ALL POSSIBLE.
The bank will do so much for you to help you keep your home, it costs a bank an average about $60,000 to foreclose your home that they have to shell out. So call the bank for help "before" you start falling behind. I called my bank and they gave me 2 months deferrment on my mortgage to catch up. The rest is up to me, that is, if I want my family out in the streets.
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