What Should I Do About My House?(avoiding Foreclosure)?
February 1st, 2010 - ByPosted in Avoid Foreclosure
My wife lost her job 1yr ago and they were starting foreclosure process on our house. She Got another job shortly after. Everything was fine until 3 weeks ago. She got real sick and she was out and then they fired her 4 days ago. They did not pay her anything. Mortgage payment was due today. We don’t live there anymore and are staying with friends in another state. Is their anyway we can avoid foreclosure at all? Or will foreclosure be a good thing? I have no idea what to do. Until she gets better and finds a job, my teacher salary cant cover the payment. We have 3 kids and have had our house on the market for for 1 and 1/2 years….in Atlanta area. My credit is already shot…how will this affect it?
3 Responses to “What Should I Do About My House?(avoiding Foreclosure)?”
February 1st, 2010 at 8:16 pm
You should go to your lender and tell them about your circumstances, the sooner the better. They may have solution for you or can help out, until your wife gets better and finds another job. There are many options you should explore before accepting foreclosure. Talk to your lender about a loan modification, or a repayment plan. Do you have any equity in the house, if so possibly you can use that as home equity loan.
Also you may want to talk to your lender about doing a short sale on the home, where they will take less then you owe on it and agree to stop the foreclosure proceedings.
Even a deed in lieu of foreclosure is something you should look into before just giving up. Talk to people in foreclosure field and see what they have to say. Even though your credit is shot, you can build it back up over a couple years of managing you money and paying bills on time. If you have foreclosure on your record it can be 7 years before you will be approved for another home loan.
February 2nd, 2010 at 1:10 am
Your credit is already shot so let the house go. 18 months for sale and no buyers so you really have no alternative. You will have less pressure without trying to carry that mortgage.
February 2nd, 2010 at 1:32 am
Sell your house. Then it can’t be foreclosed.
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