I was hoping that someone could guide me in the right direction regarding the possible foreclosure of my home. Actually, I own two pieces of farm land around the location of my home, I am interested in selling both pieces of propriety in hopes of avoiding foreclosure, and I need to know what steps I can take in selling this land A.S.A.P.
Any help would be greatly appreciated.
it is a 20 year mortgage in its 3rd year it would help enough to stay afloat. it is not my residence and is sitting empty.
It depends on how late the mortgage went. Many lenders look at a 90 or 120 day late as a foreclosure and treat it the same whether you sold the house or not. On the other hand if you avoid foreclosure you are going to be better off, the bank can come back on you after they sell the home and get a deficienccy judgement against you for the difference between the selling price and what you owe on it with the cost of the sale as well. You may have to wait a year or two if you are looking for zero down. If you have money to put down you may be able to do it right away but the rrates are going to be less then favorable.