Advice About Forclosure

Have you considered renting the home out until the economy recovers sufficiently and you have paid down your mortgage enough to sell? It can be a hassle, but there are management companies out there that can help. We kept ahold of a home in NC when we moved out of state just because and centrury 21 managed it for us when repairs came up and such. We ended up making twice as much in equity when we sold it as we would have if we had sold when we moved. The rent we charged covered the mortgage payments on the home and the management fee. Foreclosure will ruin your credit and make it very difficult to buy another home in the future. Avoid it if at all possible. It's a hard situation to be in. Best of luck, I hope it all works out for you.

Hi A.,

You may consider renting or leasing. We have two houses that we could not sell when we moved out of there (Indy and Ohio) because my husband's job. It is not easy, but is a good option and you can pay the mortgages without pain.
How do we take care of them? The people, realtors, who were trying to sell our houses are doing that job for us, not all of it, but at least they tell us when there are some problems to fix or maintenance in general. We pay them a management fee montly, and everyone is happy. They contact the people who will fix something or clean something, and then we pay them back. We go as often as necessary to check on everything.
We rather to have our houses rented or leased, and fixed something after people who rented is gone (if they are not going to stay for long there) than lose more money or the houses and wait until the market gets better. Any repair is better and cheaper most of the time that lose the money you may lose with foreclosure....and...we don't feel so bad losing in that way the houses.....those are OUR houses, and we like them....
Take care and think about other options you may find H...The best of lucks!!!!!
Alejandra

I am a Realtor in Topeka, Ks and there is more than one solution. Are you behind on your payments? Calling your lender directly is the first step. You may be able to get a modification on the payment to at least lower it until you get it sold. If you are behind you may be able to put it on the market as a short sale with a Realtor. This is a very lengthy process but your lender will agree to accept a lower price than what is owed. Don't try to do this by yourself. Use a Realtor! There is also "Deed in Leiu" and you would deal with your lender directly on this. Call me if you have questions: ###-###-#### B. Strong, REMAX

Hi A.,

I would also reccommending to you that you look in to Dave Ramsey's advice on this matter. You can find him on the web at www.DaveRamsey.com. It will be worth your time.

If you can avoid foreclosure, that would be the best solution. You don't want to have to pay for this mistake for the next seven years.

Call your mortgage company as well, explain your situation and see if they have any options for you (that don't cost you more money).

Good luck and I sincerely hope you check in to Dave Ramsey, it will change your life!!
K.

I went thru a divorce 7 years ago and lost my home to foreclosure. It is not an option that I would just suppgest you leave your house to be foreclosed on. It never hurts to try and sell it, you never know. Most mortgage companies offer a short sale program. They would rather sell it for less and take a loss than be stuck with a house. You should call them and talk to them, most of the companies have a mortgage counselor department to help with that stuff.

Two words: Dave Ramsey

He's a financial advisor with a radio show here in Kansas City, KCMO am710 from 11am-2pm every weekday. Check him out there and online at www.daveramsey.com

Try to avoid foreclosure at all costs!

Can your husband's company help out with costs, since you're re-locating for his work?

Can you work out a short sale, selling the house for slightly less than you owe and getting your mortgage company to write off the balance?

If you're not in the business of being landlords, I'd avoid renting it - but if that's your only option, consider paying a property management company to maintain it for you instead of trying to landlord from a distance.

Hope this all works out for you and you're able to make a clean break.

http://www.daveramsey.com/etc/realestatecenter/index.cfm?...

Do what you can to avoid the foreclosure. Call the county you live in and or go on the net and find out if there is a way to slow the process. Try to sell it first. There are other options out there do your research first.

Especially if you are not behind at this time, if you are you still have options. Foreclosure is something that I never want to go through again.

I know someone who has successfully avoided foreclosure by calling Hope Now 888-995-HOPE(http://www.hopenow.com/). Your circumstances are a little different but they may have another option to consider.

edited to add; they are a legitimate non for profit organization. Any advice they give you is free of charge.

Call your mortgage lender and ask them about their short sale details, then put your house on the market with a good realtor that knows up front that this is a short sale.

No it is NOT fun, but short sale is better than forclosure any day.

Talk to your bank about a short sale. It shouldn't hurt your credit as badly as a foreclosure. Here's the Wiki on short sale, and there's a lot of info on the net.

http://en.wikipedia.org/wiki/Short_sale_(real_estate)

Good luck!

Hi A.,
Sorry to hear that you are having to face such a tough decision, but as you say there are options. I'm a real estate investor in the Kansas City area and my advice to you would be to do everything that you can to avoid foreclosure. Just as most everyone mentioned, if you want to stay in the house you can try to work with the bank. You may be surprised that they are willing to work with you to lower the payments via a loan modification, etc., esp. since there are so many houses going into foreclosure. Another option is a short sale it's better on your credit than foreclosure but there are still credit implications as well. I can provide assistance to you in that area as well if you determine that you want to pursue that option; my company works with professional negotiators to get the short sale approved fast. In addition to that option, depending on the condition of your home, we may be able to take over your payments which would allow you to pick up and leave when you are ready. If you'd like to talk further about any of these options feel free to call me at ###-###-#### or visit my website at http://bestchoice.easyhomehelp.net

I definately agree with the ladies, please try to avoid foreclosure. My realtor has been selling many "short" sale homes. You can call your mortgage company to discuss with them or give you realitor permission to do the bargaining for you with the mortgage company. Many mortgage companys are negotiating WAY below the owed balance. Another option to get it sold fast is auctions. We bought a home at an auction and it was a quick and easy transaction. Check out
www.auctionbymayo.com and www.catesauction.com. After negotiating with the morgage company, let the auction company know there will be a reserve on the auction, most auctioneers add a "buyers premium" to the final price to pay for their services. Good luck!

Foreclosure isn't an option that you chose, which is what is sounds like you are asking in your question. Foreclosure is what happens when you get so far behind on your payments that they mortgage company seizes your property. Its similar to when a car gets repossessed. Its not a choice that you make or an option, its just an unfortunate thing that happens sometimes.

However, you do have options. You could do a short sale on the home or sell it to one of those house flippers that pay cash for your home and then flip it to make money, or even just rent it out so that you can continue to make you payment without going into foreclosure. Foreclosure will tarnish your credit rating and haunt you longer than filing a bankrupcy will.

Are you already behind on your payments?
If so you could ask them if they would consider doing a short sale, basically they would take less than what you owe.

Or ask about doing a Deed in Lieu of foreclosure. Most want to see you have attempted to sell your home first without success.

Like Suzi said renting it out. If this is something you want to do, I would see if your lender would do a loan modification to try to lower your payments.

Can you try and rent it out first? Maybe you could find someone local to go by and check on the place and make sure the tenants are taking care of the place.

Suzi

Hi A.! It looks like you have been given some good advice from the other mothers. I am also a Realtor and I would suggest the short sale too however you do have to be behind in your payments and if your mortage is with Country Wide then I would get right on it because it will take some patients. It is the better option vs forclosure and hopefully your house will sell on the short sale, as it isn't a given. You can give me a call at ###-###-#### I live in Shawnee, KS. I'm not sure where your located at maye I can help you.

Please try NACA they will help either restructure your mortgage or do a loan modification for you They have helped many people in foreclosures. It is all free, they are a national non profit HUD certified organization. I have just signed up with them to get some help on my interest only loan. The website is www.naca.com or you can call 888 302 6222. Good Luck.

Yeah..don't do it! Do anything you can to restructure your loan or do a short sale before you get to the point of simply walking away. You will regret that decision if you have not done everything you can before walking away. That should be the very last alternative if it comes down to it. Keep in mind that even in a foreclosure, you may lose your house and still owe the bank money unless you file bankruptcy, so be sure you understand the full impact of your decision before you make it. You may even want to see some legal advice on this before proceeding. Keep in mind that many attorneys will give you a limited consultation for the first visit--FREE. Take advantage of it if needed. Good luck!