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Margaret K | Behind on mortgage payments/House for sale? |
I'm behind on mortgage payments three months. I have a payment due before Saturday of this week and if I don't pay I'm sure foreclosure proceedings will start. Saturday is the absolute deadline. Should I talk to the bank and ask their advice? I'm really scared. The house is up for sale, has been for 4 months, and I'm not living in it. What will they make me do if I can't pay? |
 |
 
wartz
|
Talk to the bank. They want to be paid and don't want another house in the real estate owned department. If you are making reasonable efforts to sell the property, it is in the banks best interest to let you. |
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goz1111
|
Talk to the bank their maybe an option available besides foreclosure, esp if you have any equity in the house, |
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meandnadine
 |
you need to be talking to them and not ignoring them.
You are right in that foreclosure may be the next thing to happen.
Have you had any offers on the house in the 4 months it's been for sale? If not, you need to lower the price.
Have you talked to the mortgage company about a short sale? This is where the mortgage company will agree to take less than you owe as payment. In other words, say you owe $200,000 but can't sell it for that. In a short sale, the mortgage company will agree to take something less than that. Talk to them about this and then get with a good real estate agent who is familiar with short sales and get the house sold.
The short sale is much better than a foreclosure. |
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Christiane
 |
I understand that you are scared but please put that fear and anxiety into immediate action. You will feel so much better once you start the process.
The New Mexico realtor has given you some great advice and websites to do your research. After you do that, talk to your lender immediately.
Another website that may be able to help you with a short sale or selling your home very quickly is HouseBuyerNetwork.com. Call them to see if they have coverage in your area. If they do, there is no charge to you the seller.
Good luck. |
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JT
 |
I would guess that foreclosure proceedings would start soon. It really depends upon the State you are in.
You should definitely talk to the bank. If you only need a little time to get back on your feet you can ask them for a Forbearance or a modification of the loan terms. If they allow a forbearance you will be able to skip a few payments until you are in a better financial position. With a modification of the loan the lender will change the terms thereby lowering your monthly payments. Both of these options require that you be able to make the payments somewhere down the road.
If you can't make any more payments then a Short Sale or Deed-in-lieu-of-foreclosure are options. With a short sale you sell your home for less than it is worth and pay the bank some amount less than you owe on the loan. The bank, of course, has to agree to this.
You'll have to show the bank that you have a financial hardship and cannot continue making the payments. You'll also have to provide them with quite a bit of other documentation but a short sale has a much less negative impact on your credit than does a foreclosure. Find an agent that is familiar with short sales and work with them. Lower your price until you get an offer.
A deed-in-lieu-of-foreclosure is when you just deed your property over to the lender without going through the complete foreclosure process. This is a negative on your credit as well but not quite as bad as an outright foreclosure.
A short sale is probably your best bet. You should contact your lender's Loss Mitigation department right away and tell them you need to do a short sale.
Keep in mind that you may owe tax on any debt forgiveness. If you owe the bank $250,000 but only sell your home for $200,000 then the bank will be "forgiving" $50,000 in debt. They will send both you and the IRS a 1099 for that amount and you will have to pay taxes on it. There are some exceptions including bankruptcy and insolvency. I think that the Senate is working on legislation that may alleviate some of the tax burden as well.
Good Luck! |
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Christopher A
 |
You don't say what state you are in, but in Florida most banks will start forclosure 30 days after missing your 2nd payment and you have every right to be very scared.
Your house will not sell quickly in a buyers market. I assume you have no equity or very little equity and you are selling for about the same amount of money that you owe the bank?
This situation is already noted on your credit report as 'foreclosure started' and will haunt you for at least 7 years. You must take action right away, you should have spoken to the bank before you were late on the first payment. They really don't want to take your house, it is a great burden to them because it affects how much money they can loan.
Talk to them right away and assure them you are talking to a buyer and you need just a few more weeks. Contact your local Realtor and ask if they know any investores looking for pre-forclosure deals. Do a search for "we buy ugly houses" and get someone over to the house right away to make you an offer.
I took a real estate course on pre-foreclosure homes and the bottom line is that you can have an investor pay off the 3 month delinquency before Saturday's deadline, and in return you will sign a quit claim deed over to him. He will then use the homes equity to fix it up and flip it or maybe rent it out.
Evertbody wins - You win, your credit is saved, the investor wins, he gets a good house to fix and sell, the bank wins, they get paid and don't own another house for the auction block.
Note: If the house appraises and sells for less money than what you owe the bank, they have the legal right to 'come after you' for the difference. Don't despair, even if you come out oweing 30 or 40 thousand dollars difference between your mortgage amount and the sales price, the bank knows you don't have that kind of money or you would have made the monthly payments. The banks don't have anything to gain and usually will leave you alone and not even send a collector after you.
Good luck, sell that house, don't let the bank steal it. |
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baby f
|
Best Answer - Chosen by Voters
http://www.realestate-investment-solutions.com is the best resource for mortgage information. With over 10,000 posts it is the most comprehensive site of its kind anywhere online. |
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I_Love_McRedneck
 |
If you can't pay, they'll foreclose. They'll sell, probably at a loss and you'll have a judgment against you for the balance. If you own another home, they'll slap a lein on it and force foreclosure of THAT in order to get their money.
They can also garnish your wages to get their money and force you to sell valuable property that might help get them their money.
You had options 4 months ago - like finding a tennant, but at this point there's not a whole lot you can do. Try talking to the bank. They might work with you if you want to find a tennant or something. |
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newmexicorealestateforms
|
Margaret, don't be scared it can happen to any one it's only business and you should be able to work something out with the lender, providing the right circumstances. Not talking to the lender will just agravate things. When you talk to the lender try to work out a forebearance agreement that in the worst situation it will lead to a deed in lieu of foreclosure. Otherwise if they foreclose your credit will reflect it for 7 to 10 years and you'll be limited in what you will be able to do financially.
Before talking to the lender here are some links you need to do some research in so you can be on the same page as them.
Top 500 cities ranking in foreclosures of homes ranked by Zip Codes with the most
http://money.cnn.com/2007/06/19/real_estate/500_top_foreclosure_zip_codes/index.htm
Fannie Mae Loss Mitigation policies on Foreclosures
https://www.efanniemae.com/is/hcounselors/lossmitigation.jsp
Site #2
http://www.fanniemae.com/housingcommdev/resourceshomeed/lossmitigation.jhtml?p=Affordable%20Housing%20&%20Community%20Development
FHA Definition of terms used in Loss Mitigation on Foreclosures
http://www.fha.gov/sf/svc/faqmain.cfm
Government article and information on Foreclosures
http://www.occ.treas.gov/cdd/spring06b/cd/gsesusetech.htm
HUD Initiations of foreclosures, an explanation
http://www.hudclips.org/sub_nonhud/cgi/nph-brs.cgi?d=HBKS&s1=Foreclosure+procedures&op1=AND&l=100&SECT1=TXT_HITS&SECT5=HBKS&u=./hudclips.cgi&p=1&r=83&f=G
HUD: Servicing and Loss Mitigation on Foreclosures
http://www.hud.gov/offices/hsg/sfh/nsc/faqnsctc.cfm
Site #2
http://www.hud.gov/offices/hsg/sfh/nsc/nschome.cfm
HUD: Approved House Counseling Agencies includes foreclosure issues, by state
http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm
HUD: Article on Foreclosure Issues
http://www.huduser.org/Periodicals/ushmc/fall95/fall95.html
National Home Recovery Program for foreclosures http://www.nhrp.com/
Steps that can be taken to prevent foreclosures: http://www.consumerlaw.org/initiatives/seniors_initiative/advforcl.shtml
FHA: Loan Reform programs
http://www.hud.gov/offices/hsg/fhareform/index.cfm
Dreams Foreclosed – Scams about foreclosures – A pamphlet: http://www.consumerlaw.org/news/ForeclosureReportFinal.pdf
Free legal aid search for all states: http://www.lawhelp.org/
Remember that it is in your best interest to work something out since the lender can, in some states, take you back to court and ask for a deficiency judgement against you, if the money raised at the public sale is not sufficient to pay for the cost of selling the property under the mortgage. The lender does not want your property and they have to spend anywhere between 40 to 60K to foreclose and this hits their reserves badly which lowers the book value of their stock.
I do wish you the best of luck but you need to do the research and go talk to the lender. |
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