Stop Mortgage Foreclosure

Upside down, can hardly make mortgage payment so we want to get out of this house. We'll try to sell it as short sale or deed in leiu of foreclosure with a Realtor. My question is should we stop making payment starting now and try to stay here for a few months while bank is processing short sale/ deed in leiu or should we get a place now before credit hit and move out in a few weeks? We don't even have 1st, last deposit for the rent so we would like to save some money as much as we can but if we wait until later to get a place, our credit will be ruined, right? When do our credit report show our non payment ? A month or later after the non payment? Thanks.

Why don't you call your lender and ask these questions. Only they can tell you what they will actually do. I went through this in a similarly crappy real estate marked in the early 1990's. The bank would do NOTHING to help us. They would not accept a short payoff or a deed in lieu. We ended up claiming bankruptcy because the value of our 80k house had dropped to 60k and we HAD to move due to a loss of employment. (New job was 1 hour 40 mins away.) Bank couldn't have cared less, and the funny thing is the stupid house sat vacant for something like three years. Too bad - we had gotten a 60k offer and they did not want it. Dumb@sses!

I don't know what the bankruptcy laws are these days but you may be better off staying in the home as long as you can and then just letting them take it.

Sorry for your trouble. I know how hard it is - but you'll be ok in a few years! Trust me, things turn around.

PS and one more thing - try not to beat yourself up too much over this. Someone either A - grossly over appraised your home to get you financed (this is what happened to us) or B - put you into some type of interest only or other "junk" loan so they could make a buck. The lenders are only getting what they deserve. Trust me, they don't care about you at all - don't kill yourself trying to make one more payment. That $ means more to you than it ever will to them.

I don't usually preach that it's good to walk away from your debts but so many consumers are at an awful disadvantage when dealing with mortgage brokers and banks…I guess I just feel like most of the time it's the borrower who has been swindled - and the banks try to make YOU feel like dirt about it.

Hang in there.

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When you go through foreclosure, it is important to know how the foreclosure procedure works so that you are prepared every step of the way. Some of the first things you can expect are:

• Getting calls from your bank. Before your house goes into foreclosure, you will get calls from your bank. Repeated calls. Take these calls and try to work with whoever is on the end of the line. This is your best shot at being able to stop foreclosure before it even starts.
• If you either don’t take the calls from your bank or are unable to work with your bank, you will then get foreclosure papers. Be sure to read these papers because they will tell you what to expect, what court dates are set and what your legal rights are. This will also tell you who your bank’s attorney is.
• A foreclosure sheriff’s sale date will also be established as part of the foreclosure procedure. Once this sale date is established and published (it will be published in some sort of local paper), you can expect the con artists to come out of the woodwork. There will be people who start calling and sending you letters to try to convince you that they can help you save your home. Beware of these people! Do not sign anything that you do not fully understand and do not hand over any money to these people.

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What is the quickest way to halt a foreclosure. I do not have the cash to bring it out of arrears and the bank has accellerated the note. Is Bankruptcy the best way to stop it for now. I have placed it up for sale and have a couple of parties interested. I am running out of time. The bank does have mortage insurance on the note . Please give solid advice.

Sell it for as much as you can so you can pay off the mortgage and have a couple of bucks to help you get back on your feet.

With the house gone, you'll need a place to live and you'll need some money for security deposits, first/last month's rent, etc.

If you sell the house for less than you owe, which is a "short sale"; it will still affect your credit and you will have to pay off the balance and I think the IRS can get involved and tax you on the balance.

I would check out the bankruptcy deal, I know it has changed, but if I couldn't get the house sold in time; I'd certainly look at that option. Call a couple of bankruptcy lawyers in your area for a free consultation now, while you still have time. Others I know that went the bankruptcy route, were receiving credit card offers within a year.

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If I file bankruptcy, will it stop the foreclosure? We have been trying to sell the house since Jan. We have sent in two short sale offers and both were denied. The house is now in the foreclosure status and I am afraid we are running out of time. Also, if I file bankruptcy, will it affect my ex if he is still on the deed? If so…can he file a quick claim to release his name from it? Will the bankruptcy completely stop the foreclosure…or will it continue with my ex? Is there even an option where I can let the house go, have a clean slate and continue to start over once I file bankruptcy. Will they still go after my ex or just take the house?

Simply filing for bankruptcy isn’t as simple as it was say 4 years ago.

Secondly filing for bankruptcy would take time and by then the house is yours no more. sorry.

I wish you the best of luck. And who knows check government agencies because I know some housing bill was recently enacted to bail out the lenders (at tax payers expense!), so maybe there are provisions to bail you out too.

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Finding people who legitimately want to help with foreclosure can be a challenge. Some good rules of thumb are:

• If they ask for money immediately upfront, chances are good that you are not dealing with someone who really wants to help you. You should not be asked to give them money right away. They do not have your best interests at heart if they want your money before really understanding your situation.
• If they sought you out, chances are that they are not legitimate. Unfortunately, help with foreclosure does not simply show up at your door, you have to go looking for it.

So where do you go looking for it? Government websites have links to reputable companies that offer free help with foreclosure.

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Does that mean that the persons will remain in the home or is the foreclosure still proceeding?

Well, it more than likely means that the homeowners have asked for more time to save their home, and the lender has agreed to postpone a scheduled sheriff sale. At that point, the lender orders its local attorneys handling the foreclosure to move the court to stop the sale and postpone/reschedule it.

So, until the sheriff sale is rescheduled and the house is sold, the homeowners will have some time to work on another solution. Maybe they've found someone to buy their house, or they are working on a qualifying for a loan modification or forbearance agreement.

But, until the house is sold at auction, they can keep living in the property. The bank, since it is the plaintiff in the foreclosure lawsuit, has great leeway to extend the sale or work out a solution out of the courts.

In a small number of cases, the attorneys might have entered the postponement with the court if they found out that they made a mistake somewhere. If they proceed with the sale despite not giving notice, not following the law, or otherwise screwing up, they'll probably just start the sheriff sale process over again and not risk having the foreclosure reversed. But this is pretty rare.

Hope that answers your question.
ForeclosureFish

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We are in Ch. 13, the mortgage co. filed a relief of stay because of 2 missing payments (between filing our plan and confirmation) We have sold the house, but the sheriff sale is May 23., and our closing date in June 1. How do I get the house off of the auditor's site?

Contact the mortgage company, tell them you have contract to sell the house. They will typically postpone the sale and allow it to close. They will be much better off unless there is a lot of equity in the home. If there is a lot of equity you may be in trouble. The mortgage company will then be in a no lose situation. They will get their entire payoff no matter what happens.
Here is some information on sale postponement:
http://www.afscanhelp.com/sale.cfm

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I know the bank is the one selling, however, is it a realtor that they hire or a firm/broker that does all that banks foreclosures,etc?

Whats the typical procedure here?

Nobody sells property at a foreclosure. A foreclosure is when a lien holder (bank, etc.) takes possession of a property because a borrower had defaulted (not made payments). Foreclosures are done through the court system, usually pretty quickly and cut & dry, because they are basically resolving a defaulted contract. Lawyers are almost always involved, even if the borrower isn’t disputing the foreclosure. The bank cannot sell a property during foreclosure. The legal process of acquiring title under contract law has to be fulfilled before the title can be cleared to sell the house property.

If you’re talking about a foreclosure sale, as they are erroneously called when a bank sells off its REO (real estate owned) properties, it differs depending on the bank and the situation. Sometimes a bank will contract an outside real estate agent, other times the bank will appoint one of its officers to handle the sale.

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When you are looking at ways to stop house foreclosure, the most important thing is to take a good hard look at where you are really at financially. When did you start having problems making your mortgage payments? Why did you start having problems making your mortgage payments? There is a reason why this spiral started for you. You need to figure it out before you can hope to change it and stop house foreclosure proceedings.

Another important piece to look at is where you currently are financially. What would it take for you to be able to make your mortgage payments today? Would your payments need to be lower? Would you need to cut back on some of the unnecessary luxuries that you have?

Talking over your situation with a consumer credit counselor could help you get a better understanding of where you currently are financially and what you can do to stop house foreclosure. A great place to start is at Hope Now.

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i need to know the the different scanarios when filing for a voluntary forclosure on my home

I work for a title company, who handles many foreclosures. But I have never been across a voluntary one. Each state will have its own laws, but some of the basics are: a civil case must be filed in the county courthouse where the land is located, and everyone involved needs to be served, the lender, the trustee, the owner. Then an add must be posted in the newspaper, announcing the foreclosure and reference the deed of trust or mortgage, this add must run for several weeks in a row, just one day every week. In MD it is three weeks straight. Then an auction is held usually outside of the courthouse where the case has been filed. You have up until that very second to get out of the foreclosure. But as soon as someone's bid is accepted with cashiers check, the house becomes theirs and they have to go about getting the house, such as an eviction. There are lots of fees involved with the purchasing of a foreclosure but usually the bank only wants what is owed, so people can make good investments and auctions usually draw a lot of attention. But again, each state will slightly vary. Hope this helps.

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