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Foreclosure process?

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Gino339 Guest	Posted: Sat Sep 25, 2010 11:00 am    Post subject: Foreclosure process? Like 0 Dislike 0 I am looking at imminent foreclosure. With a recent addition to the family I just cannot afford the mortgage anymore. So my question is if there are any particular steps I should take where the foreclosure is concerned (ie. filling out certain documents/letters, making phone calls, etc) or if I should just stop paying the mortgage all together and move without notifying anyone? Essentially I'm asking what the foreclosure process is (or should be) from beginning to end? I am an AZ resident, so I don't think I will be liable for any type of delinquency fees afterward. So hopefully I'm correct there. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
Niicss Joined: 03 Oct 2005 Posts: 4828 Location: New Jersey 507.92 Dollars($)	Posted: Mon Sep 27, 2010 3:19 am    Post subject: Like 0 Dislike 0 As far as I know, the lender can file a deficiency judgment against you in order to recover the balance dues resulting from the property sale. In my opinion, it will be better to go with the option of deed in lieu of foreclosure. You should write a hardship letter to your lender regarding the same. _________________ Good is the Enemy of Great.

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