If my house in MI is foreclosed on can they take my home in

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Icon Mini Profile kmewonder





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Post Posted: Tue Nov 04, 2008 1:02 pm    Post subject: If my house in MI is foreclosed on can they take my home in
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Hello!

I own a home in MI (did a first and second on it) and a home in TN (did a first and second on it. I can no longer afford to pay for my empty home in MI and I am ready to let the bank take it back.

I don't want to lose my condo in TN or my car that is paid off. Can any help me with what might happen to me?
Icon Mini Profile smithsussane
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Post Posted: Tue Nov 04, 2008 8:19 pm    Post subject:
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Hi kmewonder!

Welcome to forums!

As far as I know, the lender will initiate the process of foreclosure and sell the property in the market. If the lender is unable to recover all his dues from the sale of the property, then he may place liens on other properties. In your case, liens can be place on your condo in TN.

You can check with the loss mitigation department of the lender if they can provide you with a loan modification. You can even try for a deed-in-lieu or a short sale also.

Feel free to ask if you have further queries.

Sussane
Icon Mini Profile Jessica
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Post Posted: Wed Nov 05, 2008 6:15 am    Post subject:
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Hi Kmewonder,

I'd like to know whether the lender has declared foreclosure or it's something that you're anticipating? If you wish to hand over property to the lender, you can do so by deed in lieu. At least you can avoid paying the deficiency if any upon sale of the home. Since there's no deficiency payment after deed in lieu, therefore, your home in TN won't be affected.

Regards,

Jessica.
Icon Mini Profile kmewonder





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Post Posted: Wed Dec 17, 2008 2:11 pm    Post subject: Jessica---
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Here is my situation in a nutshell. I am not late on any of my bills. My company just cut my salary by 10%. I will soon need to chose which bill(s) I pay late. Since, honestly, the only debt that is anchoring me down right now is the empty home in Michigan...I am thinking that is the bill I will pay late or not pay. All my other debts should be paid on-time. I called my lender and they wont even talk to me or discuss options until I am past due on my payments. So, now, I am thinking my only option is not make my payments for the home in MI to force a discussion of options. I do not want the property in Michigan and need to get rid of it since my house payment is increasing due to taxes and my income is decreasing. I tried to do it the right way, but it's no longer possible. I would like to just give it back (deed in lieu), but I don't know if that will be an option since I am paying my other debts. Any suggestions.

Thanks!

Kat
Icon Mini Profile Niicss
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Post Posted: Thu Dec 18, 2008 2:11 am    Post subject:
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Hi kmewonder

Your query has been answered in the given link:
http://www.mortgagefit.com/foreclosure/dil.html

Please take a look. I hope it will help you.

Thanks.

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Icon Mini Profile Jessica
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Post Posted: Fri Dec 19, 2008 6:12 am    Post subject: RE: deed in lieu for house in MI
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Hi Kmewonder,

Nice to see you after a long time. I understand your situation. Frankly speaking, I don't think you should paying the mortgage. However, I do feel why you wish to do so. But as you said the house in MI is empty. So, is there any way you can rent it out? Check your loan doc to find out if you'll incur penalty if you offer the property on rent. Or may be you can go for a lease-to-purchase option where the tenant would buy your home after a few years. Meanwhile, you can continue paying for mortgages on the MI home with the rental income. Does that sound ok to you?

Had you been 2-3 months behind on payments, your lender could have agreed upon a deed in lieu. In such a case, it doesn't matter if you're paying other debts.

By the way, what other debts do you have?

Regards,

Jessica
grzad

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Post Posted: Tue Mar 17, 2009 12:11 pm    Post subject: forecloser
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If my house is foreclosed on (in California), can the bank take my car from me?
Icon Mini Profile jameshogg
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Post Posted: Tue Mar 17, 2009 9:01 pm    Post subject:
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Hi grzad,

As far as I know, though your property is foreclosed, the bank will not be able to take away your car.

Thanks
sue galyas

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Post Posted: Sat May 09, 2009 6:24 am    Post subject: rent my home after foreclosure
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hello - my home has been foreclosed and we are at the eviction process at this point. I have exhausted my options for trying to retain the house through a prequalification but not enough income would come from the parties involved. my question is: can we rent this particular home now that its been foreclosed?
Icon Mini Profile gmakerley
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Post Posted: Sat May 09, 2009 6:28 am    Post subject:
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that probably will not be an option, sue. the lender doesn't want to be a landlord, but would rather sell the property to get back whatever it can.
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Post Posted: Sat May 09, 2009 7:54 am    Post subject: rent my home after foreclosure
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George - thanks for your reply - I believe I heard somewhere about something called a short sale - can you explain that further. Also do I have any options for staying in my house? thanks
Icon Mini Profile gmakerley
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Post Posted: Sat May 09, 2009 10:11 am    Post subject:
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well a short sale is when you have a buyer who is paying less than you owe on the mortgage. this circumstance has to be approved by the lender.

it looks, from what you wrote, that you are beyond that stage, however.

honestly, i don't know of any other options.

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Post Posted: Thu Aug 13, 2009 12:05 pm    Post subject: foreclosure
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My home will be foreclosed upon. We have personally filed bankruptcy and received a discharge from all our debt. We had put both our mortgages on the bankruptcy as well. What can we take from the home with us? Example, can we take our newly installed oven and dishwasher, and some lights?
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Post Posted: Mon Aug 17, 2009 6:26 am    Post subject:
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Hi,

I believe you can take those things with you. These are your personal property. If you defaulted, your house will be foreclosed because it was kept as a collateral for the loan. The things that you want to take with you are not collateral for the loan. You can surely take them with you.
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Post Posted: Wed Dec 23, 2009 4:26 pm    Post subject: Home foreclosure and car loan
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We have our home loan and a car loan through the same bank. If we foreclose on the house, will they take our car?
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