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My husband's company is going out on strike, and I lost my job several months ago, and we have missed 2 mtg. payments...looks like we will go into foreclosure, without me working, we can't make the payment anyway. If the home is sold after foreclosure at a low price, what is the repercussion on the balance on the mortgage to us? Thanks

adonis · Posted: Thu Mar 08, 2007 10:00 pm Post subject:

In the process of foreclosure, lender takes the borrowers right on the property. They proceed to sell the property at a public auction and recover unpaid balance.

Please have a look into this thread http://www.mortgagefit.com/foreclosure.html to get more idea on foreclosure

helping_user

Hi Sonnergirl,

I really feel bad to hear you. And pray from god that you will recover from this worst situation very soon.

Regarding the foreclosure of home, I don't know whether you have taken to any steps to avoid it or not. If not, then I suggest checking the different available ways to avoid foreclosure.

Like, you can go for Deed-in-lieu foreclosure. In this process, the borrower failing to make payment hands over his property to lender. The lender may sell the property in order to retrieve a part of the amount borrowed from the sale. The article "Avoid Foreclosure with a Deed-in-lieu" will defiantly help you to know more about the subject. And also you can get few more available ways to avoid foreclosure.

Hope, you get the solution and save your home. Looking to hear a good news from you soon.

Thanks

linkmanager1 · Joined: 09 Mar 2007 Posts: 17 13.52 Dollars($)

Stop Foreclosures
Hi Soonergirl,
Its very sad to hear from you that you are being caught in the situation of foreclosure.
But don't worry you can prevent foreclosure from happening to you
What you have to do to prevent foreclosure?

Don't so much panic! Do not target on only single event but consider the big picture. Your lender is not interested in the business of foreclosing properties and owning real estate.
Go to your lender as soon as you realize that you will be late on a payment. Try to make an agreement on your payments. Start the procedure to gain some time. Without dealing with the brokers; contact directly to your lender who is the final authority.
If Federal Housing Administration (FHA) insured your home mortgage loan, review your options under such plans.
Your FHA can pay your one time payment, if you ensure that you are able to pay future installments.

linkmanager1 · Joined: 09 Mar 2007 Posts: 17 13.52 Dollars($)

Hi soonergirl,

Welcome to forums,

You have options of bankruptcy in which you can adjust the debts payment according to your suitability. There is a bankruptcy form in which you agree to pay back your debts in smaller, regular payments. Therefore, this form of bankruptcy often results on the repayment of debts. Even lenders prefer this type of bankruptcy as there is a record of payments made by the seeker over 3 to 5 years from which conclusion can be drawn that debtor was able to pay debts in small installments which are suitable for him. And we have the examples of customers which have opted this type of bankruptcy and now are able to fullfill the requirements of getting further loans.

Guest

What is the estimated cost a realstate company will charge to sell a home that has been appraised around 108,000 dollars and that is in good condition?

Guest

Well that a real estate agent might be able to tell Tee.

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