| Author |
Message |
|
|
bob
Guest
0.10 Dollars($)
|
 Posted: Fri Apr 20, 2007 6:25 pm Post subject: can we foreclose |
|
|
| we sold a house on contract to someone else so we could buy a house elswhere..they can not make the payments anymore..we can not make the payments ourselves and we want to just foreclose on the poperty..can we and what would be the fallout of that?? |
|
| |
|
 |
jim t6
Guest
0.10 Dollars($)
|
| Posted: Fri Apr 20, 2007 6:34 pm Post subject: |
|
|
| You credit score will be negatively affected because of the foreclosure, instead of allowing foreclosure to happen I would say you look for other options. |
|
| |
|
|
bob
Guest
0.10 Dollars($)
|
| Posted: Fri Apr 20, 2007 6:38 pm Post subject: forecloser |
|
|
| thanks for the reply!! other than finding new people, i do not have a clue as to what that might be |
|
| |
|
|
 blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
137.64 Dollars($)
|
| Posted: Fri Apr 20, 2007 6:41 pm Post subject: |
|
|
| Quote: | | we can not make the payments ourselves and we want to just foreclose on the poperty.. |
Hi Bob,
Welcome to Mortgagefit discussion board.
There are other options that you need to discuss first with your lender like a deed in lieu of foreclosure and a short sale before letting the house be foreclosed.
Foreclosure will affect your chances of getting credit in future so it is better to avoid it if possible.
Thanks
Blue
_________________
Lets help each other. Try my blog |
|
| |
|
|
miller_st
Joined: 17 Jan 2007
Posts: 917
168.84 Dollars($)
|
| Posted: Fri Apr 20, 2007 6:51 pm Post subject: |
|
|
Bob,
Did you have any talk with the lender on this? You should contact the lender and talk about any loss mitigation plan which can be possible.
It is always possible to avoid foreclosure, and it should be the last option to select. And as I see it you still have many options which you should explore. Go through this page to know more about the various loss mitigation options lenders normally accept when borrower is not able to make payments: http://www.mortgagefit.com/loss-mitigation.html
Miller |
|
| |
|
|
hlMiddleton
Guest
0.10 Dollars($)
|
| Posted: Fri Apr 20, 2007 7:02 pm Post subject: |
|
|
| If there are no defaults as yet then chances are that lender would consider the situation you are in and develop a new payment plan which you can continue until you find a new buyer. |
|
| |
|
|
Rexford
Guest
0.10 Dollars($)
|
| Posted: Fri Apr 20, 2007 7:12 pm Post subject: |
|
|
| Quote: | | we sold a house on contract to someone else so we could buy a house elswhere..they can not make the payments anymore..we can not make the payments ourselves and we want to just foreclose on the poperty..can we and what would be the fallout of that?? |
I would also say that buy some more time from your lender by making out a plan by which you can continue some kind of reduced payments until you find someone else who is willing to buy the house. And how is the property market in your region? You expecting to get a buyer soon? |
|
| |
|
|
