Posted: Mon Jan 22, 2007 12:32 pm Post subject: Help, I need advice!
I am still looking for any advice or experience as far as what they can do to me other than take the house and ruin my credit on my forthcoming foreclosure. This was not my primary residence, but an investment property. (A terrible one)
Read your previous post (http://www.mortgagefit.com/know-how/about6167.html). Did you ask the lender to take the house with a Deed in Lieu of Foreclosure? What he said?
Posted: Mon Jan 22, 2007 12:56 pm Post subject: Help! I need advice
Thanks for your response. No, I didn't yet. I am really struggling as to my path. I assume once I call them they will be all over me. Is that your advise?
Foreclosure is really expensive for the lender also and time consuming thing at that. Time is what is most important, so most of them try to avoid it as much as possible until there is no other option left. You talk with your lender about the DIL of foreclosure and chances are that he will agree.
If you find that he is not responding properly or not clearly talking with you then you can also take help from foreclosure counseling agencies in your region. They will contact your lender and discuss how the foreclosure can be avoided, through dil, short sale or any other method.
Posted: Mon Jan 22, 2007 3:00 pm Post subject: Forclosure
Thanks for the reply Colin. I guess I will try that although one foreclosure contact told me banks rarely even consider it till its well into the process.
For anyone interested here is a pic of the property. Built in 2005 2br, 2bth 1327 sq ft in a masterplanned community. "Province" in Maricopa, AZ
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Posted: Mon Jan 22, 2007 8:40 pm Post subject: Forclosure
Hi Funal,
sorry to hear of your situation. I agree with colin and the rest of the posts. Try everything possible with the lender. They do not want to foreclose. If you call in and get the same pitch from the customer service rep, ask for a manager and plead your case. They will try to help in every way but will also have limits to how far they can go.
You want to also keep in mind that on top or the cost to you, credit damage and taking the house, you will still be responsible for any debt and losses they may have. If the lender has to sell it for a loss at the court house steps, they will typically attach that debt to any assets you still own. I have lived your situation in the past
Tony g _________________ Our mission is to help mortgage consumer make the right decisions. We are more then Loan Officers, we are also Financial Advisors.
I specialize in Reverse Mortgages, FHA, VA financing and Cash Asset Manager Loan Program
You need to talk to the lender. Just try to stop feeling that the lnedr will go after foreclosure once you call them up. The more you delay the more things will get worse. So, have a talk with the lender. Tell him that you are considering a deed in lieu. Well that will also affect your credit but not as equally as foreclosure.
Share with this community what the lender says.
Hopefully you"ll get more suggestions and more way out to your problem.
Good luck _________________ Procrastination is the enemy of your financial sucess
funal
