A community of 30,000 US Transcriptionist serving Medical Transcription Industry

Looking for a little advice on foreclosure.

Posted: May 11, 2010

After struggling for 2 years to stay in my home, it looks like I've lost the battle, and will most likely go into foreclosure. How long of a process is this? Because of all the pay cuts at work, I don't even qualify for a modification at this point. I just don't know if I have any options left. I would greatly appreciate any information or suggestions from someone who has gone through this. This house is all I have left of value and I am devastated that I will probably lose it.

;

The so-called help programs are no help at all. nm - walking away

[ In Reply To ..]
Mortgage company won't even talk to you about them until you're behind. Two reasons you might look at allowing the foreclosure -

1. If you live in a non-recourse state (where they cannot come after you for the rest of the money after the house is sold at auction.

2. If you have very little equity in the house or house is so underwater it will never regain the value it had when you bought it AND you live in a state that has a 6-month or 1-year redemption period.

Google the name of your state and non-recourse foreclosure for the first one and then name of your state, redemption period foreclosure on the 2nd one.

I'm walking from mine and I have no problem with doing it. People will try to scare you into believing it's immoral or that you will never be able to buy a house again - simply not true. I am getting almost a year of free rent (staying in house until the very last day I can) and I'll be able to get another house in about 4 years.

A bad mortgage is like an anchor around your neck.

Walking away hurts your neighbors property value. - sm

[ In Reply To ..]
Sorry you are going through this but to say walking away is the answer and it effects nothing is the wrong answer. The fact that your house will no longer be kept up with will affect your neighbors' homes unless you are in a secluded area of the country.

How sad that it got this far before anyone would even work with you to try.

I tried multiple times, they required that I be 90 days past SM - walking away

[ In Reply To ..]
to even discuss a modification, and when I did get to talk to them about it, they flat-out told me I did not qualify due to lower income.

There's really nothing else I can do. The bank told me they have no options for me. I guess I would say if you have a vacant house on your street that's causing your property value to drop, don't blame the homeowner. I suspect these banks want the empty houses, will sit on them until the market comes back and then will make their usual killing.

I think that it is immoral... - Kendra

[ In Reply To ..]
While it might seem easy to villify the banks, they are losing money on this stuff, too, which affects EVERYONE. I can understand having problems making your bills, but the getting a "year of free rent" bothers me. What exactly is not immoral about that? Nobody forced you into the bad mortgage that you have.

To clarify... - Kendra

[ In Reply To ..]
I don't think that losing your house is immoral--I fell for anyone who loses his/her home. I think that the attitude that it is no big deal and the "I'll get them" sort of attitude that so many have is immoral. Trashing the house before you leave, et cetera, is bad, or living in it as long as possible without paying is bad. I understand that there are hard times and nobody wants to lose his/her home, but I hope if I ever do, I can do it with as much class as possible.

Kendra great post -sm - totally agree

[ In Reply To ..]
I agree 100%. There are people who have lost their jobs and lost their incomes and just can't pay their mortgage payments because of it. Then there are the people who at the height of the housing boom went out and bought a house that was way beyond their ability to pay for. Those people knew going into it that the payments were going to go up each year (more than their income was going to go up) but they bought them anyway just because they could. Those are the people I can't feel sorry for. And those are the people that make me mad that "we" the citizens of this country have gotten messed over because the banks didn't get paid. Sure the banks loaned money to people who were poor risks financially but they did not force those people to sign on the dotted line and move in. Now a huge majority of them are crying and trashing the houses before they move out or looking for a way to live rent free for a year. If I go out and buy the top of the line Mercedes tomorrow (even though I can't find a job now) who is going to make the payments for me? No one, they will repo it within about 60 days. Why is buying a house they could not afford any different? Again let me state this does not apply to all people, there are people who were making it just fine and not overextended until they lost their jobs or had their wages dramatically cut and I bet if you took a survey those are NOT the people trashing the houses before they move out. Like Kendra said "Have some class", even if times are tough right now.

Who says everyone is trashing the houses? - Typin_away

[ In Reply To ..]
Sometimes it does take that long to find another home to move into. Especially if you must file bankruptcy along with it. It takes time to gather money so you can live credit free and doing everything on a cash basis.

I had to move in with family and put what stuff I could save in storage while I looked for another house. I in no way trashed the house with the exception of what the flood did to it.

I actually heard in the news today that the majority of the forclosures now are not due to a person overextending themselves, but they are people with a good credit history that fell on bad times.

I don't think that anyone is... - Kendra

[ In Reply To ..]
Having just bought a foreclosure recently and looked at several, I can say that about 50% of them were trashed. Whether or not the people who owned them just lived that way to begin with, I cannot say, but I would bet that the one with feces in three corners of the living room was not a lifestyle problem, it was done on purpose. The house we bought was clean and taken care of. The man who owned it apparently cut off his hand while cutting crown molding for the house and it was mortgaged way too high to ever sell it for enough. They tried to sell it, moved out and let it go into foreclosure. I feel terrible for those people and felt guilty for buying it until I realized that they lost it whether I buy it or not. However, the fact is that SOME people do trash the houses on purpose.

Yes, I want to know where I said anything about trashing sm - walking away

[ In Reply To ..]
the house. I have no interest in damaging it in the least.

And as far as you feeling that it is immoral to allow a foreclosure to occur, I'm sorry you feel that way. I certainly did NOT get a mortgage that I couldn't afford and I think it's interesting that you just assume many people are in houses they couldn't afford.

Where have you been for the past few years? Job cuts? Layoffs? Even the MT field pay is DOWN. Would that maybe have something to do with the foreclosure rate?

Nobody said anything about YOU trashing anything... - Kendra

[ In Reply To ..]
nor did I say that it is immoral to allow a foreclosure to happen. I said that it is immoral to live somewhere for as long as one can without paying rent.

Oh my, let me get a big cardboard box so I can SM - walking away

[ In Reply To ..]
rush out and live in it because YOU think it's immoral to stay in the house. I have a right to be here according to the law. I still own this house. Why should I rush to get out so some vulture can move in?

If you think it's okay, you are the one who has to... - Kendra

[ In Reply To ..]
live with what you do, not me. Why does it matter so much to you what I think? Why are you so angry?

I posted below with the Been There Done That post but - your attitude is disturbing.

[ In Reply To ..]
The "free rent" comment and having no problem walking away from your home -- that attitude is a slap in the face and disturbing.

And BTW, it takes longer than 4 years for that foreclosure to roll off your credit report and you won't get a mortgage loan with a foreclosure on your credit report.

The mortgage is not the problem, the ability to pay it is.

Shaking my head at your sad attitude...

Have you looked into a short sale? - Thats what I am doing

[ In Reply To ..]
Talk to a realtor, one who is a "Certified Distressed Property Expert." The agent I signed with is doing the house selling, while a company she works with is doing all the negotiating with my lender(s). I don't have to deal with the bank myself, and it is costing me nothing. The agent and negotiating company will have their fees paid by the lender with proceeds from the short sale.

Also, with a short sale you might be eligible for relocation assistance to the tune of $1500 - $3000.

I personally have no problem losing my house. It is so underwater, I am just throwing money down a hole... and doing that on half the income I was bringing in two years ago. I hate homeownership and can't wait to go back to renting.

I am sorry you might lose a home you care about. Don't just resign yourself to foreclosure without at least looking into a short sale.

As far as timelines for the process of either, I would guess that varies by state and lender.

My best advice is to talk to a professional. Don't let it just happen to you. There are several options other than modification, foreclosure, and even short sale.

Sucks, I know... but good luck to you.

short sales - are an option

[ In Reply To ..]
but be aware that there can be very expensive tax consequences. Make sure your lender explains everything concerning the taxes and get it in writing.

Been there. Here's what happens ... - sm

[ In Reply To ..]
It takes a few weeks/months. Just be saving your money - don't pay another payment. Save your money and be looking for another place to live, utility deposits, get your furniture/belongings packed and ready. You will get several legal letters about the foreclosure process. Then you will get a notice that your home is being "auctioned" at the court house on X date and time. It's best to just show up. There won't really be an "auction" unless someone reads the notice in the paper and is interested in buying but 99 times out of a 100, no one shows. Just show up. The rep there to handle the sale will be there. They may ask you some questions, etc. They will get your signature.

In the next few days, you will receive papers to vacate. Move when you are ready (before the vacate/eviction date). Make sure you lock windows and doors and simply leave the key on the counter or not - they will change locks.

Take a deep sigh of relief and move on with your life.

They are taking your house - not your life, your children, your job. Just your house and you can get another later if you want. It's not the end of the world. It's not the end of your credit rating. It's the beginning of a new start.

The best thing is the relief and to realize that NOTHING in this world is worth the stress you are going through at this moment. Just accept this process. Take your relief NOW - don't be miserable another hour.

You can email me if you like.

Thanks for all the advice from everyone -- to top it off, I got my gas cut off today - sweetpea

[ In Reply To ..]
I used part of my mortgage money to pay the gas bill ($600), and now they can't get it turned back on until next Tuesday. All because I live in GA and Atlanta Gas Light takes their money from all the different providers, all due to de-regulation in this stupid state. When I called customer service, I spoke with someone in AFRICA!! Talk about adding insult to injury. Not sure what this country is coming to, but I'm not feeling very patriotic today. I am resigned to accept whatever happens from here.

I have been told different things by different people at my mortgage company. First they tell me not to bother to make a payment because it's going into foreclosure, then I get told from somebody else there to go ahead and make a payment so it won't put me that much further behind. I am so frustrated and angry, as I have always been able to pay my bills, and now for the first time I can't, and no one seems to want to work with me.

At any rate, thanks to everyone that has offered words of advice and support, and good luck to anyone out there going through the same issues.,

I feel better just by having vented and knowing that I am not alone.

Don't make another payment! Keep your cash - for moving, food, etc.

[ In Reply To ..]
Do not allow yourself to be cash-poor. You need cash to survive.

Just Me

I could not agree more! Do not keep paying when SM - walking away

[ In Reply To ..]
you know it's a lost cause. Use your money to catch up your utilities and start putting away money for a rental (rent, security deposit). Do not go hungry or without utilities to pad the bank's wallet!!!

Baby, you are in NO WAY alone in this. Believe me SM - walking away

[ In Reply To ..]
We are a drop in the bucket as far as how many foreclosures there are in this country. You take care of your utilities, feed your family, put gas in your car, salt away some of the money to rent.

As the other person said, it's just a structure when you come down to it. I know it hurts, but when you accept the inevitable, the stress goes away. Trust me on that.

And make sure you know the process in your state. SM - walking away

[ In Reply To ..]
In mine, I have 6 months from the date of sale to get out. So guess what? The bank has put the sale off 3 times now. I have gained another 1-1/2 months to live here for free (well except for utilities). I know people who have been in their homes for 18 months and still the house hasn't been sold. Don't leave until you absolutely have to.

I had a forclosure - Typin_away

[ In Reply To ..]
It was in a bit of a different situation. The home had a flood and we were already drowning in debt and could not afford to fix it so we let it go and filed bankruptcy. I believe it was 18 months before someone bought it. Had it been livable I could of lived there free for that 18 months.

a note on short sales... - mt

[ In Reply To ..]
If you are in a short sale situation, make sure that the short sale approval documentation addresses any deficiency debt (how much or whether it is forgiven) and that you understand whether you may be held liable for any remaining debt above the sale proceeds. Make sure you seek competent legal and tax advice so you fully understand the issues and dangers involved. In cases where you have to repay the debt, that is when people file for bankruptcy because they have no means of repaying the debt. Please do your homework.

Similar Messages:

Sep 05, 2011
About how long does it take to officially foreclose in Florida? I see a bunch of court foreclosures in the newspaper every Sunday. Is that to make it official and am I going to need a lawyer to foreclose? Any help would be appreciated! ...

May 02, 2013
My daughter intentionally left her home she bought a few years ago, not foreclosed on. She just this past week received a check for about $3,000 or so she states was because of some bad doings on the part of the foreclosure issues that went on in the US. I have told her my thoughts about this, 1 being not to put in your own account at the bank because of the possibilty of not being a good check and 2 going to the bank it was written on and checking/cashing/depositing there. The bank is 1 that sh ...

Mar 28, 2011
Ever since I moved, I get terrible seasonal allergies. I have a runny nose and am sneezy for weeks and weeks. My face itches, my ears itch, even my forehead itches!!! Anyone have any advice on how to help allergies???? ...

Mar 22, 2011
I was bored and decided to tamper with my hair (my favorite fashion accessory). I spent the weekend bringing it from a deep mahogany to platinum. Damage was minimal considering it was an at-home job with my husband I the "colorists," lol! I know with this new hair color change I need to amp up the makeup so as not to look faded out. I've dug out a few of my "bolder" colored lipsticks instead of the nude lip I usually used as a brunette, but was wondering if any other blon ...

Mar 22, 2011
Hi all, I just needed a little advice. My sister called me last night and asked me to watch my 2yo niece while she and her husband and her 13yo daughter went on a cruise in June. I told her that I couldnt because the 3 days that she wants me to watch her are days that I work. Keep in mind, I have a 13yo, a 4yo, and a 16mo myself which I work at home with and it is difficult. I just dont think that people get how hard it is even though Im at home. Anyway, so I told ...

Dec 11, 2009
Good morning...I need some advice and at this point any advice is welcome :-) I have a 5 year old energetic, funny, sweet little boy who is in kindergarten. I just had a short meeting with his teacher yesterday who said that she is having some real issues with my son in class. She says that he is very disruptive and acts silly all day. She says that he is not mean by any means and is very sweet, but he just simply will not concentrate on the task at hand but would rather ...

Jan 15, 2010
I've been living with a guy for 12 years. There are some aspects of his personality/behavior that are positive. However, he has a habit of mocking me at just about every opportunity, belittling, that kind of stuff. When I get upset he says he "was being funny." He likes to contradict me in public when possible and point out negatives - not so much about me specifically but demeaning comments about things like my dog or my hobbies, etc. I ask him to please not do these things in public but i ...

Jan 19, 2010
I need advice on what you would do in my situation. I'm so upset about it and my husband says not to do anything and basically dismissing it. I'll try to make this as short as possible. My family has been best friends with another family for about ten years. They're just like family. We do everything together. This past weekend their 16 year old daughter stayed over because she had a track meet and the rest of the family was going away for the lo ...

Aug 27, 2011
I wanted to see if anyone has some advice on what to do on a situation I am having with my ex-husband's girlfriend. This past Monday morning my apartment complex called me and told me that they received a fax the evening before that I wanted to be treated for bedbugs! I told them that I didn't send a fax and didn't have bedbugs, and asked her what number the fax came from. She wouldn't tell me. She then asked me why I didn't leave my phone number on the fax only my addre ...

Feb 10, 2010
Ok, here goes.... My husband drives a truck. When he comes in his dad (who is divorced and lives with his mother who is in her 80s and I guess you would say has no life) comes over. Well, no problem there except he don't know when to leave. LOL He comes around 10 or 11 am and stays until 10 or 11 pm. Then the next day he is back again unless he is working and then he comes after work. I don't mind him coming to visit every day when my husband is in ...

Oct 25, 2010
Our family was planning a trip to Disney World this summer and then I decided that maybe we should go to California (where we are from) and go to Disneyland, that way grandparents can come. Since then, my MIL has taken it upon herself to plan out ourentire vacation, starting with trying to make our motel reservations on the drive there and ending with making them on the way back. If she were just being nice, it would be completely different, but really, she is just being controlling. ...

Jul 22, 2011
I'll try not to make this too long, but I have an 18-year-old, soon to be 19-year-old son who just told me a couple months ago that he is gay. I was shocked, but not totally, as I had suspicions before because he never really showed much interest in girls. Anyway, I told him I love him no matter what and that did not matter to me. it took me a couple months to get over the heartache of it, though. His dad doesn't know yet, nor his younger brother, as I told him ...

Jul 18, 2011
I am having some issues with my boyfriend. He has not been working for a while now and I have been paying rent/bills/groceries all on my own. No big deal, it has to be done, but what I am having a problem with is his bi-weekly "allowance". He needs his own money to spend, and I understand that, but no matter how much money I tell him I am going to give him, it is never enough. He is never happy with what I give him (usually a couple hundred dollars). I never sp ...

Apr 05, 2011
I need some advice about my sister-in-law. We are going to her house next week for three days. Well, she wanted my husband to help her buy some power tools and teach her how to use them and put up a trellis. So that was the plan for Friday. I was okay with that – didn’t feel too left out. Now she has made other plans for Saturday that I don't want to do. How do I politely tell her I’m not into spend ...

Aug 18, 2016
Just got on line to check bank account held jointly with fiance. I see a charge on a credit card that I don't recognize (plus a service fee charge). Questioned him about it a couple of days ago and got vague answer (s). Today, I called the 1-800 number and asked what kind of businesses they billed for. I was told a wide array of different things. One of which could be porn videos. Not happy at all as I do NOT want this in my house. Why can ...

Sep 02, 2016
Asking advice here. My mom is in a nursing home. They provide great, compassionate care, and there's a waiting list to get in. I'm grateful that she's in a place we can afford, and it's only 3 miles from my home. When the need arose, I got her a wheelchair, which Medicare is still paying for. It was a brand-new chair that was fitted to her petite frame, and she was able to propel herself with her feet. About 6 weeks ago, I noticed that the chair in h ...

Jun 13, 2010
I am separated from my husband and soon divorcing which is actually a very good thing for my son and me. We were under a lot of stress, pressure and difficulties with living in his house. But my son grew up with his kids and he has not told them anything about us never coming back. I tried to get him to go to counseling, and despite many of my friends warnings even went to our pastor which just made things worse, b/c my husband works under this guy as a pastor too. ...

Jul 25, 2012
Cat people, should I take in a neighbor's cat? In a nutshell: We thought this "stray" was hanging around our yard last year. I talked to her and she let me pet her. Nasty winter weather came. We couldn't take her in because we have an old blind cat who tries to fight her off sometimes. So I went door to door with her picture, looking for her home so we wouldn't have to take her to a shelter. Bingo. She "lives" a couple houses away. The woman there was very nice, has a sec ...

Nov 17, 2012
Hi all, I have been offered a position in the front office of a medical facility. I am probably going to take it. While my problem will not weigh into my not taking it, I need some advice on how to handle something. Way back when I worked in a large office, there was ALWAYS something going on where they wanted everyone to chip in financially for something. Somebody is having a baby, somebody's somebody is having a baby, somebody is having a birthday, somebody is retiring ...

Aug 11, 2016
Well, I went to a job fair yesterday, had to go back and my daughter went with me and we both got jobs! Problem with mine is it's only seasonal till Feb. Of course, if the job continues and I've done well through the training and the actual job till Feb., I could possibly still have a job. Better pay right off the bat and $1.00 for EVERY HOUR worked till Feb. bonus in Feb.!!! I need my high school diploma or transcripts and can't find them anywhere! My transcripts are with m ...

Nov 01, 2013
I need some opinions about whether or not to try to contact my father who I have not seen in about 30 years. My dad left when I was nine and moved out of state. I think I saw him one time not long after that. The last time I even spoke to him on the phone was right before I graduated high school. He had wrote me letters and sent cards for a few years after he left asking me to come visit, which I never agreed to do. We didn't have a very close relationship even when we lived in the ...

Jan 13, 2014
I would appreciate any advice on how to sell Hummel figurines, etc. My stepfather wants to start clearing out a lot of things in preparation for the future, and in the event I would move in with him at some point. My mother died four years ago, and during her lifetime she bought a lot of this sort of thing, along with the colored glass in yellow, green and blue. I have never sold anything on eBay, and don't know how to go about getting a decent price for these items. ...

Jun 21, 2014
I don't know if I need advice or just want to vent. My husband and I enjoy having close friends over, going out to dinner with them, doing get togethers and other such things. Out of 4 couples, 2 of the couples are so dysfunctional that it makes me crazy. No alcohol is involved here, so we can't even blame that. I don't claim to know what goes on behind closed doors, but when we're all together, it's the women who fly off the handle at their husbands for the stupi ...

Jan 27, 2015
My cat is hiding underneath my neighbor's shrubs and will not come home. He is afraid I will keep him inside so he doesn't trust me anymore. He stayed out all night last night and I finally saw him this morning. I tried coaxing him, bribing him with food, and he just ran away to find a safer hiding spot. He got into a cat fight on Friday and got a small puncture wound. I kept him in on Sunday to keep an eye on the wound and he was not happy about it. That's why he doesn' ...

Jan 30, 2015
I have a problem with my ear. When my pneumonia started, one day I had what I thought was the starting of an earache. Then that went away and I ended up sick just with the pneumonia. Okay it has been 28 days since my first day in the hospital. My ear has been stopped up since then and I have tried Claritin, Auralgan and Cortisporin Otic drops. Nothing is working. What could be wrong with it? I never have problems popping my ears after a cold or getting water in them. I didn't g ...

Mar 17, 2017
Need some advice. Here's what happened (by the way, I'm a 25-year MT veteran, which is why I'm posting here). I was unwell at work about 3 weeks ago, and it was determined that I should be admitted. Treatment lasted 8 days, and I feel great now! My doctor said I should apply for FMLA (famliy medical leave) since I took off more time than my employer's policy allows and may have further absences in the future. My doctor completed the form and signed ...

Mar 30, 2017
I had a severe dental infection and was given clindamycin. I was hesitant to take it, but did so with a probiotic. Now I am starting to have diarrhea. Does anyone have any advice on treating this OTC? I'm recently retired and have no insurance at present. Thanks in advance. ...

Feb 28, 2012
I have created an exceptional product that I want to list on e-Bay to make some extra money. Are there any experienced e-Bay sellers here who can give me some advice/tips/suggestions? Thanks! ...

Mar 28, 2011
Never been a great sleeper, but now I sleep about 1 hour at a time. I try to sleep about 6-1/2 to 7 hours, but am exhausted. Fall asleep fairly quickly, but can't stay asleep. Don't think am apneic. Tried Lunesta without much help. Tried Benadryl, again not much help. So tired. Makes typing misery to be so sleepy. ...

Mar 25, 2011
From my message below you know we have a stray cat. Today for the first day I held my hand out and she sniffed at the tip of my outstretched fingers. Think she is finally starting to warm up. Doesn't run away when we walk out. Well guess what....she's going to have kittens. At least we are 99.8% she is. She was thin when we started to feed a few weeks ago and now she's got a pouch when walking towards us you can see the sides bulging. Ever ...