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Anyone know where I can be get free advice about the ins and outs of forclosure?

My SO says that even if his kids seek forclosure on their home, they will still be responsible for the mortgage?

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donzgurl

Asked by donzgurl at 12:36 PM on Jan. 2, 2010 in Money & Work

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Answers (2)
  • my company allowed me to do a deed in leiu on my property. i just had to fill out some information for them. it took awhile but they very rarely harrassed me about it. i just told people that called that i was workig with someone to resolve it. basically i signed the deed back over to the mortgage company and they sold it.
    angevil53

    Answer by angevil53 at 12:46 PM on Jan. 2, 2010

  • if you allow the house to go into foreclosure, the house gets taken back by the bank and auctioned off by the state, what ever deficiency exists between what has already been paid and what little they get in the auction compared to the amount owed from the mortgage on the property can be put into a judgment which means eventual possible garnishment etc. Bankruptcy is a good idea after the foreclosure or even during it depending on what state they live in....if they wish to keep their home they should ask for a loan modification in writing to the loss mitigation department of their mortgage company with a copy to the Department of Thrift Supervision which is a government thing...also check out the HUD website it is a govt. thing too

    mysilentmorning

    Answer by mysilentmorning at 2:13 PM on Jan. 2, 2010

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