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What will happen if .....

we apply for foreclosing our house. Here is the situationw owned a house in other state. then a job offer came in so we have to move from 1 state to the other. so to make it short we are paying a mortgage and a rent. Unfortunately my DH got let go from his job. and we can only afford to pay a rent right now. there's no way we can sell the house because of the the real state market right now. the only option would be is to FORECLOSE it. i've hearing lots of bad things in foreclosing. i want to know what will happen to us. should we file for bankruptcy to get a Foreclosure. i'm confused right now. Thank you for the time reading it.

Answer Question
 
Anonymous

Asked by Anonymous at 8:50 PM on Jan. 13, 2010 in Money & Work

Answers (5)
  • First, filing bankruptcy and getting your home foreclosed are two seperate things. Filing bankruptcy will not help you at all with your mortgage. Bankruptcy only clears you from paying any unsecured debt that you may have, ie: credit cards, medical bills, overdue utilities. You are still responsible for any auto loans and your mortgage.

    Second, you do not apply to foreclose your house. When you stop making mortgage payments, your mortgage provider will begin foreclosure proceedings against you. I'm not sure how long the process takes, but my neighbors lived in their house for about 8 months (without making a single mortgage payment) before they were actually kicked out.

    Do you currently have your house listed for sale? If not, perhaps you could do that and hope that someone will buy it. If not, I suppose you just stop making payments and the mortgage company will foreclose on you.

    Good luck.
    Anonymous

    Answer by Anonymous at 9:06 PM on Jan. 13, 2010

  • List the house for sale and ask the bank who owns your mortgage if you can do a short-sale.

    In essence - a foreclosure on your credit will dramatically decrease your credit scores. You will be unable to get credit cards, car loans, student loans or another mortgage. If there is ANY way to avoid it - try.
    RutterMama

    Answer by RutterMama at 10:12 PM on Jan. 13, 2010

  • i really appreciate ur advice. we are thinking of putting it for sale or forclosure depends on how we can still pay for it. i just want to know what will be happening after the foreclosure.
    Anonymous

    Answer by Anonymous at 10:25 PM on Jan. 13, 2010

  • I agree with RutterMama.. try to see if you can list it as a short sale.
    Best Wishes!
    mommy2joeynabby

    Answer by mommy2joeynabby at 2:47 AM on Jan. 14, 2010

  • Why not move back to the house and drop the rent on the new location? You have to live somewhere. What are the chances of him finding a job in either place? If there is any chance of finding a new job back in your old town that might be your best bet. Good luck, I know this totally sucks!
    Anonymous

    Answer by Anonymous at 9:29 AM on Jan. 14, 2010

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