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3 Bumps

Foreclosure... what to expect? What to do next?

Our house is being foreclosed on. We just got the news. We are not filing for bankrupcy, which seems to be what everyone asks first.
What can I expect? Are we going to have a hard time renting, or are rentors more forgiving, considering our economical times?

 
Anonymous

Asked by Anonymous at 9:16 AM on Jul. 8, 2010 in General Parenting

This question is closed.
Answers (4)
  • Since you obtained your home loan through a bank or lending company, your credit will be SEVERELY affected--which can mean not being able to find a decent place to live/rent, and even employment--current or future!

    Regardless of the current state of the economy, you are still going to be responsible for getting out from under your financial problems yourself--the government will only do so much. Since your credit is going to be affected for as much as 10 years, you should consider filing for bankruptcy--otherwise you're still going to be indebted to the loan company for any outstanding debt you owe after your home is sold at auction!

    You need to secure either temporary or long-term housing--whether with family, friends, or a temporary shelter, and regroup. If you haven't already you need to consider selling ALL of your material possessions to give you as much cash flow as possible!

    Good luck!
    LoriKeet

    Answer by LoriKeet at 9:28 AM on Jul. 8, 2010

  • Start looking for a place to rent now, just be honest with potential landlords. Some may require a big deposit, others may be a little more understanding. I know several people who have been in this position, they found rentals fairly easily. (There are a lot of unrented apartments/houses right now!)
    Scuba

    Answer by Scuba at 9:22 AM on Jul. 8, 2010

  • to rent-you will most likely have to put out more money-we did.

    I would suggest looking up foreclosure procedure/laws for your state- I think they are different in different places.
    charlotsomtimes

    Answer by charlotsomtimes at 9:22 AM on Jul. 8, 2010

  • May I ask why you don't want to file chapter 13...it will save your home? Renting is much easier than say getting a loan for a home. There are always places willing to overlook things like this, but you may not be in the best neighborhood for awhile.
    salexander

    Answer by salexander at 9:35 AM on Jul. 8, 2010