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Does anyone know about selling a home vs. foreclosure??

A little about the situation: My DH had a drop of income the beginning of this year, and his company even began laying people off (he was not included in the lay-off because he has been there for 14 years), however they cut his hours, which cut his pay. He has been trying to find a different job...but nothing. I am in school and the only hours I can work, nobody is hiring for (which are when my kids are in school). So we began to ask for help with the morgage approved for a modification but it isn't active and they said that it could be months before it becomes active. Called them yesturday and they said if I pay the full monthly payment I could still end up foreclosed on (because it's behind), if I pay the trial period payment of the modification it could still get foreclosed, and if I pay the backpay due, I could end my trial period. If I list my home for sell, is there any way to keep it from being foreclosed

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Asked by Anonymous at 1:33 PM on Sep. 30, 2010 in Money & Work

Answers (3)
  • Yes. While all mortgage companies are different, you can still avoid foreclosure. Why is the company saying that you could still forclose if there is a modification in the process? Make sure you make a contact that you can contact all time so that the person is familiar with your case and knows all the particulars. Sometimes what you're told could be incorrect over the phone. If the company is woring with you on a modification and you old up to your end, there is no reason why they should foreclose. Trust me, the bank does not want your house (no meant to be rude-promise). But they just want to make all the money they can off the interest of your amortized loan. If you sell your house there are several options you could go with to avoid a foreclosure (and avoid it going on your credit). If you want to go the route of selling, you may want to take to a real estate professional about a Short Sale. GL!

    Answer by Lisa.Price at 2:36 PM on Sep. 30, 2010

  • You should consider contacting a HUD-certified counselor, they can offer free assistance:

    Answer by P-Foreclosure at 2:18 AM on Oct. 1, 2010

  • Well, selling your home would be a lot better for your credit. And it would show the mortgage company that you're trying.

    Answer by HotMama330 at 1:30 PM on Oct. 1, 2010

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