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should i sell my house before it goes to forecloser?

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August 23 2010 - Village Green-Green Ridge
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Profile picture for jhatha
Get legal advice regarding the foreclosure laws in your state and if it is favorable, quit making your payment and WALK AWAY.  Do not feel guilty one bit and bank the payments for many months.  Do contact an attorney and your tax preparer because your lender will send you a 10099C when you home finally sells but the federal debt foregiveness act will take care of this with a Form 982.

Check it out because the lender loses NOTHING at all.


Pinal County AZ
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August 23 2010
If you owe way more than what its worth, then you probably consider a short sale.  Dont waste your time on a loan mod because you will still owe the bank more and won't have equity for a while, maybe never. 

If it makes more sense, try a short sale but not everyone will qualify for a short sale. You have to prove a financial hardship. 

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August 23 2010
Absolutely, could affect your credit recovery less than foreclosure. Try a loan modification first. Contact your lender to see what they can work out with you. Doing nothing is the worst thing you can do for your future.
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August 23 2010
Hi hop123,

If you are having trouble paying your mortgage, you should work with your lender on a loan modification.  If this isn't possible yes, you should look at listing and selling your house short sale.  This requires the services of a professional real estate agent who will work in cooperation with you to list your house and your lender to satisfy your loan.  The sooner you act the better so your home is on the market before your redemption period expires.  Your credit is less affected if you sell short sale - which means once your financial situation you can recoup your credit more quickly.  I hope this helps.
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August 23 2010
That is a serious question and should not be answered without all the information.
You need to discuss this with a realtor, attorney and your accountant. What is the faast sell price as is. Type financeing. What other bills do you have. All these matter.
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August 23 2010
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Live payment free as long as you can.  Save it.
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August 23 2010
 
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should i sell my house before it goes to forecloser?
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August 23 2010 | 6 answers
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