Without a previous workout with the lender, if you don't pay you can't stay. Some lenders are delaying the foreclosure proceedings so that they don't have to impair their balance sheets with more real estate assets, so if you are in foreclosure, be prepared to move out when the sheriff comes with an eviction notice.

Wed Feb 13 2008, 12:54

what I am seeing right now is homeowners who are proactive and hire a Realtor can at least apply for a short sale. The realtor can represent you when dealing with the bank. Once in foreclossure the bank wants to offload the property as quickly as possible.
There are many ways to approach the lender as a foreclosure is the last thing they want, hence the new law giving you and extra 30 days to work things out. In reality the banks can not keep up. refinacing with the lender is definately and option. For further information my wife who is our Teams specialist in this area would love to speak with you. you can contact her at 678-564-3700 or through our web site.

Wed Feb 13 2008, 12:04

Hi Ms. K,

I've seen many homeowners in your situation & even in worse situations. Before you decide to do any further damage to your credit & file for bankruptcy, my best advise to you would be to speak with a mortgage lender in addition to a bankruptcy attorney.

I presume that you're working on a rebound from your current situation and will be interested in purchasing a home again at some in the future. Therefore, you don't want to hurt your chances of buying a home by having an additional negative remark on your credit such as a bankruptcy. From my experience, I've found that a bankruptcy prolongs the amount of time it'll take for you to buy a home again while a foreclosure doesn't hurt your chances as much. Some lenders won't approve you for a mortgage unless you've been out of foreclosure for 2 years & bankruptcy for 4 years. I've even seen some lenders require your bankruptcy to be discharged for up to 7 years for a bankruptcy. On the other hand, some lenders can qualify as soon as a day out of Chapter 13. Foretunately, with the FHA lenders I work with & usually refer buyers to, they can still get you qualified for a mortgage as long as it's been more than 12 months since you've had the foreclosure and/or bankruptcy.

Any more questions? Shoot them my way!

Fabiola Fleuranvil, MBA
Re/Max Marketplace

Wed Feb 13 2008, 10:59

If you've recevied a letter of foreclosure, then there is still time. You can work out a deal or file bankruptcy.

If the home has gone to the court house steps and has been sold and closed, then no.

Tue Feb 12 2008, 02:10