1. Loan Modification
2. Deed-in-Lieu of Foreclosure
3. Filing for Bankruptcy
4. Short Sale
The most important thing to do when you receive a foreclosure sale date notice is to contact and cooperate with an experienced foreclosure attorney in your area to help you determine your next step. - http://foreclosureprocess.net/for-sale-by-owner
1. Ask the bank if they give cash for keys and if so, the bank will decide on a date with you to move, if you want to move out.
2. Otherwise, file bankruptcy NOW. Some attorneys don't ask for money upfront and will provide you paperwork in less than a week to give to the foreclosing trustee to stop the trustee sale dead in its tracks for many months, even up to a year. The bank will eventually request to be removed from the BK stay to allow them to move forward with the foreclose months down the line, or your BK attorney can ask the bank if they are willing give you a modification if you are working and can pay, or voluntary deed in lieu or short sale if you can't pay. Essentially, the BK buys you time, and gives the banks a little more incentive to work it out with you.
I went thru this with the worst of the worst, Wells Fargo, and I am still in my home with GREAT terms now. Persistence is the key if you do not want to leave.
Find a qualified agent experienced in short sales. Most every home can be successfully short sold by someone who has experience. Once the short sale is submitted, the agent should be able to postpone the foreclosure date to buy you time to sell and some extra time to find another place to live. Most short sales take 60 -90 days. In most casaes, the lender pays all the closing costs so you can sell the property at no cost a closing.
Make sure you ask the person doing your short sale their experience, number of short sales completed, how they find the buyers, etc. Time is critical, so you need to act now.
Call us at 832-330-4588 and we can help you find a qualified agent in your area.
Foreclosure Prevention Network
Providing Short Sale Negotiation, Training and Loan Modification
Address: PO Box 1998 Spring TX 77383.
Web Site: http://www.TrademarkForeclosurePrevention.com
You need move prior foreclosure on your credit report then it makes it difficult for you lease a property, We work with families lease.
Many banks don't want your home is there a branch location you can stop in speak direct with lender, OR contact attorney's office.
Once home goes to foreclosure you are no longer responsible for tax, or insurance.
CONTACT OUR OFFICE TODAY
Lynn A. Crosby ~ National Featured Realtor
Follow me on Twitter: http://twitter.com/Lynn911
"...Specializing in Residential, Commercial Properties and Loans..."
Dallas Realtor, and Credit Repair Consultant -
The Michael Group - "Dallas Business Journal 07â€™ & 08' list top realtors"
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Dallas Real Estate Website: http://www.lynn911.com 60,000 listings Dallas homes for sale
If its goes back to the lender, then they will assign a realtor to sell as bank owned house, that may take couple of weeks or months, depends on the bank, someone will inform at that time to move out of the house but they give very short notice at that time. Now, it depends on you whether you want to move before September 1st or wait for the notice from the reo realtor to move out. As Lucy, it's always to good to look for some rental and move before that. Consult with a real estate attorney for your state law or next step.
Another resource for you is to call the Title company that you closed on your home. They typically have lawyers as a resource and they will answer your questions. If you need help finding a rental home, let me know as I can help you find a home.
Take care and best wishes,
Lucy A. Puniwai