Jane:

My first suggestion is to get legal advice on what you are planning on doing to the house. Second, when you do speak with your attorney MAKE sure he specializes in Short Sales and Foreclosures. When you have cleared those important steps. find yourself a realtor who has the experience in short sales and foreclosure like myself. I have numerous classroom hours, a designation on Short Sales and Foreclosure plus experience working with the REO departments and loss mitigators. YOU need someone who knows the process and can see it through completion!

If you reside in Connecticut, please send me an email strollb@raveisre.com or 203-682-4327
Good luck in your transaction!
Betty

Are you from Westport? Please call me. I have very knowledgeable people who deal with short sales. I know, because we are in one. I'm assuming the house was listed and you just didn't choose to go to foreclosure. Or you are at the point where you can't pay the mortgage and assume the only recourse is foreclosure.
You sound a bit stressed, in a panic. I know cause I'm there from time to time. You actually haven't supplied enough info to answer this. As a matter of fact, have you spoken with anyone, like an attorney? If you need to just chat about this please call me at 203-544-9786 or 203-856-8501.

Candacelipira
candacelipira@prudentialct.com
203-544-9786
203-856-8501

Jane
I confess I am puzzled how you can be both a home seller going into foreclosure and a home buyer.

Regarding your first situation, the foreclosure:
1. do not do anything that hurts the value of the home.
2. Contact a Realtor about your options. You have some good answers so far:
a) Re-negotiate your loan. With no income that may not work
b). Sell the house for less than you owe. Lenders like this better than foreclosing because it costs them less money.It is called a short sale.

Do not panic. Get the facts first. You will need a Realtor with short sale experience.

Hello Jane,
Please just sell it, a short sale is the answer, I've done several of them and they work. I can also put in touch with a no fee service to help you put things back together. Call me I will try to help.

If you can gain employment, the lender may work with you to make your loan affordable. If that is not an option for you, I would recommend calling a realtor to get this house on the market asap, as a short sale will be a better option for you than a foreclosure.
Call the lender - trying to work it out with them or pursuing the short sale may at the very least buy you some time.

Jane,
Why do you say that you can't sell the house? If it is because you owe more than you can sell it for, then you still have the option of doing a 'short sale' as Don mentioned. This is where the lender agrees to take what ever money a sale produces to clear the loan. It would save your credit, and save them money in the long run. If you would like more info on how the process works, what it takes to 'qualify', and what it would take to get started, please feel free to contact me.
With regard to selling off contents, I agree with Don's assessment. Contact a lawyer BEFORE doing anything like that. The last thing you need right now is more legal troubles.
Dan Ross
danross@c21-accessamerica.com
(860) 736-1002

Jane - Have you considered selling as a short sale to avoid the foreclosure? Being that you both lost your jobs, you may qualify. Also, you can speak with your lender regarding doing a deed-in-lieu of foreclosure.

Selling the kitchen cabinets, etc., may be considered to be a criminal act, and there are stories of lenders going after owners they have foreclosed on for stripping the house in such a manner. You will want to speak with a local real estate attorney regarding this and also to review all of your options.