My husband lost his job and we now can't afford the mortgage. Our home has lost value and we are being told
that we can only sell for no more than $299,000 at most, we owe $287,000 so after paying a realtor I'm sure we will owe. We need to make some money to move. We are going to foreclose and hope to bank what we can make a month to put away. I have 2 questions - If we can make one months payment and miss 2 after that but can make the next months but miss the next, are we in the foreclosure process because we have missed 3 payments or 4 payments but not consecutively?
Once a person forecloses are they ever able to buy a home again .. and if just one spouses credit has the foreclose and not the other, will that person be able to buy a home if there name was not on the mortgage but on the deed?
The site below may provide answers to your questions on short sales, foreclosures, and bank owned homes. Good luck.
Cathy - A bank typically will notify an owner and inform them of foreclosure, have you recieved that notice yet? My advice to you would be to contact your bank, and see if you can work out putting the missed payments on the end of the loan, or seek a loan modification/renegotiation... doing nothing is the worst thing to do, being proactive and speaking with the bank is a great start.
Foreclosure does ding the credit pretty badly, but it does not necessarily mean you can't ever buy a home, a short sale is easier to recover from, that is where the bank will accept less than what is owed. I always advise people to speak with their attorney on these matters.
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