Foreclosure in Rockford>Question Details

Duke37, Renter in Rockford, IL

Our attempt to short sale resulted in foreclosure. What do we do next?

Asked by Duke37, Rockford, IL Thu Jan 19, 2012

A realtor professing to be a short sale expert forwarded our paperwork to an attorney which died months later (unknown to us until nearly nine months after applying). We then reapplied for a short sale refilling the paperwork out all over again. One year after the first attempt, the mortgage company contacted us refusing the short sale and now the status is foreclosure.

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On a postive note, you have the money you did not pay on your monthly mortgage payment. Twelve months of unpaid mortgage payments would be a nice sum of money I would think. The bank held out for a year before foreclosing and it could be longer---not bad. If the bank purchases the property back in foreclosure you will probably receive money with a "cash and key" deal from the bank as well. Within 3-5 years you'll be able to rebuild your credit and probably buy another home.

In real estate there are those who do their job very well and others who do not. Those I've met who do a great job will never refer to themselves as experts or specialists. Similar, if a person feels the need to tell you they are honest you got to wonder, are they really? Good luck to you!
0 votes Thank Flag Link Thu Jan 19, 2012
That is unfortunate, but you are certainly not alone! After the foreclosure is over and the mortgage company has taken your house, make sure you pay all your bills on time or better. Work on rebuilding your credit rating. It's not the end of the world and owning a home is not "life or death". Continue to rent and build your credit and be a responsible citizen. If you wish to buy a home in the future, you should be able to buy in three to five years with spotless credit since the foreclosure.

Dick Eckburg
0 votes Thank Flag Link Thu Jan 19, 2012
Contact the bank directly to see if you can sort things out.
Web Reference:
0 votes Thank Flag Link Thu Jan 19, 2012
Evidently, not having enough money to pay the Mortgage is not considered a "Hardship".
So, the next step will be the foreclosure.
This could take from a month to 12 months:
You will receive a notice of Trustee Sale at which time, either the house will be auctioned to a 3rd party, or the Bank will officially foreclose.
You would then be contacted by an Agent who will offer you Moving Money to move within 30 days and do no harm to the house. You will then know your moving date.

Good luck and may God bless
0 votes Thank Flag Link Thu Jan 19, 2012
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