Foreclosure in Lancaster>Question Details

Wdnut, Home Seller in Lancaster, CA

WHat happens if i let my house go into forclosure?

Asked by Wdnut, Lancaster, CA Wed Mar 3, 2010

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Please speak to an attorney, and then call an agent, I can help you through the process and speak to in the privacy of your own home. Please call me and lets go over some options for you to consider.
Kelly Stiefel
Century 21
Yarrow & Assoc
0 votes Thank Flag Link Wed Mar 2, 2011
This may have been answered by someone else already. Please contact an accountant who should be able to tell you of tax related information necessary to understand the whole picture.

Sherry Ferfes
Web Reference:
0 votes Thank Flag Link Sun Mar 21, 2010
Before considering foreclosing your home, pls review the following alternatives to Foreclosure:
2 alternatives are listed below: RETAINING or DISPOSING your home other than foreclosure..

The following options will result in you retaining ownership of your property.

Repayment Plan: This usually involves establishing a schedule with your Lender to make a full regular monthly payment plus a little extra each month, to repay the delinquent amount over a specified period of time.

Special Forbearance Plan: This option may provide for a temporary reduction or suspension of payments, that will be increased at a later point to repay the delinquent amount over a specified period of time.

Mortgage Modification: This option may allow you to refinance the debt and / or extend the term of your existing mortgage loan.

HUD Partial Claim: If your loan is an FHA insured loan, your lender may be able to obtain a one time payment from the FHA-Insurance Fund to bring your mortgage loan current with payments.

Refinance: This option may allow you to use the equity that you have established in your home to pay the delinquent amount. Depending on the interest rate of your new loan, your monthly payments might be reduced. You can explore refinancing with your existing Lender as well as with any Lender of your choice.

Homeowners’ Emergency Mortgage Assistance: This option provides special financial assistance to Pennsylvania residents who are facing the possibility of losing their primary residence through foreclosure. Depending on the Homeowner’s situation, they may be eligible to receive a LOAN to bring their mortgage payments current. Homeowners, depending on their circumstances, may also be eligible to receive financial assistance with their monthly mortgage payment for up to 24 months from the date the mortgage became delinquent.

Options To Dispose Of Your Home: other than foreclosure
In situations where you do not want to retain ownership of the home, the following disposition options may be available as an alternative to Foreclosure. These options affect your credit rating less than a Foreclosure will.

Sell The Home: If there is sufficient equity in the property, you may be able to receive more for your property than what is due on the mortgage loan.

Assumption: With this option, you would sign over the property to another person. That person would then take possession of your home, and take over making the payments.

Pre-Foreclosure Sale: This option may allow you to sell your property for an amount less than what is necessary to pay off your mortgage loan.

Deed In Lieu Of Foreclosure: This option may allow you to voluntarily "give back" the property to your Lender without further damaging your credit.

If you have any questions, please contact me. I can refer you to a great Keller Williams realtor in your area.
Myrna Averia
Lic 01269474
Keller Williams Realty
323 377 6053
0 votes Thank Flag Link Thu Mar 4, 2010
Before considering a foreclosure protect yourself and contact any attorney who specializes in real estate--have you considered a loan modification, short sale, etc--a foreclosure will damage your credit, deficiency judgements may be filed by the lender,etc.--consult with an attorney.
0 votes Thank Flag Link Wed Mar 3, 2010
A foreclosure on your credit is not good, you don't want that to happen. Good news is, there are ways to avoid it. Primarily, you may be able to do a short sale of your home. This can have many benefits to you (contact me for details on this). With an experienced short sale agent, this can be easy to do, and you won't have to do a thing except let your agent handle it for you. I have experience in Lancaster, and may be able to help you out. You'll want to get going on this right away so you can prevent the bank from foreclosing on your home. Please contact me directly so we can discuss further.

Richard Schulman
Keller Williams Real Estate
(310) 482-0173
0 votes Thank Flag Link Wed Mar 3, 2010
First and foremost you should get legal advice from your attorney ASAP. That said, my answer is don't do it! The ramifications of foreclosure are far greater than a short sale. Find an agent that is experienced and trained and has had previous success in short sales and get your home on the market, if you haven't already.
0 votes Thank Flag Link Wed Mar 3, 2010
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