I also think you really need to concentrate on finding another job. I know the economy is really tough right now, but you need to be employed to support you and your son.
You can get a rental (apt or home) after a foreclosure or a short sale. The management companies and landlords have loosened their credit requirements due to the current market conditions. I just had a client who had several late payments and was in the foreclosure process. Her house was sold with a short sale and we got her and her family into a rental home. The landlords are looking at individual situations (she could afford a $1,400 rent payment but could not afford a $2,600 mortgage payment).
Good luck and please be strong. You are one of the thousands in this situation right now.
You'll have 4-5 months after the Notice of Default was filed, and about 30 days after the notice of trustee sale. The notices should have been sent to you, or go here http://www.accessclarkcounty.com/depts/Recorder/PublicInform and follow the instructions to find out when these notices were filed if you're not sure. You could also try calling 455-4336 to find out.
At this point I wouldn't continue to make payments on anything. You should absolutely talk to a bankruptcy attorney. You could try a short sale, but at best it will minimize the effect on your credit. Credit is important, but it sounds like right now you've got more important things to take care of.
You WILL be able to rent. You may have fewer choices for a while, but you WILL be able to rent a place. Focus on finding work and staying positive. Don't spend all your money trying to keep up with payments because you'll need it for rent and maybe a larger security deposit.
Talk to a bankruptcy attorney, find any job you can, start with a small apartment or house share, and get ready to start fresh. There's no reason you would lose your son or end up homeless, and there's no reason you can't continue to be an independent proud single mother.
First I want to say I feel for you and please keep your head up. I would first discuss your situation with the lender and see if there are alternative options . You may also want to look into a short sale and this is when the lender will accept less than is owed on the home this can be done to avoid foreclosure. The time you can remain in the home varies from bank to bank some will allow you to stay in it up to and after the auction. Call the bank and see what they say. If you would like to speak to me in confidence please feel free to call .
Read my blog on loan modification.
If there is anything I can do to help you dont hesitate to ask. Im not an attorney however, I may be able to direct you in this difficult situation. I have many clients who have been facing the probability of looming foreclosure and some of my clients have been able to work out a loan modification to fit their needs. Now I realize you are unemployed at this time However, I would still encourage you to call your lender than seek legal counsel from a reputable Attorney.
Wish you the best and keep faith.
Helene M Moore
Is there life after foreclosure?
Foreclosure. The word alone is enough to strike fear into the hearts of most homeowners. Yet due to the mortgage and housing industry implosions more and more people may find themselves facing this extremely difficult situation. If you are one of those people, donâ€™t give up hope! As difficult as this time is, you can take action and repair the damage done to your credit while preparing yourself for home ownership in the future.
The first, and perhaps the most important step to moving on from a foreclosure is just that: move on. Forgive yourself. You cannot carry feelings of guilt and shame with you into your post-foreclosure life. Dwelling on the circumstances surrounding your foreclosure can make it very difficult, if not impossible to move on and form the new habits youâ€™ll need to repair your credit. Think about it. If you are busy beating yourself up how can you move on? How can you notice opportunities for growth and financial advancement? You may be feeling angry, or be overwhelmed with loss. Thatâ€™s to be expected. Just try not to amplify the situation by giving those emotions an indefinite life span. Your foreclosure is a clean slate, an opportunity to start again with the benefit of experience and a few tough lessons learned. But what will you do with the opportunity?
The first step in rebuilding your financial life after foreclosure is taking a good hard look at your income and spending patterns. Track every penny you spend for a month or two. If you have never done this before, it can be very revealing! Once you see where you are spending your hard earned cash, you can correct any imbalances and direct funds where they can make the biggest difference for you and your family. There are many budgeting tools out there, from Quicken to Mint.com, but yours can be as simple as an Excel spreadsheet or a piece of ledger paper! It doesnâ€™t matter what you use, just use something and stick to it.
While you are â€œauditingâ€ your expenditures, you should also be checking into your credit reports. There are three main credit bureaus, Experian, Equifax and TransUnion. In the future, lenders will review the information reported by these companies as they determine if you will receive a loan. However, mistakes pop up on these reports all the time. It is vital to review your reports and fight any misinformation. You donâ€™t need any additional â€œdingsâ€ hindering your path to healthy credit. As a consumer, you are entitled to review each bureauâ€™s report on you for free once a year, and itâ€™s important to review all three because the information can vary from report to report.
Once you have a clear picture of your financial situation, it is incredibly important to maintain your other lines of credit. Make sure you keep all of your accounts up to date as you work toward paying them off. And while it may be tempting to cancel all of your credit cards and move toward a cash only lifestyle, consider keeping a few accounts open so you can immediately begin establishing a positive credit history. If you have had difficulties with late payments in the past, explore the your bankâ€™s bill payment services. Many banks and credit card companies let you schedule your payments in advance, so you donâ€™t have to think about it every month. And if you schedule your payments on payday you can ensure all your bills are attended to immediately.
However, if youâ€™re still feeling overwhelmed by your obligations or an unmanageable financial picture, get thee to a Credit Counselor! These professionals ready and able to help guide you through this process, from negotiating with your creditors and helping you set up a spending plan to preparing you for homeownership once again. Check out the National Foundation for Credit Counseling at nfcc.org for more information.
These strategies will help you regain control of your financial destiny, and move you from crisis to stability and health. Once you find yourself on surer ground, it will be time to start saving and eventually investing. The biggest investment most people make in their lifetimes is the purchase of their homes, so saving up for a down payment is an excellent place to start.
It may be scary thinking about owning a home after all youâ€™ve been through, but donâ€™t loose sight of that goal! You have set up a spending plan and repaired your credit. Home ownership is still an option for you when you are ready for it. A lease to own program may be an excellent option for you, as it allows you to save up your down payment while getting established in a new home. So donâ€™t let fear keep you from moving forward. If youâ€™ve followed these steps you will be well on your way to a second chance with home ownership. Best of luck to you. Itâ€™s time to get started on your life after foreclosure!
You wil have about 30 days from the foreclosure sale however there are some things you can do now to be proactive to help yourself. First call the bank, ask for the home retention team and ask them what they can do to help. Yo can see if you can get a short sale, although you are deep into the foreclosure process, you may not have the time however they may give you time to sell your porperty rather than foreclose, throughthe short sale they would accept less than what you owe allowing you to sell it. Secondly you can ask them about giving them the deed in lieu fo foreclosure and asking if they woould gove you cash for keys, this is when they would pay you say $1500 to move out an dleave the homne in broom clean condition with no damage and you would get 1500 to assist your move. Yes you will be able to find a rental, some may limit your choice of some properties however you wont go homeless. If you talk to the bank you will be able to get some better terms and assistance rather than face eviction from your own home. I wish you luck and hope things improve for you, my thoughts are with you.
There are stages of foreclosure.
* Notice of default - Homeowner has missed several payments and receives this notice from the Lender. Homeowner can try to resolve the delinquency by getting a loan modification, make arrangements to repay what is owed, or try to sell the property as a short sale
* Trustee sale - the property will be sold at auction.
* Foreclosure - if property is not sold at auction, bank will foreclose on the property
If you have missed making payments for 4 months, have you already received a Notice of Default?
You should engage a realtor to go ahead and try to sell your home as a short sale instead of waiting for it to be foreclosed. A short sale will be less of a hit on your credit score than a foreclosure.
If the property will be difficult to sell even at a reduced price, you may also want to look into giving your bank the deed in lieu of foreclosure --- essentially you are deeding the property over to them, without having to go through the more involved process of being foreclosed.This is akin to foreclosure, however, and will have the same effect on your credit rating.
Remember: if you do get a realtor to sell your property at a short sale, it will be the bank who will pay for the costs of selling your property (i..e, commissions). They bank will have to approve the sales price. You are still the owner, and you can sign the offers, but ultimately, it's the bank's decision whether or not they will approve the short sale. You won't pay the commissions, but neither will you get any money out of a short sale.
Another advantage to a short sale --- you can start rebuilding and repairing your credit. It's been known to happen that someone who had a short sale was able to bounce back and buy another house after 2 years. Whereas bankruptcy or foreclosure can be a black mark for 7-10 years. This is why more people are attempting to do a short sale.
When you do hire a realtor, please choose someone who is knowledgeable and experienced about short sales. If you need help finding a realtor in your area, please let me know and I will be happy to look through my network for someone who can help.
Good luck to you.