Foreclosure in Brooksville>Question Details

No Name, Home Seller in Brooksville, FL

I'm having a baby soon and will lose about 1/2 my salary by going part-time. I have a second home and know I

Asked by No Name, Brooksville, FL Wed Aug 20, 2008

won't be able to afford the mortgage. What happens if I just let it foreclose now without having current evidence of financial hardship?

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5
Carrie, I don't agree with Myke, no disrespect to her, but you can definitely attempt to do a short sale without being 2 months behind, I have seen it happen. You must be able to prove your current or very near future hardship. I would be happy to help with a short sale but would rather, first to speak with you about a loan modification, if you think it is possible to afford the property if the payment is lower. You can definitely save a good portion of your credit with a short sale, but not with a foreclosure, although neither is good for your credit. They say that your credit will take about an 80 point hit from your first 30 day late on your mortgage and an additional 40 points for a 60 day late. We aren't even sure you will have a short sale, as you didn't mention what you owe to what you think it is worth. Feel free to contact me to further discuss. Thanks
Mike Ceparano, 813-417-6698
ceppym@yahoo.com
1 vote Thank Flag Link Wed Aug 20, 2008
Maybe your boyfriend or husband can help out with the costs. Maybe you can rent the second home. You should avoid foreclosure, it really ruins your credit rating.
0 votes Thank Flag Link Thu Aug 21, 2008
Mike & Carrie,

I know the neighborhood, I've sold several homes there. If you in fact owe $260,000 on the home, your property is (roughly, and without having seen it in person) worth $80,000 - $100,000 less than what you owe. Talk with your bank, try and work something out. There are other options available as well, but I suggest you start there.

Best of luck, and if I can help I'm a phone call or email away.

Thanks,

-Josh
0 votes Thank Flag Link Wed Aug 20, 2008
Hi Carrie, just keep in mind that in order to short sale the property you must be at least two months behind on your payments, probably before they will even discuss short sale with you. In a short sale they agree to sell the house for less than your mortgage--they lose money in this deal. Being two months behind in your mortgage payment will in fact destroy your credit too. so, either way, regardless of financial hardship, your credit will be destroyed if you go either to a short sale or a foreclosure. You might consult an accountant or a real estate attorney for further recommendations. I hope this helps you.
Web Reference: http://www.MykeTriebold.com
0 votes Thank Flag Link Wed Aug 20, 2008
Hi Carrie, I answered your other post on this subject as well...a foreclosure will affect your credit score regardless of financial hardships. I would recommend you speak with your bank and ask to speak with their loss mitigation department. Explain your situation and see if they can work something out with you. If they recommend you short-sell the property, please feel free to contact me at http://www.HernandoLuxuryHomes.com - I'd be happy to help however I can.

Thanks,

-Josh
0 votes Thank Flag Link Wed Aug 20, 2008
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