You may have already concluded all of this, but saw the question and wanted to add my thoughts. Sounds like a very unique situation. As Dan mentioned you may have to wait some time after taking out a mortgage to sell the home. A better plan/option in my opinion would be to have your parents sell the home, and draw up some type of contract between you and them to outline exactly how the process will go and how money will change hands. That way you may be able to avoid the costs associated with "buying" the home, appraisal, loan costs, closing costs, etc. Only to then turn around and sell it again, which will also have additional costs to incur. I would definitely contact an accountant and an attorney to help figure out what the best plan of action would be. If this is something still in the works, I'd be happy to discuss further. I actually live in New Pal.... more
Well, you asked this months ago, but it should stay with the property if it is something is affixed. If not affixed to the property, then you could remove it. Some people will tear up their home when they are losing it, but the ways the tax laws work now, if you tear up the home the bank will get less money for it and you will have to pay taxes on the difference between what the bank gets and what they gave you originally for the loan, so to vandalize your home when you lose it to foreclosure is only like shooting off your own foot, so to speak.... more
If you are just in the beginning of the process- having missed a couple of payments... it should take a number of months before the judgement actually happens. And then, you should still receive prior notice before they would lock it up.
Have you considered doing a 'short-sale'? I could refer you to an agent in your area to discuss this with... would minimize damage to your credit.
I'm sorry to hear about your situation. It's a really tough time right now and a lot of people are in the same situation. If you say that the mortgage company has just now started foreclosure proceedings, then in all likleyhood you have a few months at least before you have to be out. The best thing to do is get in touch with your mortgage company and/or the trustee attorney. I know it's a really bad feeling living in a home that you are not paying for, especially when you don't know how long you will have to find a new place. But, make some calls and direct these questions to the people who are actually making the decisions. Some mortage companies are so backed up right now that the entire process of foreclosure actually takes months. I'm not incouraging you to be a "squatter" but if you can take another month or to to pack your things, save some money and find a suitable place to rent, then at least you have the peace of mind. Your mortage company will eventually serve a trustee's sale notice on your front door. There will be a date set to auction your home. Most of the time, you will have until a few weeks after this to actually vacate. BUT-every company is different. Make sure you contact your mortage company, explain the situation to them, let them know that you have a family and they should give you some kind of a timeframe. Don't be afraid of the "big, bad wolf". At this point you have nothing to lose by communicating with them. I hope this helps. Good luck to you and your family.... more
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