They are about to start foreclosurer on our house. What will happen? How long do we have to live there? Will they garnish our wages??

Asked by Help59, 48180 Tue Oct 19, 2010

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8
Jayne Dean, , Flat Rock, MI
Thu Jul 19, 2012
They will post something on your door telling you how long you have. As fair as your pay. They can. If you are not going to short sale your home. You need to get a Lawer advice.
0 votes
Scott Godzyk, Agent, Manchester, NH
Thu Jul 19, 2012
The specific time will depend on yoru state laws. first they can not just garnish your wages. If it gets foreclsoed and there is a balance they could seek to recover the loss but that is a ways off. Your best bet may be to list with an expereinced short sale agent who can hold off foreclsoure and negotiate a sale where you owe nothing after the sale. You may want to consult an attorney for yoru rights.
0 votes
Richard John…, , Canton, MI
Sat Nov 6, 2010
Hello,

You may qualify for the new government loan modification program H.A.M.P & be able to STAY in your home.

If you do not qualify for hamp you may qualify for the government short sale program H.A.F.A. and your lender may actually give you up to $3,000 relocation assistance upon completion of the short sale.

If you do not qualify for either we can still sell your home on a short sale which does much less damage to your credit.

Contact me today to discuss your situation.
P.S. I grew up & currently live in taylor so I am very farmiliar with this market.


Rick Johnson (SFR)
Century 21 Premier
Direct: 734-446-4386
Rick.Johnson@century21.com
0 votes
Bob Movin-On, , Hartford, CT
Wed Oct 20, 2010
You need to avoid foreclosure at all costs it is a life changing event.
Please be advised short sale and deed-in-lieu-of-foreclosure are forms of foreclosure, yes full blown foreclosure is much worst and these avenues shorting your time out of the mortgage and real estate markets but they do have ramification that will keep you out of the credit market for a long time to come.
What you need to do is CALL YOUR BANK, explain your situation and start working on a solution there are many out there. Believe it or not banks do not want to foreclose. Also being proactive will help you if your case gets before a judge.

Ramifications of Foreclosure, Short Sale or Deed-in-lieu-of Foreclosure

Here are some of the ramifications of foreclosure, short sale or deed-in-lieu-of-foreclosure, there are many more like; insurance rates, your job (yes employers are checking credit records these days).

Your credit score will be reduced by 200-400 points, short sale and deed-in-lieu-of a little less 100-200 points.

All forms of foreclosure stay on your credit report for 10 years.

After you have gone through foreclosure, short sale or deed-in-lieu-of-foreclosure there will be what is known as the "waiting period", this period of time varies for each and can be reduced if you had some type of extenuating circumstances that caused the foreclosure:
Waiting Periods to Buy After Foreclosure – “YES” Short Sale and Deed-in-lieu-of are forms of foreclosure
• Buying after a Walk Away Foreclosure
The waiting period is 7 years
• Buying after a Foreclosure
The waiting period is 5 years with 20% deposit up to 7 years.
• Buying after a Foreclosure with Extenuating Circumstances
The waiting period is 3 years with 10% deposit up to 7 years.
• Buying after a Deed-in-Lieu-of Foreclosure
The waiting period is 2 years with 20% deposit, 4 years with 10% deposit up to 7 years.
• Buying after a Deed-in-Lieu-of Foreclosure with Extenuating Circumstances
The waiting period is 2 years with 10% deposit.
• Buying after a Short Sale
The waiting period is 2 years with 20% deposit, 4 years with 10% deposit up to 7 years.
• Buying after a Short Sale with Extenuating Circumstances
The waiting period is 2 years with 10% deposit.

In addition to the waiting period and minimum down payment, you will be required to have a minimum FICO score and the home purchase must also be the principal place of residence, not a rental nor a vacation home.

Lastly, most loan applications will ask the dreaded question "Have you ever been foreclosed on?" this stays with you for life, many think that because it will not show up on the credit report after 10 years they can answer "no", well lying on a loan application is a felony that carries a major jail term, so be aware.

Good Luck
Bob Patrick
Buy a home after foreclosure, short sale, deed-in-lieu-of or bankruptcy expert
0 votes
Michael Warr…, , Novi, MI
Tue Oct 19, 2010
Hi

General time guidelines

In the state of Michigan, if the house is the owners principal residence the owner is sent a notice of default or mortgage workout. If they contact the lender/designated agent stated in the notice within 14 days of receiving the notice they have 90 days to work out a loan modification agreement. If they are unable to work out an agreement the lender may advertise the sheriff sale (90 days after the mortgage workout notice if lender is contacted or 30 days if they do not contact lender). If it is not their principal residence then they can advertise the Sheriff sale. The Sheriff sale is advertised for 4 weeks. Once the Sheriff sale/ Auction takes place the owner can still live in the house for 6 months after the sale and can redeem (retain ownership) if they can pay the amount bid at the sheriff sale (plus interest & fees) during that period. It may be in your best interest to try a short sale, should still have time. Call or email if you have any questions or to discuss your situation.

Sincerely,

Mike Warren, CDPE, SFR
Keller Williams Realty
734-634-5868
email: mikewarren@kw.com
0 votes
Derek Bauer, Agent, South Lyon, MI
Tue Oct 19, 2010
Hello, homeowner. There are not cut-and-dry answers to these questions, as the answer to one depends on many factors and the answers of others.

My team and I specialize in helping homeowners out of foreclosure ... and no, we don't charge a bunch of up-front money to do so.

We sit down with you, analyze the situation, and outline your options and our likelihood of success to complete a short sale. YES, a short sale can still be accomplished AFTER the Sheriff sale, and we are working on a number of those now.

If you would like to discuss this with me further, please email Derek@DoorToDreams.com, contact me through my Trulia profile, or call me direct at 734.678.4745. We take very seriously the job of guiding homeowners responsibly.

Looking forward to hearing from you.
Web Reference:  http://DoorToDreams.com
0 votes
Dave Griswol…, Agent, Bridgewater, NJ
Tue Oct 19, 2010
HI Help, We can only answer for N.J however much should apply in your state as well. Get a Great not Good but a Great Lawyer who practice area is mostly real estate. Second whatever the bank tells you when they call about leaving Do not leave. Now if you want to leave thats another matter however it sounds like you want to stay in your home so Fight, prehaps a mortgage mod. these days so we've been told its a bit easier than a year ago. Not that it's simple it involves alot of paperwork to do it. Again we highly suggest a Lawyer and stay where you are.

All the Best

Dave & Lisa
Web Reference:  http://www.urhomerealty.net
0 votes
James Irey, Agent, Taylor, MI
Tue Oct 19, 2010
Depends on how far along in the foreclousre process that you are. Once home goes to sherriff sale you have six months to redeem.
0 votes
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