im in my 70's and do not want to pay high cost of morgare and home expenses should i foreclose

Asked by Cheryl, 60559 Sun Apr 10, 2011

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14
Thomas Moser, Agent, East Northport, NY
Thu Aug 7, 2014
I doubt you can be of any help at this point as his question is over three years old.
0 votes
Garrigus Real…, Agent, Redlands, CA
Thu Aug 7, 2014
Please feel free to contact us directly to discuss your personal situation. There may be other options for you that are far less damaging to you then foreclosure.
0 votes
Ray Wright, Agent, Riverside, CA
Mon Nov 11, 2013
I see this is an old post from a few years back. I'm curious. What did you decide to do? I'm sure all of us who posted advice/answers would love an update.
0 votes
Lynn Fashemp…, Agent, Beaumont, CA
Thu Nov 7, 2013
The inventory is very low right now. This may be a good time to put your home on the market, as we are getting multiple offers and homes are selling very quickly.
0 votes
Patricia Flo…, Agent, Yucaipa, CA
Mon Nov 4, 2013
Do not stop making your payments. Consult a local Realtor about your options. You can try to refinance, or perhaps you will qualify to do a short sale if you cannot keep up the payments. The object is to avoid foreclosure.
0 votes
Shelley Dabbs, Agent, Yucaipa, CA
Fri Jun 21, 2013
I wouldnt foreclose on you have other options give me a call and Iwill go over them with you 909-936-4714
0 votes
Garrigus Real…, Agent, Redlands, CA
Thu Jun 20, 2013
Cheryl, this is a personal decision for you. Do the math if its about the money for you. Figure out of keeping it is more expensive than paying rent.
0 votes
Eli Givoni-S…, , Boca Raton, FL
Mon Apr 11, 2011
Hi Cheryl,

You do not need to foreclose to get out. You can do a short sale and keep foreclosure off your credit. We are a professional short sale service and would be happy to explain the process to you. Please call us directly to discuss your specific situation. Our services are FREE to homeowners. We look forward to hearing from you.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com
Serving all 50 states

MARS Disclosure for General Commercial Communications
IMPORTANT NOTICE:
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
0 votes
Jerry Current, Agent, Pasadena, CA
Sun Apr 10, 2011
I cannot believe Justin from FL says there is no moral obligation to pay...pay if you want - or not... That just blows me away! As a real estate "professional" he is undermining the whole fabric of our industry with his first two sentences. By screwig the banks, you are only hurting everyone else getting a loan now. Why do you think FNMA is charging added fees for everyone, even buyers with 740+ fico scores and 20% down have a additional cost now. Banks are not going to lose, they have the money, and those who control the gold make the rules. They will pass along the costs of all these losses and screw with us some more until they get every penny back. I'll be the first to agree that the banks are not helping as they should and could, but without them we will not be closing too many real estate deals. There just aren't enough all cash buyer to go around.
0 votes
Terri Vellios, Agent, Campbell, CA
Sun Apr 10, 2011
Cheryl,
I recommend you make a few phone calls.
1) Call and meet with a real estate attorney.
2) Call and meet with your trusted financial adviser
3) Call and meet with a trusted agent in your area.
4) Call and meet with a Bankruptcy attorney
5) If you have friends or family members you trust, bring one or two of them with you.

Once there is a nearly complete picture of your financial situation, what each of these individuals have provided, you will be in a much better position to make some decisions for yourself. Since were only know this one sentence question you posed there is no way we can give you adequate and quality advice. Yes, you may pay a bit for the advice of attorney's and financial adviser, but in the long run you may save yourself over and above what you spent on their advice.

All the best to you.
Web Reference:  http://terrivellios.com
0 votes
Justin Ruzic…, Agent, Greenville, SC
Sun Apr 10, 2011
Cheryl,
There is no moral obligation to pay. It is your money, who cares about the bank you shouldn't. In fact Wall Street Journal has written many articles on this topic and it is there opinion that if you have lost 25% of your homes value you should get out. NOW, you can definitely short sale the home prior to the actual foreclosure, but you will have to show some sort of financial hardship. If the price of gas reaches $5 gallon and stays there long term would that cause financial hardship? I think being in your 70's your other assets that you may have could be of concern because the bank may be able to chase you for the loses they incur. Interview 3 attorney's ask them how they could protect you in a short sale, don't consider BK, 99% of time you don't need to. I would be willing to bet, if you put your other assets in a Trust, that might be your best line of defense from any debtor coming after you, but I am not an attorney, nor is my advice legal in any manner.
here is my blog on short sales.
http://blog.house-guy.com/2011/02/short-sales-and-foreclosur…
here is link to WSJ article
http://online.wsj.com/article/SB1000142405274870379500457508…
Best of luck.
0 votes
Ray Wright, Agent, Riverside, CA
Sun Apr 10, 2011
My short answer to you is "NO!" If it's at all possible and you can keep up with your payments, then you should. Our economy and real estate market will take much longer to recover as foreclosures continue to occur.

When you purchased your home, you signed a contract, a "promise to pay" agreement with the lender. Perhaps circumstances have changed from when you first signed that agreement. Maybe you've lost a job or a reduction in pay, maybe your interest rate is going up like the contract stated it would and now your payment is too much for you to afford, or maybe you've experienced a death or illness in the family. All these issues and more can affect your ability to keep up with your payments. However, none of them are the lender's fault. Your lender has a right to expect you to keep up with your side of the promise.

If you cannot keep making your payments, than it is your responsibility to do everything you can to keep your home from going into foreclosure. There are numerous alternatives that you can try from a short refi to a loan modification to a short sale. Nearly all of your alternatives are at no cast to you so there's no reason not to try. Your goal is and should be to avoid foreclosure. After all your alternatives have been exhausted and you still face foreclosure, than you have the satisfaction of knowing you tried everything you could.

You can learn more about the alternatives to facing foreclosure by clicking on the following link:

http://www.foreclosurepreventionseminar.com

If I can be of any further assistance, please do not hesitate to let me know.

Ray Wright
Realtor/Certified Pre-Foreclosure Specialist
Keller Williams Realty
951-354-1303
0 votes
Diane Wheatl…, Agent, Upland, CA
Sun Apr 10, 2011
Dear Cheryl, There are some alternatives to foreclosure that you should consider first. First would be a loan modification structured through your lender by making a simple phone call to inquire about what the criteria is to qualify. Reducing your mortgage payment would certainly help you manage the costs of home ownership. If that doesn't work then I would suggest that you consider selling. If you are upside down on the mortgage and have no equity you would opt for a short sale. The lender will forgive the unpaid debt on a first trust deed mortgage if you complete all of the steps necessary to gain a short sale approval. A short sale performed under certain circumstances will not cause you any negative credit issues preventing you from purchasing another home in the near future.

Finally, you may want to consider leasing out the home to help cover the underlying costs until the market improves and you have equity once again.

You have options and need more information on which avenue to take that fits your individual lifestyle. If you have any questions, please feel free to contact me anytime at (909) 815-4499. I'm in Rancho Cucamonga and sell in your area too. Or consult a local real estate professional that you feel comfortable with as well as a tax consultant and real estate attorney to be sure that you are heading the right direction.

Good luck!

Diane Wheatley, Broker
diane@moveupproperties.com
0 votes
Jerry Current, Agent, Pasadena, CA
Sun Apr 10, 2011
No. You should abide by your agreement with your lender to make your contractual monthly mortgage payments. If you cannot afford to continue living in the home, then sell it. If you do not have enough equity, then do a short sale by working with an experienced local agent.
0 votes
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