my husband and i are getting a divorce, i moved out of our house, our main residence, and we have a vacation

Asked by Roechelle, Wisconsin Tue Apr 28, 2009

home north that he stoped paying on, he said it is going into forclosure. now i got a letter from a attorney saying they have been retained to collect the debt, what can i expect next? how is this going to effect me and is there anything i can do?

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Bill Eckler, Agent, Venice, FL
Tue May 5, 2009
Roechelle,

It is not the best time to set back and wait for things to come to you..............

As previously mentioned, it is advisable to consult an attorney to protect your interests and develop a plan of your own.

Good luck
1 vote
Keith Manson-…, , Milwaukee, WI
Tue Apr 28, 2009
You should get an attorney to assist you. If you name is on the note and mortage you have a issue and there is no way anyone will let you off the note. If you received a notice from the foreclosing attorney it should of given you 20 - 30 days to respond to the complaint. If there is no response a summary judgement will be entered and if the lender does not go for a deficeincy there will be 6 months redemption under normal circumstances and then a foreclosure sale date. About 2-3 weeks after the sale there will be a confirmation of the foreclosure sale.

Contact your lender for your options: modification, repay plan, sale of property, short sale of property, foreclosure or deed in lieu. Maybe even a refinance to get his or your name off the note.

A foreclosure will have a 2-300 point drop in your credit score and will be on your report for 7 years and will hinder you purchasing a property for 5 years. It will also effect purchases of other things that require credit. It is very important to research and address this issue.


Keith Manson
First Weber Group
Certified Distressed Property Expert
Greenfield, Wisconin
1 vote
Bryan Furse, Agent, Atlanta, GA
Tue Apr 28, 2009
Listen to Keith Sorem! That is absolutely the best advice here. Get a lawyer.

I would only add to this that you do have some options, but mostly it's a tough situation and you must approach it VERY carefully. DO NOT TAKE THIS LIGHTLY! THIS CAN affect you for MANY YEARS to come! Your credit could be indefinitely affected and it could really cause you some unending grief if you don't take action IMMEDIATELY!
1 vote
Keith Sorem, Agent, Glendale, CA
Tue Apr 28, 2009
R
Talk with your attorney. This is a time for competent legal advice, not asking questions on Trulia.

You need advise from a professional that knows the full facts of the case.

Good luck.
1 vote
Martin Macis…, Agent, South Portland, ME
Tue Jul 7, 2009
You should file the answer Pro Se if you do not find an attorney. This is perfectly legal and acceptable. A foreclosure can not only affect your credit but also a Deficiency Jugement may be rendered for additional monies owed after auction.

Have you tried a Short sale?
0 votes
Brenda W. St…, , Keystone Heights, FL
Wed May 6, 2009
Wow, I totally agree with Bill's questioning of professionalism, although sanity is what I was considering might be lacking here... I was wondering what language that is, then I remembered that there are some things that are legal in CA that are not in FL... this may be the reason for the nonsense and babbling.
0 votes
Bill Eckler, Agent, Venice, FL
Wed May 6, 2009
John,

The post in question is not very professional for an "agent??????" We have reported the answer to Trulia for their review and recommend that others do the same.....................
0 votes
John Bennett, Agent, Orlando, FL
Tue May 5, 2009
Thanks to Bill, I was wondering how to answer our West Coast friend, and you did it well.


John
0 votes
John Bennett, Agent, Orlando, FL
Tue Apr 28, 2009
YEP!!!!

FIND YOU A GOOD ATTORNEY!

NOW!!!

thumbS UP TO KIETH AND BRYAN
0 votes
blaison samu…, Agent, Santa Clara, CA
Tue Apr 28, 2009
Roechelle,

You need to contact your attorney to show those letters. Most probably, if you have just missed the payment and it's not foreclosed, it might be NOD(notice of default) letter. If you are getting divorce then that's one of the hardship to do short sale. You need to contact an experienced realtor who can do short sale before it forecloses. Short sale will affect your credit but not as foreclosure. Contact your CPA for any tax ramifications.

Take some action now to protect from foreclosure, but be aware of all scammers out there who wants to take advantage or giving wrong advices. You need to contact only professionals like attorney, CPA or realtor who is experienced in short sale. Check some referral before working with anyone.
0 votes
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