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Foreclosure in 01752 : Real Estate Advice

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  • Local Info3
  • Home Buying12
  • Home Selling2
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Activity 3
Sun Jul 11, 2010
Brenda Rogers answered:
It depends on the bank, your relationship with them, or your mortgage holder. We lost properties when the economy crashed 3 years ago. We vacated the property right away and moved into another home we owned outright, but it took a little over a year for them to complete the process and then we ended up just signing the house back to the bank without foreclosure. So we could have saved ourselves the headache of moving during the winter and having to find storage etc...

If you havn't tried to sell it yet, the bank may have other options for you so that your credit doesn't get messed up! Good Luck, the process is stressful and not very much fun!
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Mon May 17, 2010
Gary Mast answered:
In no particular order, you can declare bankrupcy, stop paying your mortgage & allow property to go to forclosure, you can give the Lender a deed in lieu of forclosure, or do a short sale. Once you stop making mortgage payments you will get your Lender's attention. Then you might be able to work a mortage modification. You should be able to work a modification without starting down the road of default, but the said truth is many Lenders are swamped and until default starts they don't pay attention or are not receptivie to your requests for modification. You did not say, but I am assuming you wish to remain in the property, in which case a morftage modification is the best way to go. I hope this is some help to you. ... more
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Fri May 14, 2010
Alan Strange answered:
Going through a foreclosure can be a devasting event. Aside from the ethical issues involved in letting go of an obligation we put our names to it's wreaks havoc on many aspects of your life. A few major things to consider is the affect on your credit. It's unlikely that another mortgage company will lend you money to buy another house for seven years. Throughout the process of foreclosure you will be constantly contacted by the lender for payment. When they take back the house and sell it again there will be a difference in the amount they loaned and what they got for it. That difference in CO can be filed as a deficiency judgement against the previous owner. These are just a few things you'll be looking at.

Some alternatives to foreclosure: contact the lender and explain your thoughts, see about a modification, ask about a short sale. Try to think of different routes than foreclosure. Good luck to you.
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