Also would we be responsible for any missed mortgage payments?
A Minimum of 3-4 months you have several options at this point you need to decide if you want the house or not!!
If you do not want to keep it you can choose one of the following options:
1. Short Sale – sell the property for less then what you owe(least impact on your credit)
2. Deed in Lieu of foreclosure – Contact the mortgage company and arrange to give the house back
3. Foreclosure – let them sell the property on the courthouse steps at high noon – in this case the mortgage company may pay you up to $2,000 to leave. The process takes a minimum of 3-4 months or longer.
( I have a relative who has not paid her mortgage since last July and is now modifying going from 10% to 5% it)
If you want to keep your home I suggest you take advantage of a modification!!
please contact me if you have any additional questions!!
Depends on what state you live in and what the foreclosure laws area. Google your state foreclosure laws.
References :
A Minimum of 3-4 months you have several options at this point you need to decide if you want the house or not!!
If you do not want to keep it you can choose one of the following options:
1. Short Sale – sell the property for less then what you owe(least impact on your credit)
2. Deed in Lieu of foreclosure – Contact the mortgage company and arrange to give the house back
3. Foreclosure – let them sell the property on the courthouse steps at high noon – in this case the mortgage company may pay you up to $2,000 to leave. The process takes a minimum of 3-4 months or longer.
( I have a relative who has not paid her mortgage since last July and is now modifying going from 10% to 5% it)
If you want to keep your home I suggest you take advantage of a modification!!
please contact me if you have any additional questions!!
References :
I am a Realtor!!
If you are current on the loan as of today, typically the foreclosure process takes 6 months.
References :
. . . check out all your opportunities and options rather than believing only giving up will work. . . .letting house go in foreclosure will ruin your credit for next decade. . . .
Depends on how pro-active your lender is in moving after you–6 mos
References :
real estate attorney