Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Maria asks…

Owe $600k on house-monthly payment ~$4k. Salary only ~$2500/month. Options aside from foreclosure? Help!?

With current housing market house can probably only be sold for about $400k…

Your Questions About Foreclosures

The Expert answers:

Short sale or foreclosure are your only two options. Neither is terribly attractive, is it?

Salary of $2500 per month is equal to $30,000 per year. That means you should have a mortgage of $60,000 to $90,000 (at most). How you ended up where you are is stunning to me.

Good luck!

Your Questions About Foreclosures

Betty asks…

I want to buy a house, and have a foreclosure on my credit?

I want to buy a home but went through a divorce and the house was foreclosed on.What options do I have? Thank you! Also I live in Texas.

Your Questions About Foreclosures

The Expert answers:

If your credit was good before and has been good since, and this happened more then 2 years ago you should be OK. Plan on paying at least 25% down.

Your Questions About Foreclosures

Mary asks…

will we still owe money if we do a short sale? or foreclosure?we ran out of options with our rental house.?

Your Questions About Foreclosures

The Expert answers:

Since this is investment property, not your home, there is no bail out for you.

If the bank agrees to the short sale you will be OK. But, if they decide to foreclose they will be entitled to recover every dime they gave you, plus the costs of the foreclosure.

Your Questions About Foreclosures

Thomas asks…

I bought a house, and now foreclosure is an option what to do??

I bought a house about 7 months ago with my then fiance. She let after only 1 month and the payment was based on both of our incomes. Now my savings have dwindled to nothing and I have been told I will be layed off in 2 months if I don’t take their job offer in another city. I have had my house for sale for 4 months and no “bites” at all and now I am wondering what would happen if I stop paying and let the bank foreclose? What are my possible options -I cannot afford to keep the house and would like to get out(my company has offered me another job in another city -with a paycut).I have an FHA loan and my ex-fiance is also on the mortgage- what would I be liable for if I just stop paying?I have 2 months left here-should I live “rent free” for those 2 months and build my savings back up a little and let the bank figure out I am not going to pay ? Or should I inform the bank of my intentions?Also what effect on my credit rating will a foreclosure have?I have had excellent credit and have

Your Questions About Foreclosures

The Expert answers:

A foreclosure would be bad for your credit rating. It would take years to recover.
The danger of foreclosure: as I understand it, if the house cannot sell for what you owe on it, the bank comes after you for the difference.
Options: rent the house, to pay the mortgage, and move to the other city with your company.

Your Questions About Foreclosures

James asks…

I am upside down 100k on the house, if i foreclose my home what happens? what are my options?

Live in So CA, and work needs me to 8 hours up north.

Is foreclosure my only option?
Is the house the only thing i lose and ruin my credit if i foreclose on the house?

I took money from the house to buy stuff when it was valued higher,
I have a piece of land i bought using money from the house, can i keep this? or anything else i used money from the house ie cars.

I have about 3 months until i have to move, should i just stop paying for the house, or is there any reason to keep payments current? I havent had any late payments.

Your Questions About Foreclosures

The Expert answers:

I hope the government doesn’t do anything to help people like you that squandered the money in your house. Anyone that took money out of their house should NOT qualify for help. You will owe the bank $100K. They probably know that you took the money out to buy things and will NOT let you do a short sale.

Powered by Yahoo! Answers

Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures

Your Questions About Foreclosures

Your Questions About Foreclosures