Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Sandra asks…

What options are available in order to avoid foreclosure on a house?

Are there any government programs available to assist a homeowner from losing his/her house to foreclosure?

Your Questions About Foreclosures

The Expert answers:

Here is a link to a Government website, which has links for foreclosure help resources in every State. I would stick to links, programs and assistance you find through this source, as there are many, many scams out there taking advantage of homeowners facing foreclosure. Be very wary of any company offering solutions that sound too good to be true. Good Luck!

Your Questions About Foreclosures

Linda asks…

I live in Sparks Nevada, my house soon to go into foreclosure, what are the laws and my options?

Should I let the house go into foreclosure or should I do a bankruptcy? I don’t want to owe the IRS. Please help me!

Your Questions About Foreclosures

The Expert answers:

The bankruptcy will only delay the foreclosure, it won’t prevent it. If you allow the house to go to foreclosure, the bank can still come after you for the deficiency. If it decides to write it off, it may consider it income to you and give you a 1099 form.

Foreclosure will affect your credit (as will bankruptcy). Talk to the bank and see if you can do a short sale (you’d still owe the IRS).

Your Questions About Foreclosures

Thomas asks…

foreclosure, auctioning our house (options?)?

hubby lost his job, we went into foreclosure, tried to short-sell, but no luck. They are auctioning the house soon, we just moved out. Hubby went back to work making less than half what he did. Now being told utilities are our responsibility until we can prove the bank owns it, but we don’t live there any more. We are living paycheck to paycheck. Live in Snohomish County Washington. Thinking of claiming bankruptcy. Advice?

Your Questions About Foreclosures

The Expert answers:

Utilities are your responsibility until you no longer own the house (or call to have them shut off – why don’t you cancel them all).

Your credit will be trashed enough, but wait until the foreclosure goes through. See if the bank pursues a judgment against you or if they just issue you a 1099. If they issue the 1099, you won’t have to declare bankruptcy.

Your credit will suck for a good 4-5 years though.

Good luck!

Your Questions About Foreclosures

George asks…

Walk away? Foreclosure… Any other options? House in GA I had to move to AL House unoccupied?

Okay, so I used to live in GA, bought a house in 2007 no money down. price was 158,000. 2 Mortgages… I had a job change and ended up in Alabama. I make decent money but it is a financial burden to pay rent and a mortgage. I am considering walking away from a house I am not living in I hate to do this.

I have called a financial advisor and he advice foreclosure, short sale or deed in lieu.. I briefly talked to the bank and they might accept the Short S. and Deed in L. But I talked to someone probably not in a decision making position so I must talk to the bank again.

The plan could be walk away, then file for Chapter 13 to repay the debt. But this way I keep my head straight and live a happy life house free. House prices have declined 20% I am unable to sell and looking at a loss of $20k in 6 months… if I foreclose or do a deed in L. or whateverv else and file chapter 13 that might be better off.. considering that in a yr. the debdt. will be 30k, and 20k per year after that.

Your Questions About Foreclosures

The Expert answers:

Is renting the property an option? That way you can use the rent to cover the mortgage and sell the house when values come up (hopefully).

Your Questions About Foreclosures

Lisa asks…

Is it good to let someone take over payments on my house or is foreclosure better option?

Someone is going to buy my house on contract, meaning they are taking over payments and will own the house, the house is still in my name. A contract will be made up and they will agree to make payment until they can refinance and put the loan in their name. Is it better to do this than foreclosure?

Your Questions About Foreclosures

The Expert answers:

On the surface these always look like good ideas but……

On the sellers side..
You are liable for the mortgage, they buyers could simply not pay or worse yet sub rent it to someone else. They could cause code enforcement issues, destroy the home and you would be the one to clean up the mess plus lawyers fees and could take up to a year to get them out while they go on free living.

On the buyers side..
You could declare bankruptcy and they get put on the street. You could be collecting the payments and pocking the money and the home goes into foreclosure. You could get a judgment against you and it is attached to the property.

Very, very rarely do any of these agreements ever work out to the end. It always works out very badly for the seller, the buyer or both. But lawyers are always happy about them. Even if you have to take money out of your pocket to do a traditional closing your liability ends then and you can move on with your new life without fear and concerns about the past.

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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