We are 6 months behind on our morgage, which is $1,100 a month. I am a single parent who is a full time student, my dad lives with me and we live off his $3,000 a month. I recently got divorsed and the house was left to me. I tried to get my morgage company to work with me when I was behind 2 months, but they wouldn’t. I was willing to pay off what we owed in payments, but they would only accept the full amount, which I just couldnt do and thats how I got into this whole mess. We cannot afford the house anymore and I really don’t want to mess up my credit with a foreclosure. I have looked into some places who will buy your house from you with the offer they make to you, but I don’t know if I should do that. Should I try to sell my house by myself? I cannot afford a agent to sell it for me and I also need to sell it fast. My ex-husband had kept the letters from the morgage company from me and I didn’t know that we had until the end of febuary until my house goes up for auction. Help!
Should I Let My Home Go Into Foreclosure?
16
Sep
Ash
September 16, 2009 at 7:36 pm
No, try to sell it and you might even get some money out of the deal, save your credit, and have some cash to go and rent a place until you get back on your feet.
dwanzor
September 16, 2009 at 7:46 pm
You need to talk with a Realtor, mortgage broker, title company and possibly an attorney. Allow them to guide you. There are many people out there who will help you.
Whether you can or should sell, at least in my humble opinion, will be almost completely dictated by the equity you have in your house. Just in case, equity is the amount you sell it for or its value minus the mortgage you owe.
Equity = Value (via sale in your case) – Mortgage
If there is not much difference, it will be difficult to sell it, but you may be able to do a short sale through your lender. Again, a Realtor, mortgage broker, title company and attorney may all need to be involved in order for you to get some help.
If you have a ton of equity you really want to try and sell it yourself or do a foreclosure refinance to give you time to resell it. This WILL cost you money, but it may also be your best bet to get out any money you have in it.
Best of luck and post more or e-mail me if you have further questions.
Regards,
Joe…
Joe K
September 16, 2009 at 8:26 pm
Six months behind in your payments…..Your credit is dead……..
Realtor ONLY get paid @ settlement. It may be best to walk away with something then nothing. Sue you Ex for damages..
ron d
September 16, 2009 at 8:27 pm
If you can sell the house for the mortgage balance NOW you can at least save your credit..If you give the property up to the bank, now, it to will help save your credit.If the house sells at auction for what you owe plus legal, and auctioneers expenses, you will be in fair condition. If it sells for less you will owe the balance to the bank I believe.If you live in the Springfield, Ma. area contact me and I might be of some help…I am looking to move in that direction..
buzzwalt
September 16, 2009 at 8:27 pm
You do not pay a real estate agent up front -
They only get paid when the sale happens & they collect from that transaction.
Get an agent now and get it sold ASAP , as you have only a few weeks to close , or the credit tanks.
Start calling several tomorrow and tell them the issue that it needs to move in the next few weeks . . . hopefully you can find one that can move it.