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07-18-2007, 11:08 PM
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No point if you dont care !!
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07-19-2007, 04:53 AM
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If foreclosure proceedings begin then you'll have to pay for the bank's lawyer, isn't that awful! So here's the deal, the bank tells you you owe them, then they tell you again and say that now you owe the full amount + highest interest NOW, then they lawyer up and force you out. If you call them and work out a deal you can pay the over due + lawyer fees in installments over a certain amount of time you guys work out together then at the end of that it's dismissed and you go back to regular payments, no foreclosure. BUT if you don't work with them they take your place, auction it off and you have to pay the remaining balance! Usually they figure out you can't pay the balance and write it off as a bad debt, but THAT goes on your record too!!! Stinks huh?! No, you don't have to hire a lawyer, you don't have to do anything really, but be aware that the foreclosure will stay on your credit report for an average of no less than 7 years! It'll make it hard for you to buy or get credit for anything else, so if there's any reason to hang on to the property you might be better off working out a deal with the bank, paying until you're out of foreclosure's way, then selling for whatever you can get for the place. Hope that helps at least a little!
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07-19-2007, 06:09 AM
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Hiring a lawyer probably will not help you. You are going to lose the house if you do not catch up the payments. Why pay a lawyer more money? Once the foreclosure goes through you will owe enough to the mortgage company. I do not understand what you expect a lawyer to do for you?
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07-26-2007, 10:44 AM
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If you do not care to keep the home, talk to someone about doing a short sale. The debt will show satisfied and settled on your credit and you will not have a foreclosure on your credit or in the public records (both matter, often over looked by people).
Interview a hand full or more of agents who claim to be "short sale" experts. Ask them to see an MLS print out of the short sales they negotiated. Ask pointed questions about doing short sales. Ask a CPA about tax implications if you have any concerns. More often than not all the warnings you hear about deficiency judgments and tax consequences just never come to pass because the bank just ends up throwing good money after bad to try and collect from someone who couldnt pay their mortgage payment, the proverbial 'blood from a turnip' if you will. |
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07-26-2007, 01:24 PM
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They will just 1099 you for earned income so there will be tax implications, very seldom hear about deficiency judgments
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07-26-2007, 01:30 PM
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yeah, and even then I was told recently that there is a form you can file with your taxes to get that 1099 abated if its related to a short sale. Ill post more when I have the info from my CPA.
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