help, forclosure?

[need info]

What is the name of your state? KY

I currently have a home with a first mortgage and a home equity mortage. The balance of both loans are approximately equal to the home appraisal price. Now, I have had the home up for sale for about 6 months with no offers as of yet. I recently recived a disability retirement and wish to move closer to my children which is 1000 miles from where I currently reside. Question: If I allow my home to forclose, how will this affect my credit rating and other assets, i.e. automobile, disability retirement income, etc. Can they gardish my disability for payment or take the few assets I have accumulated? I currently have an outstanding credit rating and have worked all my life, however, my recent health problems have turned my life upside down.

 

[Ciarraine]

What is the name of your state? KY

I currently have a home with a first mortgage and a home equity mortage. The balance of both loans are approximately equal to the home appraisal price. Now, I have had the home up for sale for about 6 months with no offers as of yet. I recently recived a disability retirement and wish to move closer to my children which is 1000 miles from where I currently reside. Question: If I allow my home to forclose, how will this affect my credit rating and other assets, i.e. automobile, disability retirement income, etc. Can they gardish my disability for payment or take the few assets I have accumulated? I currently have an outstanding credit rating and have worked all my life, however, my recent health problems have turned my life upside down.

Foreclosure is possibly the worst thing that can happen to your credit, right up there with bankruptcy, and takes years and years to recover from. Visit myfico.com for an idea of how foreclosure impacts a credit score.

If you can avoid the foreclosure, do. See if you can work some sort of hardship situation out with your lender. If you had to sell at a loss, that's probably better long-range than a foreclosure.

Good luck with your health.

 

[jseamless]

Your best bet will be to call your lenders and explain your situation. See if you can work out a forbearance agreement or a loan modification (sometimes they can roll your late fees into the mtg balance).

Explain to them your hardships. Also point out that it is in there best interest not to foreclose because there is no equity. It is hard and frustrating but you must fight to keep your home.

 

[foreclosurehelp]

What is the name of your state? KY

I currently have a home with a first mortgage and a home equity mortage. The balance of both loans are approximately equal to the home appraisal price. Now, I have had the home up for sale for about 6 months with no offers as of yet. I recently recived a disability retirement and wish to move closer to my children which is 1000 miles from where I currently reside. Question: If I allow my home to forclose, how will this affect my credit rating and other assets, i.e. automobile, disability retirement income, etc. Can they gardish my disability for payment or take the few assets I have accumulated? I currently have an outstanding credit rating and have worked all my life, however, my recent health problems have turned my life upside down.

One option that homeowners in your situation have is to work with the lender and do what is called a short sale. A short sale will allow you to sell your home for less than what is owed on it. At this time due to the number of foreclosures across the country and the inventory that banks have they are pretty willing to do this if you can prove your case. It costs them a lot less to sell the home at a loss than it does to foreclose upon the property.

As others have said you don't want a foreclosure on your record. One thing that you have to be careful of however is that you make sure your lender will waive any deficiency amounts. This will protect you fromthem coming after you for the difference in what is owed and what it is sold for.

The first step you should take is to call you lender and ask to speak with the loss mitigation department. Once you speak with them you will want to ask for a short sale package. This will provide you the package of required information that is needed by your lender to consider a short sale.

My company is based in Colorado but we help people from all over the country with forebarence, work-out loan modifications and short sales. If you would like assistance you can contact me at foreclosurehelp@wanthouse.net and I can assist you through this process.

Good luck and God Bless
Stefanie Blackburn
www.wanthouse.net
foreclosurehelp@wanthouse.net