What happens if you stop paying your mortgage? How long until eviction? Better to try to sell? What does it do to your credit?

...nothing to loose. If a bank makes a loan at 6% with nothing down for $600,000 and the house is now valued at $440,000 and you don't make much money and should never have actually qualified for the home, then why would you not want to walk away from the loan the banks should never have granted in the first place? $600,000 at 6% fixed is $3,597 plus taxes per month. Lets say the couple can rent the same home for $1,500 per month, and they see no reason their home now valued at $440,000 will rise back to the $600,000 valuation for at least 3-6 years. (This scenario could be typical in the larger outlying San Francisco Bay Area) I would walk away with a smile on my face - they gave me a chance to have a leveraged gain and it did not work out, now they can have it back - see ya - thanks for the free chance! Why are we so interested in bailing out the banks? The current foreclosure rates are not due to predatory lenders, they are due to no lending laws - this is a case for oversight and regulation.

I was wondering does this mean it has sold. It was contract pending the other day. So I am presuming this means it closed. Does anyone know what this means. Thank you for any help you can give me. We were the back up bidder.

My sister is in the process of modifying her mortgage - she has been approved and has been making the modified payment. However, she was told her modification would not become permanent for 90 days, at which time she would be notified of a decision by the lender. To complicate matters her house is due to be sold at a Trustee's sale on March 11. The lender has been taking her payments, can they still go through with the foreclosure? Or will it be at least stalled pending the final notification? We live in California if that helps. I am very worried she will not have a home next week. She made her first payment about a month ago. CORRECTION: 1st payment is not due until April 1st. Since this is obviously after the date of the Trustee sale, does that mean she is in the clear? At least for the time being?

My Man and his mother, and older brother own a home together.And it is in foreclosure, Is it legal for the mother and one son to rebuy it from the same party in order to get the last son's name off of it We got a letter in the mail today from a lawyer. But the family scuttlebut is that all this is a ploy to take the home away from my man so that he has nothing.. He has done all the work on the home and paid for all repairs. We have bought our home and they do not like it that we moved out and are not paying the payments on that house too. But it is not fair if this is what they want to do to him. Any help or suggestions would be great,. The loan is thru an individual. Who is also a freind of the Mother's legal guardian.(nephew)

I have been served with a foreclosure summons on my primary residence in New Jersey, but now have requested and been granted the “NOTICE OF SIX-MONTH FORBEARANCE HOLD” under the “Save New Jersey Homes Act of 2008”. I am within the 35 day time limit to answer the complaint (served 2/9/10). Now that the Lender's attorney has informed me in writing that my “file is now on hold for six months. … and the Plaintiff has suspended all efforts in regards to the judicial foreclosure proceeding.”, do I still have to answer the summons within the 35 day time limit? If so, what do I tell them in the answer and what is the correct way to answer and serve the plaintiff.

i need a basic runover of it that the average middle schooler would understand since i'm doing the year book, so not to much in detail please well I dont really care thanks for your insight that's not relevant to the question but i still need an answer so anybody with something useful would be appreciated, for every time i try to search it it comes up with lots of annoying little stuff that i dont need, i just need a basic explanation, so any non sarcastic reply would help a lot

I need Guidance as a first time buyer. Ive been tracking down this house im intrested in purchasing for a while. In the county records i find a lis pendens tracking back to July 2008. The house has been empty since about 2007 and of course it is pretty trashed. The neighbors came in and took out all the stuff. Its literally in the structure only. Im intrested in purchasing this home and when i call the bank all they can tell me is that its still in owner possession. My question is why this home has taken so long to go on the market? is this usual? The owner ive heard doesnt even live in Florida anymore and has no intrest in the house and i cannot get a hold of him.I talked to a Realtor and he just says the house isnt on the market. The bank gave me the phone number of the Attorney and when i called they didnt want to give me any information? What do i do? I think ive reached a dead end.

Or a short sale one? Or does it have to be a regular house

I am a first time home buyer and cannot find a house I like for the right price. I have asked my realtor how to look at foreclosures in my area and she said she didn't know how. I don't mind paying a little bit if I get to look at these foreclosed homes either online or in person, in detail, before taking any action on buying or getting an inspection. Someone said my bank would give me a list for free, but they said they couldn't.

I am going through foreclosure in ILL and I'm super nervous. I sent in the modification paperwork and they did nothing with it. I am 7 months behind. I'm wondering what I could do now? Do I talk to the lawyer of the bank? or do I get my own lawyer and who do I get? I am sooooo stressing!!! I need help. Please if anyone can help me with any info I would truly appreciate it!!!

I am in foreclosure status. I called my mortgage company and they don't seem as if they want to help. I really need a remortgage, a lower rate FRM, so that I can afford to stay. Unfortunately, my credit is bad so I am unable to get a refinance loan with a bank. I have been told that an attorney will just be a waste of money and only delay the foreclosure.

One of my neighbors and I were talking and he blames the fact that we have record foreclosures going on in the country on 2 things......first he said most of it is becaue people bought more house than they could afford. Then he said, that the other reason was cause the govt forced banks and threatened to put them out of business if they did not give risky loans to low class black people. This guy, is usually a nice guy, but I was shocked when I heard such stupidity coming from his lips. He is a hard core Republican.

We own a townhouse in Portland. The amount we owe is 60k more then what we could sell for. We are in the process of buying a second house and we were planning on renting the townhouse. We have had a few friends and even co-workers tell us to just foreclose on the townhouse. We can not make in rent what we owe for the mortgage (we'd be paying $600 a month on the mortgage still), and we'd have to carry it for at least five + years to be at a point where we could sell it. What are the implications of foreclosure? How will this affect us if we go this route? (I know it will affect our credit scores for 10 years, but what else will it do?) Carrying both houses will be very difficult. With a renter we can make it work. Before you ask, we are moving because the neighborhood the townhouse is in is very bad. We are dealing with drugs and a lot of police activity on our street daily. This is not something we decided lightly. I feel terribly guilty even thinking about foreclosure, but I'm having doubts that renting is the best option for us either. I'm just looking for some advice, maybe someone who's gone through this, and might have some perspective? Thanks

Hello, I have a condo that was my primary residence that I rented out when I got married and then purchased my home with my now wife. We live in Massachusetts with 4 kids. My Condo was an interest only arm loan with no equity, I lost several tenants, lost my job and now have a job making much less. I had to stop paying on the condo when I lost my job and I tried to short sale it with no success. It is schedule for a foreclosure auction. If the bank comes up with a deficiency judgement, how is that calculated? I owe $290k. If they sell it for only $150k, is the deficiency judgement for $140K? I will not be able to pay that back. I will end up having to file chapter 13 bankruptcy, I don't think I qualify for chapter 7. this condo is not in my wife's name, but will they take her income into consideration if I file bankruptcy? If so, it will have to be chapter 13 bankruptcy. If I file chapter 13, how do they determine what amount I pay back? I can not pay $140k, how much of that will they make me pay? We have four kids and our primary home to pay for. Help me to understand this all. Thank you.

u a tax person? would a purchase of a foreclosure on home still get the 1st time home buyer rebate? everyone can say yes or no.....any links that confirm?

i really want to buy this mansion i saw online! but it says its for 56,000 on foreclosure. about how much is it expected to go up? should i make an offer?is it even possible to buy it at 56,000? it has 5 rooms and 5 bedrooms the house is HUGE and on a very very nice neighborhood

DH and I found a house we love, but it's not on the market yet. Our realtor showed it to us because it's a property she is getting in a couple weeks. Its owned by Freddie Mac, and it's the best foreclosure I have seen - it's move in condition. I asked if it would even be in our price range (I was sure it wouldn't be) and she said it shouldn't be any more than $60k. She said she needs to find comps in the neighborhood to support a price and she was positive there weren't any to support a price of more than $60k. We were very excited, so when we went back home I researched the house. It foreclosed for $102k in Jan. 2010, and the previous owner had it on the market last year at a list price of $120k. My question is, how much weight does the listing agent's opinion have in the bank setting a list price? I was thinking about them wanting a bidding war, but this is unheard of in my area - it literally never happens.