Foreclosure………….?
Im thinking of foreclosing my home in Las Vegas. I stopped paying my mortgage for 2 mos. and I will be calling the lenders to notify them soon. But someone told me that foreclosure’s not for everyone. I can’t afford my mortgage anymore, but I’m not affected by the ARM loan. What procedure should I take??? Will my financial and or material assets be touched?
2 Responses
ron E
15 Feb 2010
Feeling Mutual
15 Feb 2010
They will foreclose, and sell the home.
If selling the home does not pay all that you owe them, in principal, late fees, interest and penalties and their expenses to foreclose and sell the home, they will sue you for the difference.
Only the court can decided which financial assets they can get from you. The only material asset they can get is the collateral, the home.
Run an ad in the paper for someone to take over payments(if your bank will agree). You might talk to your bank, asking for reduced payment interest, or any plan they may have for your recovery. you can buy it back when they auction it off at a reduced cost.