Linda Rose Photography
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4 years ago
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I purchased my home for $190K in 07 and now it's appraised at $66k my mortgage is still $1500 a month on our 1st home but feeling ripped off. I am not going to pay next month and i guess foreclose....

. thoughts on what occurs after foreclosure??
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Charl Van Wyk, GRI
Charl Van Wyk, GRI
Real Estate Professional
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3 years ago
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Not paying also destroys your credit, as will a short sale. The difference between short sale and foreclosure is simple: When the bank forecloses, they have a long period of time to file a deficiency judgment(I believe up to 5 years). This judgment lasts 10 years and can be renewed for another 10 years in florida - meaning the creditors can come after you for 20 years. Believe me, when the worst is over, the banks will start to go after people they believe have the means to pay some or all of the losses back. The only way to stop that in this case, would be bankruptcy. In a short sale, the bank agrees to accept the loss, and agrees not to file for a deficiency judgment. Any questions, give me a call - 954-494-2387, Charl
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Charl Van Wyk, GRI
Charl Van Wyk, GRI
Real Estate Professional
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3 years ago
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Just to clarify, you can recover your credit much faster from a short sale, than a foreclosure or bankruptcy. Also, it is a little harder, but you can negotiate a short sale without being late, I am doing one right now, it is due to a job transfer. Any questions, give me a call - 954-494-2387, Charl

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2 years ago
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Charl,

I have a home in Orlando but had to move out because of job lose, we have renters now but doing a short sale do I need to be living in the house?

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Dave Zembala
Dave Zembala
Real Estate Professional
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1 year ago
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Hey Linda,

Trust me, you are not alone. Luckily, the government has created programs to relieve buyers like yourself get out of these situations. Call me if you would like some help navigating these waters. You have a lot of options besides foreclosure. Dave Zembala- RE/MAX Assured 407-234-9744 www.davezembala.com

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4 years ago
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Don't go through foreclosure if you don't have to! It RUINS your credit for years to come. Try to sell your house if you do not want it anymore. I know it's really hard to stomach selling it for a loss, but it's better than getting foreclosed on
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3 years ago
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I purchased my home for $250,000.00 in summer 2007, and brand new ones similar to my 3bs/2bs in 32824 are $115,000.00. Willow says it is worth $130,000.00, and I owe the bank $150,000.00. I put my, and my parents (both deceased now) entire savings as a down payment. I have been fighting with Countrywide/BOA for two years now, and still do not have a modification. I suggest you get a loan modification, and remain in your home. I am not an attorney, but understand now that lawyers are filing for bankruptcies and get a Judge to reduce the principal like any other debts. You should contact a lawyer for a consultation about it, but be very careful and they are not all honest human beings.

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2 years ago
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Why sell the house because of some arbitrary number that says its worth this today. You are well informed that we are in a distressed market which may have impacted the demand and price of your home. You can't control the fact that many have lost there homes to shady business conducted by Brokers, deregulation, and a lack of respect from companies like Lehman Brothers. What you can do is think rationally before you commit to something that makes no sense. I would see if you can get a buyer and name your own price. Your house may just be undervalued just sell it like you are taking it to the auction. I am sure someone will believe you.

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George
Landlord
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2 years ago
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Hi Linda, Would you consider leasing my company your house for ten years with my option to purchase? I pay your PITI AND all maintenance costs! We buy houses...all cash or terms!
Sell any house at www.xpresshousebuyers.com .

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1 year ago
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I was in an upside down situation similar to you purchased for $175k/valued $66k- We decided to short sale ($54k). We couldn't afford the mortgage plus repairs. Took a hit on our credit, but we're not going to be buying again any time soon. In the end, I was happy to get rid of my townhouse.

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