Foreclosure of my house.?

Question

I never missed my payments till now. But unfortunately i have to going forward as i am leaving this country for family sake. I have tried to sell the house but the rate is almost 60-65% down than the purchase price and don't see any buyers for that price too. Bank is not accepting for short sale for that low price. Once i leave this country for family sake i am not sure how long i will stay out of this country. I am OK if the credit goes bad. But the situation i may have to leave in next 4-5 months. What options do i have so that i won't fall into any risk in future from these banks. BTW i am in CA

Answer 1

call this company called American Modification Agency ! They can help you to afford to keep the house

516-506-4104

Answer 2

Your options are few and they are all bad.  Ask if the bank will take a Deed in Lieu of Foreclosure.  You tell the bank they don't have to wait to take the house.  They can have it today. That way it won't sit empty and get vandalized while you own it.  When you come back you can start all over again.  Your credit score will be 600. .

Answer 3

where is your house at?

how much is it presently worth??

Answer 4

Contact The Feldman Law Center.  They are a law firm in Southern California that works specifically with clients that may be facing foreclosure.  I am sure one of their legal assistants would be happy to answer any questions you may have regarding your different options.  If you retain an attorney you may be able to keep the house, or they can negotiate a short sale with the bank for you.  Here is their website:  www.feldmanlawcenter.com.  I heard them on KNX 1070 radio.

Answer 5

One of the option is turn your house to a rental. If the rent can cover the mortgage, then perfect. Even if it can't, you only have to pay portion of the mortgage and keep the house until the price goes up again. The rental market is pretty good right now. Hire an experienced Real Estate management company to manage your property. They charge about 5-10% of the rent income. Another good reason is, your rental loss at sale is deductible but not your primary residence.

Answer 6

Sosincer, please no ad.