Foreclosures and what happens?

Question

Our condo is in foreclosure because my husband hasn't paid his share of the mortgage for 5 months. What happens now? How long does it take? Will we ever have credit for a new home again?

Answer 1

A foreclosure, from what I understand stays on your credit report for 10 years.  After that, you should once again be able to start over.  Once you have been issued the foreclosure papers, you will be required to leave the home.  Good luck

Answer 2

Foreclosure is an ugly process. You will be able to get another mortgage but it is going to be quite difficult. There are several programs out there that are willing to help you not lose your home. Problem is they are not openly out there. Take some time and  do some research.

Heres another thing that might help....

If your husband is not pulling his weight ad your jammed up try to refi your home. Take the money and pay what you owe and save the rest for future payments until your husband is in a position to pay his half.

Good luck

Answer 3

It will be tougher but you will be able to get a mortgage in the future. If you have some sort of agreement and he has not paid his share, you can buy him out.

Answer 4

In my experience, it's tough to get 2 loans on the same home/real estate under 2 different names. banks normally require that all previous loans are paid off, and the new mortgage is in the exact name of all owners. are you paying a private party? this would make it easier to get some slack on the payments.

someone else mentioned refinancing. sometimes that is difficult to do when you are so far behind. if you weren't able to pay the last loan, then they will assume (usually correctly) that you will not be able to pay a new one, either. IF you actually have separate mortgages, then your credit should still be ok. You should be able to refinance the whole thing into your name.

Technically, by signing a Note & Deed of Trust you are PROMISING (yes, it says this in the first line of your note, normally) that no matter what, unless the place burns down and your insurance pays, or you die, you will pay them back. Period. Not paying anyone and waiting until they legally remove you from the home is essentially stealing.

Do you have a planned place to move to in December? With a foreclosure on each of your recent records, it will be difficult to even get an apartment.

It is possible to contact your mortgage holder and arrange a "short sale" meaning they allow you to sell the home and simply pay them everything you get out of it. This isn't easy, and takes time, but isn't as crippling as foreclosure.