Gonna lose our home?

Question

I live in Virginia and am gonna lose my home. We have been trying to sell it for a few months now. We are selling it for what we owe on it because we need to get rid of it before it is foreclosed on! We are currently only behind about 1 payment I believe. Mortgage is $1,400. 1100sq ft home. We owe about 179K.. Is there any way to sell this house fast? Or we're just screwed? Are there any legit home investors that will take our home for what we owe on it? Any suggestions and help will be so appreciated! My husband has perfect credit and this will surely ruin it if we get foreclosed on. :(

Answer 1

Foreclosure is not the end of the world. If you cannot make the monthly payments, you are correct to contact the lender for a potential renegotiation. Sounds to me like they are offering an almost $300 monthly reduction. Verify this to make certain your net effect is greater than $100.00 monthly.

      Forget about the government renegotiation plan. It requires the cooperation of your lender who already has expressed  a limited willingness to cooperate.

      Your ability to sell the property depends upon you local real estate market. Here in California nothing is selling and no lenders are willing to make new loans.

      A foreclosure is a credit blackmark. This is not the end of the world. You will obtain new financing again when property and credit markets recover.

     RELAX. Give your husband an understanding hug. This specific type of financial stress kills marriages. Not a failure because you got caught

up in bizarre economic circumstances. NO FAULT!