Home pre-foreclosures?

Question

if u know that u will not be able to make mortgage payment, is it possible to pre-foreclose the house, especially if not able to sell it. new jersey if that helps.

Answer 1

You can just mail the keys to the bank (or mail them a letter) and move out.  Still, it won't help you at all as your credit will still be hurt and will lose the chance to live there rent free while the bank forecloses on you.  It makes it easier for the bank, but not particularly so for you.

Answer 2

What?  It’s not something you do.

Pre-foreclosure refers to the time between when become delinquent on your loan & when the foreclosure goes through.

If you know you're going to miss a payment, call your lender and warn them so they know why. It reflects much better on you if you're proactive about these things.

Answer 3

No what you need to do is call the mortgage company and tell them and maybe try to do a quick sale before it forecloses, how far behind are you? They only start foreclosure after three months sometimes longer depending on the company.

Answer 4

I am a loan modification agent in New York.  What we do is fight on your behalf with the bank to get you a more affordable payment.  If your house isnt worth what you owe we may be able to reduce what you owe.  If you want to keep your house and get a lower payment send me an emial I will be more than happy to help