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Posted by Reinstatement Services, Inc. on April 25, 2002 at 12:14:23:
In Reply to: Foreclosure Timeline In Wisconsin posted by Charles on April 25, 2002 at 10:47:45:
Hi Charles, don't worry, you're off the hook. We're not going to give you advice on "saving your home". If you read other posting, most are geared towards assisting distressed borrowers in "avoiding foreclosure". There is a difference.
By exposing yourself to foreclosure, based on the information you've provided, you run the risk of tax implications related to "income" as well as significantly impugnable credibility should you ever find yourself in the position of needing an emergency loan or a job in the next several years. Since it appears that your credit is already seriously impaired...you're probably thinking that one more "assualt" will not much matter. That's where you've missed the boat.
A workout with your lender that will assist you in proper disposition of the property will allow you to circumvent many of the negative ramifications associated with foreclosure.
Finally, because your attorney is intimately familiar with your situation, perhaps a few bucks in his/her direction will in the long run be money well spent.
