Re: Can't afford the monthly payment

Posted by RSI on August 04, 2006 at 07:47:51:

In Reply to: Can't afford the monthly payment posted by Allan on August 02, 2006 at 11:31:17:

Initially, you should expect your credit report to be impacted and late charges will acrue. After a time the lender will more likely begin inspections by hiring someone to drive pass the property to make certain that it is still occupied. You can expect for collection calls to be stepped up anytime between the hours of 8am - 9pm. If collection attempts are not met w/ success then you can expect for efforts to intensify w/ a foreclosure filing. Since the cost of foreclosure varies, you might plan for these fees to fall anywhere between $1500 - $4000. If your state allows for deficiency judgement if the property is sold through foreclosure, then yu can expect exposure to continued collection efforts...even as your rights to the property have been stripped.

Best, if you can, to make the payments until such time as escrow has closed on the property with a new owner.

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Comments:
: Initially, you should expect your credit report to be impacted and late charges will acrue. After a time the lender will more likely begin inspections by hiring someone to drive pass the property to make certain that it is still occupied. You can expect for collection calls to be stepped up anytime between the hours of 8am - 9pm. If collection attempts are not met w/ success then you can expect for efforts to intensify w/ a foreclosure filing. Since the cost of foreclosure varies, you might plan for these fees to fall anywhere between $1500 - $4000. If your state allows for deficiency judgement if the property is sold through foreclosure, then yu can expect exposure to continued collection efforts...even as your rights to the property have been stripped.

Best, if you can, to make the payments until such time as escrow has closed on the property with a new owner.
 


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