no other alternatives but to foreclose
Posted by Stardove60 on June 23, 2008 at 11:08:43:
Any information would be greatly appreciated. I have owned a home in Brevard Cty Florida for 2 years. We paid at the peak of the market for 240k and now my house is upside down its now worth approx 160k. The home is my name only and it has been a struggle to keep it up. I worked as a loan closer in the industry until the market bottomed out and have not been able to get my salary anywhere near where it used to be since then. My husband is in the military and is getting transferred shortly, there is no way to sell it as a short sale w/ the lack of buyers in the area right now and I would have to pay 800 a month out of pocket if I could rent it so that definitely isn't an option. Am looking into foreclosure but I have no idea how they work. Whenever I contact my lender they won't even discuss the loan w/ me because I'm not yet past due. I am going to simply stop making payments if thats what it takes to have a discussion w/ them. Could someone explain to me how this works and the ramifications I will be facing. Also is my husband in trouble?? Is there a hotline for this type of thing. You would think by now there would be LOL with the market being what it is. Thank you :)
Follow Ups:
- Re: no other alternatives but to foreclose - NJD 12:32:43 06/23/08
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