Foreclosure sale date is set. When am I supposed to leave and what all am I responsible for beforehand? Asked by Punkybrewster, 76137 tue jul 21, 2009. I tried short-sale and tried deed-in-lieu and nothing worked – mainly because the bank gave me several different answers on what I’m supposed to do and because the call centers were located in India and the language barrier killed me.
In addition, borrowers that agree to a short sale escape the bad credit marks of a foreclosure and can often buy another house with mortgage financing after only two years.
Facing Mortgage Foreclosure. If you are a home owner and have fallen behind on your mortgage payments, you are not alone. If you are faced with mortgage default or foreclosure, arm yourself with information, ask for help, and take decisive action to protect your interests.
Typically a short sale is agreed to by a lender as a means of preventing foreclosure. You’re current with your mortgage so I don’t think a lender would be too willing to listen, but it wouldn’t hurt to call them. They can tell you under what specific circumstances they will allow a short sale. You may have to ask for the loss mitigation department.
The new legislation also could be used to prevent the lender from seeking to complete the mortgage foreclosure through a summary judgment procedure or the setting of a mortgage foreclosure sale date. But how the new federal legislation is applied in state court mortgage foreclosure cases is far from clear.
You can’t always depend on a Foreclosure Vulture" to tell you they are buying your house on Tuesday, well not if the market is bad. The larger foreclosure firms are good about sending notices even if no response and a default judgment is entered, but this is only a courtesy, not a right. 3. Be careful about the short sale.
Is there a difference in the impact of foreclosure vs. a short sale when you sell your home? Recently, FICO, the company that produces the credit score used by many lenders to evaluate creditworthiness, offered some surprising answers to these questions – and added some new insights as well. bad news for high scorers