Having a baby does not give you any extra time. Don't count on the short sale going through. Sometimes the banks will string you along while continuing the foreclosure process in the background. You can find a link to the foreclosure laws at the bottom of the foreclosure. If not, then the camp property should be safe as long as it's not secured by the same mortgage. Whatever you do, don't put it in your kids' names right now. That looks like fraud, whether it is or not.
If the bank gets a judgment, most of the time they can just put a lien against your other properties, not foreclose on them. Check with a lawyer to be sure. Also, check to see if you can eliminate the deficiency judgment through bankruptcy.
I am pregnant and give birth to maturity for me tomorrow and we rent the house , and said today that on Saturday come see buyers House,they make me so quickly emptied the newborn? Hello Beth, very informative and helpful info. How long should we keep paying our first and second mortgages while we wait to sell our underwater house in the short sale process?
Also can the bank go after our fishing camp property if we go on to a foreclosure on our main residence? We are thinking about putting the camp property in our children's names if we have to.
Please clarify if you can. We live and rent in California. My wife has a rental property in Arizona. She pays a month. We don't see the value going up any time soon and the renter currently only pays us We're thinking about walking away from the house, but I'm worried that when we do buy our own home in CA, will the bank will come after our property or savings, CD, k? I have seen that Arizona is a non-recourse state, so i just wanna make sure that the banks cannot go after us once we let the house foreclose.
Do you have any insight on this BethParker? I appreciate any insight. I have a house and credit card is with same lendor. I'm paying on the credit card but can't afford the house. My husband and I are considering walking away from a house we dont live in anymore. We bought another house about 1. We tried selling it before that, it didnt sell. It is now become a liability to us and we are making No money on it.
The rent doesnt cover the 1st and 2nd mortgage. We are scared. We have never NOT made a payment. To just stop paying is so foreign to us. The roof is 27 years old. It makes NO sense to continue to pay on it. Will we be ok? I was divorced last year and am the only one on the mortgage note.
My ex-wife is on the deed though with me. My question is if I walk away from the home will it ruin her credit as well since she is not on the mortgage note?
Wow, what a messed up situation. You need to talk to lawyer who has experience dealing with landlord-tenant law to find out if you can fight this. It's possible that it may be too late since there is already an order for eviction. Unless things have changed since I took the real estate course in Michigan, you have at least a six-month redemption period in which you can stay in the house AFTER the foreclosure, maybe longer if you have a lot of land.
If you call the lender and tell them you are leaving, you could lose out on that extra time. Your best bet is probably to just stop paying and start saving the money toward a new place. Even if you don't wait out the entire redemption period, you could still save up enough money to cover a security deposit, first month's rent, and maybe even a U-Haul by the time you're ready to move.
My bad. I haven't read all the messages. But yes, that's what I did. I'm starting over. Personally, it's just hard at my age.. I just wanted to live to retire at fairly young age and enjoy life. Now I don't think that's going happen.
I'm not a deadbeat. I've worked hard all my life and did not need to loose everything. I try not to be hostile about it but it comes out every so often. I'll get over it but it's still rather fresh. Here's an interesting situation: We have rented from the owner of a condo unit.
He owes is HOA for past due fees. The HOA puts a lis pendens on the property, but he walks away from the property. During our second lease, the unit was sold, and we were receiving notices of sale, and purchase. We also received notice of possession from the new owner, along with notices to vacate. We notified the HOA and gave them copies of the notices. We were told that there was nothing that the new owner could do, due to the lease being in place.
Could I possibly get my money back, and if so, how? Also, even after being told of the ruling, and confirmed by the bank, the HOA is still trying to collect rent. Can they do this? I am legally married, we live apart, neither one of us can afford a divorce, he lives his life, I live mine.
My question is this, the home I live in is in my name alone. I have been laid off and can no longer afford my home. I want to move back in with my parents and give the keys back to my mortgage lender. I can not do this anylonger I live in MI, can u tell me what will happen to me when I call my lender and tell them this? Can they go against me for anything if I don't have anything?
The house was in my name alone! I think you misunderstood what I said. My take on that is just what you said--file for bankruptcy and be rid of the debts. After a foreclosure, your credit can't get too much worse, so why not take this opportunity to wipe out all of your debts through bankruptcy and start over with a clean slate?
It's way better than living in fear that the bank is going to find you and garnish your bank account. Why would I want to pay a deficiency? It's not my property anymore. Paying it will gain nothing. It will not improve already shot credit rating. Besides, I , like so many others who find themselves unemployed, have other notes they can't pay either.
Like a car not. If you're going to file bankruptcy, relieve yourself of all debts, then start over. BTW, when you file, your debts from an entity are wiped out; past, present and future. You're done with them. You don't have to wait for a deficiency judgement from any creditor.
You are right, Tom. The banks could make this situation better for themselves and their customers too if they would just have a little compassion and try to work with people. If you're going to lose your house, why run from the deficiency judgment? Talk to a bankruptcy lawyer to find out what your options are as far as the debt goes. Your best course of action may be to wait until the bank files for a deficiency judgment if they even do , then file for bankruptcy to wipe out the debt legally--and the rest of your debts along with it.
Your credit will already be shot after the foreclosure, so there's no reason not to get a fresh start if you need it.
All this information is cute and all but there's one thing left out: it presumes you want the house. I've been thought this. After you fall behind, the mortgage company will be relentless in collecting. They harass you to no end. By the time I walked away, my credit had long been gone so I didn't care about credit. Once you fall behind in my case I lost my job this is very little way to get caught up. The house is gone. I didn't want to deal with them. The rude, mean, crude, unwilling to work with me and that tells me they would rather have the house.
Now it's theirs. I wanted to work with them, they refused. The mortgage companies in America have NO right to complain or act as though they are the victims. They are NOT. I don't want another mortgage from any of them, anywhere. They will get their rewards by going broke in the end.
Let them. Here is the situation that I am currently in. I live in a city in Az that has the highest foreclosure rate per capita of any city in Az. Also the market hit us second worst in the country. It appears financially the only option is to foreclose. In the short term would it not make sense to foreclose. Rent at per month cheaper. Save money for 5 years. Walk in with possible 60K down. I can not refinace with another bank because I am k flipped on the house.
In this situation does it make sense to even try to negotiate with the bank? The bank's words not mine. I'm in quite a situation on my home. I bought it in November of right before the housing crash. I recently got divorced and my ex-wife decided I couls keep the home. I called the company that did the orginal foundation repair and they only did half of it. Apprantly the previous owner decided to take the cheap way out and covered up all the crack and just fixed it enough to make it look good.
As it was over 4 years ago and I am upside down on my house as it went from k to k in an appraisal I am seriously considering just walking away from it.
What worries me is what if the house sells for a significant amount lower then what I owe. To sell it now woudl cost me around 25k in restoration and realtor and closing cost fees. I'm almost thinking to just walk away. There are so many issues with the house that an inspector should have caught and I do not want to sell the house knowing that the issues are there and not fixed.
What happens if we leave the state, with no forwarding information? We have added a second bathroom, replaced the roof and windows, and the house is in great shape. I live in Georgia.
My parents live in the suburbs in a 3bedroom 3bath house and they have lived there for about 16 years. They now are venturing out for a place bigger.
Money is not a problem, but if they buy a new house then what will happen to the house they live in currently? I guess what I am asking is if they wait a year which the bank will no longer own then would it be possible to sell the house back to the bank? This might be a stupid question,but I am a orthopeidic doctor and I know little about housing.
I just want my parents to avoid foreclosing. I live in MI I bought my home in We are now in the process of foreclosure. We are still waiting to find out how much it would be to get current with or loan.
But my problem is this it's a small 4 bed 1 tiny bath house we have 3 kids and waiting to find out if there is another on the way. About 5 months ago I had a student loan garnish my wages so that what put us behind. The house is not worth the mortgage. The loan is for 69, the house is only worthy 35, so way under and not in a wonderful area.
We really want to move but will happen? Thank you kindly for responding to my post. It really helped but I have a question about how to find the information you wrote about. You said to look up the laws in my state to see how long I would have to remain in the house without paying the house payment. That would help as I was not sure where that money was coming from. I tried looking up forecloser laws but not sure what else or where else to look. The forecloser laws were really confusing to me.
Thank you again for all your help. My stress level has been so high lately and it has just seemed there was no way out. Was in foreclosure and had a sell date on the home but in the middle of a workout option with the mortgage company. I hadn't heard from my preservation specialist in a week or so I called to find out what was going on, she claims she did not receive anything from me and didn't bother to call and let me know Sent the information again I repeatedly told her I had hardship letters on file and nothing has really changed but according to them, the date on the letter needs to be updated.
My computer had been in the shop which contained the original hardship letter same one that was sent a dozen times before Did so.. House and possessions are now gone.. Finally received a letter from the mortgage company Asked the representative if they could please connect me with my preservation specialist So they connected me to another specialist whom I've never spoken with.
I did leave her a message to please give me a call it was very urgent She never did I called every single day.. Still the rep never budged and would not allow me to speak with the specialist But if you can send in that hardship letter before AM the time of the sale its possible we can get something done. Now the house has been foreclosed on and I still continued to call I was told this by several representatives.
To this day according to their reps, they don't know that the house caught I also receive a letter from the mortgage company stating they have put insurance on the house on my behalf because I didn't have adequate enough insurance to cover the home Now, its mighty funny how they have put insurance in my name on this foreclosed house for the same amount as the insurance check Called back to let them know about this It must have been a mistake.
This check has their name on it, my husbands and myself They shuffled and scuffled on the other end and continuously placed me on hold This rep told me to sign the check and send it to them.. I asked them what they were going to do and how this worked We'll let you know in two weeks time after you send in the check A few days later we took the check to their bank branch to see if they would endorse it The bank manger herself called around to find out what was going on They then gave her the number to their foreclosure attorney I waited to hear from them for two months and called them every week to find out what the hold up was I spoke with a local rep and she called the office for me and told them she needed a correct amount because clearly this is not right We bid her a good day and hung up.
That's a big risk for the mortgage company. As for whether you husband can buy a house, the name on the deed doesn't matter. What counts is whose name is on the mortgage. If it's in your name only, then going through foreclosure will not affect his credit, only yours. If both names are on the mortgage, it will affect both of your credit scores. Keep in mind that for your husband to qualify for a new mortgage without you, he must have enough income on his own to convince the lender that he can pay the payment.
You have no reason to feel guilty. Your circumstances have changed. If I were you, I would stop paying on the house and start saving that money for moving expenses. Check the laws in your state to get a good idea of how much time you have before you have to move and take advantage of that time to gather together the money you will need to pay for a U-Haul, gas, etc.
My name is the only one on the deed, so can my husband buy a home? We want to sell it if its even possible, which we doubt Or no? I live in Kansas.
I have became disabled and lost my job because of it. I am now on social security disability. I am no longer able to make the In fact, I am considering moving to another state because I have children there that will be able to help me due to my disability and they keep telling me to "come on". I have always paid my bills but have had to let one of my parents who moved in with me after I bought the house , and my roommate help to pay monthly bills beyond what they were use to. I have had the house on the market for almost , It will never change as I am now in a wheelchair.
I could sure use some words of encouragement and advice. Do I walk away, call them and tell them I am walking? My annual salary is below poverty level now and I have no insurance. I could not ever pay off the difference between what is owed on the house and what the bank would sell it for.
If you're worried about your parents suing you, I think you have more serious issues than just the money. I hope it all works out, but remember that family relationships are usually more important than financial repercussions.
Try to preserve your relationship with your parents whatever the cost. My parents and I have borrowed against their home for a business. A finder is a bailee, with a duty to care for the found item. While the doctrine of abandoned property typically only applies to personal property, U. Under the Abandoned Shipwreck Act of , 43 U. In turn, the U. Please help us improve our site! No thank you. Abandoned Property Primary tabs Abandoned property: an overview Personal property left by an owner who intentionally relinquishes all rights to its control.
If you cannot catch up on your payments before leaving, or you become overdue at any time while away, notify the lender by phone of your plans to return. Keep a written record of all calls you make to the lender. Also send the lender a written notice by certified mail, or another means where a return receipt is provided , informing it that, despite your time away, you are still living in the property.
Inform the lender where you can be contacted. If possible, also tell a trusted neighbor about your intended return date and give your contact information, in case a field service company asks neighbors about your home. A number of bills must be paid even when your property is vacant.
If you are or become delinquent on your property taxes, the government will probably assess late fees and fines. If the delinquency remains outstanding, the government might place a lien on your home. A number of problems can also result from unpaid utility bills.
For example, the service provider might cut off your heat, resulting in frozen pipes, expensive damage, water leaks, and high water bills. Or, your phone or water service might get turned off, requiring you to pay all past bills plus a steep reconnection fee upon your return. Allowing bills to remain delinquent can negatively affect your credit rating. You might return from your vacation to find you need to spend a large amount of time and money eliminating liens and rectifying bad credit.
These problems can be avoided with a little preparation. Double check that you are current on all utilities and tax bills prior to leaving. Then arrange to either prepay upcoming bills, have them forwarded to you while you're away, or sign up for automatic electronic payments before you leave. If your home is in a planned community, you are responsible for keeping current with all dues and fees owing to the homeowners' association HOA.
An HOA typically has the right to assess late fees, place a lien on an owner's property for delinquent amounts, and perhaps prevent delinquent owners from using any common areas in the development until current on all payments. You could possibly even return home to find you can't access your home, if you must pass through a common entrance gate.
To avoid such problems, make sure all to pay all outstanding dues and fees before departing, and stay current during your absence. Talk with an HOA representative before you leave to find out the amount you'll owe, including any special assessments that might be in the pipeline.
Planned developments typically also have a number of rules that homeowners must abide by. For example, regulations against leaving trash in yards are quite common, or restrictions on leaving a car sitting in one place too long. That could add up to a tidy sum if you are away and in violation for an extended period. The HOA might also have the right to put a lien on your home for outstanding fines arising from violations.
To avoid such problems, review the restrictions in your development's governing documents, and ask the HOA whether there are any rules you should be aware of before you depart. Then follow up. If, for example, trash on the property is prohibited, hire a person, or a management company, to remove litter or junk mail a few times a week.
If you can't leave your car parked outside, find someplace to store it. Many homeowners are unaware that, under most standard homeowners' insurance policies, theft, damage, or other problems occurring after a home has been vacant for an extended period of time typically around 30 days are not covered. Homeowners' insurance policies commonly exclude such coverage, due to the greater risk of theft or damage to a home that no one is living in and thus watching over.
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