InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Annual Reunion Speaking Schedule Store Foreclosure Fundamentals Code References 50 State Foreclosure Basics Foreclosure Glossary Foreclosure Statistics 70+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map About Us Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Go talk to a BK attorney. (nt) Posted by JK (the other JK) on July 27, 2010 at 2:07 PM In Reply to: What would happen? posted by Yann on July 27, 2010 at 11:35 AM : Hi, : My family is in a difficult situation where we might be looking at foreclosure and have no idea what that really mean? What is going to happen to our household? : We moved to Los Angeles from Baltimore, MD for work a few years ago. We own a house in Baltimore that we can't pay anymore. We just missed our first payment this month. I'm a father of 2 children under the age of 3 and with my wife we had to chose what to pay, mortgage payment had to be dropped so we could make it. : We contacted the bank in June to find alternatives to foreclosure when we started seeing our dire financial situation. Since we're not living in the house and we haven't had any success trying to sell that house for the last 6 months, even advertised less than what we owe to the bank, we decided to go for a deed in lieu. : Everything seemed to go smooth until the PMI company asked us for $40k, $15k cash and $25 in promissory notes, to cover their costs. : We did not expect that, even though after doing some reading I do know now why they asked us to participate in the costs. Financing 100% of the house may not have been the best move we ever did. : This is now the major road block between us getting rid of the house somewhat gracefully and a foreclosure. : Since we don't have the money to pay the mortgage, finding $15k cash is very unlikely for us. And actually from our perspective, even though it makes sense from the paperwork, it looks like an unreasonable request given the circumstances and the fact that we've burned our entire savings keeping up with mortgage payments until last month. : Something else that we understand is that in the long run foreclosing might end up costing us more than the $40K the MI company is asking for... but we just don't have that money. : If a judge in Baltimore decides to go ahead and foreclose the house, what is going to happen? Are we going to have people coming and repossessing our car? Our house broken in with the TV and computer gone and other things like that? Or is there going to be a payment plan setup by the court? : Again we now live in Los Angeles, CA and the house is in Baltimore, MD... just wondering what the future has in store for a family in a difficult financial situation. : Thanks for your help. Follow Ups: Re: Go talk to a BK attorney. (nt) yann 3:24 PM, 07/27/10 (1) Re: Go talk to a BK attorney. (nt) JK (the other JK) 4:12 PM, 07/27/10 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Hi, : : My family is in a difficult situation where we might be looking at foreclosure and have no idea what that really mean? What is going to happen to our household? : : We moved to Los Angeles from Baltimore, MD for work a few years ago. We own a house in Baltimore that we can't pay anymore. We just missed our first payment this month. I'm a father of 2 children under the age of 3 and with my wife we had to chose what to pay, mortgage payment had to be dropped so we could make it. : : We contacted the bank in June to find alternatives to foreclosure when we started seeing our dire financial situation. Since we're not living in the house and we haven't had any success trying to sell that house for the last 6 months, even advertised less than what we owe to the bank, we decided to go for a deed in lieu. : : Everything seemed to go smooth until the PMI company asked us for $40k, $15k cash and $25 in promissory notes, to cover their costs. : : We did not expect that, even though after doing some reading I do know now why they asked us to participate in the costs. Financing 100% of the house may not have been the best move we ever did. : : This is now the major road block between us getting rid of the house somewhat gracefully and a foreclosure. : : Since we don't have the money to pay the mortgage, finding $15k cash is very unlikely for us. And actually from our perspective, even though it makes sense from the paperwork, it looks like an unreasonable request given the circumstances and the fact that we've burned our entire savings keeping up with mortgage payments until last month. : : Something else that we understand is that in the long run foreclosing might end up costing us more than the $40K the MI company is asking for... but we just don't have that money. : : If a judge in Baltimore decides to go ahead and foreclose the house, what is going to happen? Are we going to have people coming and repossessing our car? Our house broken in with the TV and computer gone and other things like that? Or is there going to be a payment plan setup by the court? : : Again we now live in Los Angeles, CA and the house is in Baltimore, MD... just wondering what the future has in store for a family in a difficult financial situation. : : Thanks for your help. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-date("Y"), InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455