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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Foreclosure brewing in Ohio Posted by Ward-CA- on October 06, 2001 at 6:36 AM In Reply to: FORECLOSURE IN OHIO posted by HEATHER on October 05, 2001 at 9:22 PM : STRUGGLING TO KEEP OUT OF FORECLOSURE, BAD CREDIT AND UNABLE TO PAY OFF DEBTS. MORTGAGE INCREASED MONTHLY AROUND $300 DUE TO TAXES, WILL BE IN FORECLOSURE SOON AND WOULD LIKE TO SELL HOME BUT ONLY BEEN HERE FOR 2 YEARS, CANNOT SELL FOR WHAT WE OWE AND CANT KEEP UP PAYMENTS AND CANT GO FURTHER INTO DEBT BY SELLING BELOW WHAT IS OWED. HOW MANY YEARS ARE WE TALKING ABOUT DESTROYING CREDIT FOR IF WE FORECLOSE? WILL WE OWE LENDORS ANY MONEY? PLEASE HELP SOON! =•=•=•=•=•=•=•=•=•=•=•= Heather, some advice for the next time you post. The norm when posting a discussion group is to type in lower case. All upper case type indicates that you’re HOLLERING. As a consequence an all cap post is commonly ignored. Now, let’s address your concerns. If your house is over-encumbered, where your unpaid balance is more than your house’s current market value, then you should seriously consider entering into a short sale with a buyer, where the house is sold at it’s fair market value (less than what you owe your lender) and your lender agrees to take a loss in getting totally repaid. Lenders will agree to such an arrangement if they’re convinced that they’ll get more in a short sale, rather than going through all the time and expense of a long foreclosure only to end up with the property and a totally unpaid mortgage. (See link below for Ohio’s foreclosure basics). Find a real estate agent in your area with a reputation for successfully doing “short sale” transactions, because it requires a certain moxie and finesse that neither you nor the average agent has had the need to develop. Here’s the email address of the Short Sale Pro who has answered a number of short sale questions on these discussion boards: TheShortSalePro@aol.com. Lots of time a lender will agree to take a loss without putting you further in debt. And a short sale will save your credit by avoiding the need for a foreclosure. So don’t despair and let things drift into a foreclosure when you can help yourself to avoid such a calamity. Good luck. 50 State Foreclosure Basics Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : STRUGGLING TO KEEP OUT OF FORECLOSURE, BAD CREDIT AND UNABLE TO PAY OFF DEBTS. MORTGAGE INCREASED MONTHLY AROUND $300 DUE TO TAXES, WILL BE IN FORECLOSURE SOON AND WOULD LIKE TO SELL HOME BUT ONLY BEEN HERE FOR 2 YEARS, CANNOT SELL FOR WHAT WE OWE AND CANT KEEP UP PAYMENTS AND CANT GO FURTHER INTO DEBT BY SELLING BELOW WHAT IS OWED. HOW MANY YEARS ARE WE TALKING ABOUT DESTROYING CREDIT FOR IF WE FORECLOSE? WILL WE OWE LENDORS ANY MONEY? PLEASE HELP SOON! : =•=•=•=•=•=•=•=•=•=•=•= : Heather, some advice for the next time you post. The norm when posting a discussion group is to type in lower case. All upper case type indicates that you’re HOLLERING. As a consequence an all cap post is commonly ignored. : Now, let’s address your concerns. If your house is over-encumbered, where your unpaid balance is more than your house’s current market value, then you should seriously consider entering into a short sale with a buyer, where the house is sold at it’s fair market value (less than what you owe your lender) and your lender agrees to take a loss in getting totally repaid. : Lenders will agree to such an arrangement if they’re convinced that they’ll get more in a short sale, rather than going through all the time and expense of a long foreclosure only to end up with the property and a totally unpaid mortgage. (See link below for Ohio’s foreclosure basics). : Find a real estate agent in your area with a reputation for successfully doing “short sale” transactions, because it requires a certain moxie and finesse that neither you nor the average agent has had the need to develop. Here’s the email address of the Short Sale Pro who has answered a number of short sale questions on these discussion boards: TheShortSalePro@aol.com. : Lots of time a lender will agree to take a loss without putting you further in debt. And a short sale will save your credit by avoiding the need for a foreclosure. So don’t despair and let things drift into a foreclosure when you can help yourself to avoid such a calamity. : Good luck. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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