Forclosure advice

[Joebagel]

The Navy recently moved me away from my home in Lexington Park. I knew i couldn't sell it for what was owed so i tried to rent. A couple evictions later i am broke and cant make the payments. I am pretty far along in the forclosure procedure and have the house listed with a realator for a short sale. My worry is that since this is not my primary home any more that the Bank (Bank of America) will come after me for the difference between what i owe and what the house sells for. This would certinly send me into bankruptcy. What options do I have? Can anyone recomend a local real estate attorney?
TIA

 

[Chasey_Lane]

Good luck, dude!

 

[mizteresa1965]

The Navy recently moved me away from my home in Lexington Park. I knew i couldn't sell it for what was owed so i tried to rent. A couple evictions later i am broke and cant make the payments. I am pretty far along in the forclosure procedure and have the house listed with a realator for a short sale. My worry is that since this is not my primary home any more that the Bank (Bank of America) will come after me for the difference between what i owe and what the house sells for. This would certinly send me into bankruptcy. What options do I have? Can anyone recomend a local real estate attorney?
TIA

Have you consulted with the Navy attorneys first?

 

[BillNSOMD]

Thats a good question , my former neighbor retired and moved to SC ,they bought a new home down there before there home here sold. They thought it would sell in weeks it didnt so 4 years later it was foreclosed on. It was sold this spring for half the price they were asking. The bank didnt go after them for anything from what I understand. But who knows whats going on behind closed doors. I have mixed feelings on this subject I understand people have to move for work I have a co worker now been here for 2 years cant sell her home she is paying for her old home and rent here. My question has been if you buy a new home someplace like they did before you old house is sold and then you stop paying for the old house because you cant pay for both homes then let one go to forcloser I would think if I was the bank and you owe me money I am going to get it some how one way or other. So for now they have a brand new home in SC they paying on and they just basically let the bank have the old one. Dosnt seem fair to all those who lost there homes because of lost jobs and stuff and tried to work with the banks and have nothing and are on the street or in rentals now, they get to keep a new home


There is another option if you can get it , its called a Deed In Leu of Forcloser , it allows you to give the house to the bank and walk away you will owe nothing they dont like to talk about it . I had to use this many many years ago when my wife and I both lost our jobs and got behind , if it comes down to it

 

[Sydney]

There is another option if you can get it , its called a Deed In Leu of Forcloser , it allows you to give the house to the bank and walk away you will owe nothing they dont like to talk about it . I had to use this many many years ago when my wife and I both lost our jobs and got behind , if it comes down to it

There is also a "cash for keys" program.

How to Get "Cash for Keys" for your Bank Foreclosed Home | eHow.com

 

[Sula]

There is also a "cash for keys" program.

How to Get "Cash for Keys" for your Bank Foreclosed Home | eHow.com

Can't get cash for keys if the property is vacant. If renters are residing in it then they would be eligible for cash for keys not the (former) owner.

 

[ProfMoneyWise]

Deed in lieu of is a quicker alternative to a foreclosure. In effect the lender is saved the foreclosure process and costs that come with. Either way however the lender can obtain a deficiency judgement for the difference between what you owe and what they sell the property for and come after you for this difference.

Will they? Who knows. In some cases the lenders decide they cannot get blood out of a turnip and just leave it alone. However if a lender is able to determine the prior debtor has the means or assets to pay some of the deficiency it would be the lenders right to pursue.

A short sale is different in that the lender is agreeable to selling for less than is owed. Agreeable is relative, but their participation/approval in the process is a reality. What you must get in writing is their agreement they will not come after you for the difference. They will not want to do this but you have to stand firm.

Bottom line is the money is owed. Agreements were made to borrow the money and now that agreement is being broken. The "walk away" mentality of some I'll leave for others to debate.

As others have recommended here avail yourself of professional representation and/or advice if you are in need. Forums are nice but what you receive here is worth what you are paying for it.