Foreclosure

[CLTPanther]

Anyone in NC been through it in the last few years? After much thought and financial evaluation, I think I need to walk away due to being massively underwater and the required upcoming repairs needed in the next 5 years. Assuming the market would stay flat for pricing, it'd take me about 10 years to break even, so it just doesn't make much sense to stay. If you've been through it, how long did it take and did you use any stalling tactics?

[pstall]

depends on your mortg provider. look for 6 months or more of back and forth. check out sites like fha.gov to naca.org.

do your homework and keep your head up. these are unprecedented times and no shame in being in a jam.

[CLTPanther]

Yea, I'm not ashamed. All the banks took nearly 500 billion in bailouts, F em all.

[Squirrel]

Had to do it last year due to job lose. I would do two things first atleast try to sell the house for a couple of months. If you cant sell it the banks will let you do a short sell. As far as the foreclosure procedure I had Wells Fargo as my lender. It was pretty painless except for the credit hit you will take.

[fitty76]

Work with your lender. Lenders don't want loans going into foreclosure.

[dimbee]

Work with your lender. Lenders don't want loans going into foreclosure.

Exactly. The banks and lenders don't want to own real estate. They want to own the note on the real estate and garner the interest. The last thing they want to do is own the house, and sell it for less than market value.

[Ronald Reagan]

Yea, I'm not ashamed. All the banks took nearly 500 billion in bailouts, F em all.

[CLTPanther]

I don't want to short sell it and have to claim 25K or more of extra income next year.