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Foreclosure

CLTPanther

By CLTPanther,
in Huddle Lounge

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CLTPanther Contributor

CLTPanther

Posted
Posted

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?

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Squirrel Collaborator

Squirrel

Posted
Posted

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.

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dimbee Newbie

dimbee

Posted
Posted

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.

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