ananda72
Feb 9, 2008, 01:16 PM
Ok I read another Question and it was similar to what I want to know but a little different so here it goes...
I am not in foreclosure yet. I am intending to be. I bought my house for 214,000 owe 188,000 and was told by a realtor if listed today that it would start at 119,00 I have no equity in the home even though I put 20% down, I've owned the home for 3 years, I moved out a year ago to try to rent it out to help pay the mortgage.. ( I moved back in with my parents). My credit score is about 780 and I have about 3000 in credit card debt and 13,000 in student loans. Besides this I owe nothing and no one. I had to relocate in order to move in with my parents and did so only recently moving from one side of the Us to Florida. Leaving my $18 hour job behind. I'm not worried about getting a job I have a AA and a BA with 6 years of upper mngmt exp. However. I feel at this point there is no real reason for me to continue to 'invest' money into a crater if you will... Only to save my credit? If I have a place to live and don't plan on purchasing anything in the next 3-5 years why should I try to prevent foreclosure? So here is the real?? Once I lose my house to foreclosure how do I go about finding out if the lender will sue me for the difference? I know that they won't be able to sell it for what I owe them because if that was the case I would have sold it and walked away. Do I have to contact an attorney or file for bankruptcy in order to not be held with the difference of what is owed after the bank sells it? Or since the feds just past that new law does that mean I will be forgiven? And if that is the case how does that affect me state, federal and lender wise. Aren't all three going to want a piece of me? This is the only part I can't get any info on... Anyone with any info please help... If I was in California I know that I would be able to just walk away and let the bank take back the house... Does that apply in Florida as well?
HElp!
I am not in foreclosure yet. I am intending to be. I bought my house for 214,000 owe 188,000 and was told by a realtor if listed today that it would start at 119,00 I have no equity in the home even though I put 20% down, I've owned the home for 3 years, I moved out a year ago to try to rent it out to help pay the mortgage.. ( I moved back in with my parents). My credit score is about 780 and I have about 3000 in credit card debt and 13,000 in student loans. Besides this I owe nothing and no one. I had to relocate in order to move in with my parents and did so only recently moving from one side of the Us to Florida. Leaving my $18 hour job behind. I'm not worried about getting a job I have a AA and a BA with 6 years of upper mngmt exp. However. I feel at this point there is no real reason for me to continue to 'invest' money into a crater if you will... Only to save my credit? If I have a place to live and don't plan on purchasing anything in the next 3-5 years why should I try to prevent foreclosure? So here is the real?? Once I lose my house to foreclosure how do I go about finding out if the lender will sue me for the difference? I know that they won't be able to sell it for what I owe them because if that was the case I would have sold it and walked away. Do I have to contact an attorney or file for bankruptcy in order to not be held with the difference of what is owed after the bank sells it? Or since the feds just past that new law does that mean I will be forgiven? And if that is the case how does that affect me state, federal and lender wise. Aren't all three going to want a piece of me? This is the only part I can't get any info on... Anyone with any info please help... If I was in California I know that I would be able to just walk away and let the bank take back the house... Does that apply in Florida as well?
HElp!