[teacheraid]

Hi my house is in foreclosure. My husband is ignoring the fact. He does not talk to the bank or anyone when they call. I am on medical leave from my job. I know we have a little equity. But as time goes on we won't have any. Plus the house needs a lot of work. I am an imotional wreck. Has anyone gone through this.. What happens at the end. Were do people go after a situation like this. What do they do.

[George_1950]

Foreclosure is done differently in different states. The property will be advertised for sale usually four consecutive weeks in the legal organ of the county. The sale is usually an auction. I believe your equity will be lost unless the winning bid is greater that the debt, plus costs and expenses. If the winning bid is lower that the debt, the creditor can possibly pursue you for the deficiency. After the sale, you will be a tenant; in most states, you are afforded notice to vacate; and if you remain, you will be evicted. You can stop the foreclosure by bringing your payments current, or filing a bankruptcy petition.

[grammapat]

Happened to me (not my fault!). This was before this terrible housing situation, where people not only loose their house but (because it can't be sold for as much money as the owners OWE on it) the evicted owners still owe money to the mortgage company! People are just "walking away" from their house - owing money, wrecking their credit. This is so common now that some banks (like BofA) are creating new loans for these people so they DON'T have to have this happen. Back to me: when I could no get re-financed and was told I would be forclosed, I left the condo. Mistake! It took them over a YEAR to forclose, I could have lived there - making no payments - for all that time; it would not have made my credit any worse, or done anything else;they could not have actually evicted me until they had completed the foreclosure!