Posted on: 03rd Nov, 2010 11:08 am
I am looking at imminent foreclosure on a rental property. I am not behind on the mortgage as of now, but I simply cannot pay it any longer.
Is there any kind of process I need to go through to expedite a foreclosure, or do I simply stop paying and let the bank do their thing? I only ask because I don't want to drag the foreclosure out for months if I don't need to.
Thanks :)
Is there any kind of process I need to go through to expedite a foreclosure, or do I simply stop paying and let the bank do their thing? I only ask because I don't want to drag the foreclosure out for months if I don't need to.
Thanks :)
Sell the property cheap and keep the foreclosure off your credit history
How would that work? I owe WAY more on the house than it's worth.
hi abeian,
rather than going for foreclosure, you can contact your lender and apply for a deed in lieu of foreclosure. however, whether you go for deed in lieu of foreclosure or a normal foreclosure, it will take a minimum of 90 days to complete. though you owe more, you won't be liable for paying the balance amount to the lender in case of a deed in lieu of foreclosure.
rather than going for foreclosure, you can contact your lender and apply for a deed in lieu of foreclosure. however, whether you go for deed in lieu of foreclosure or a normal foreclosure, it will take a minimum of 90 days to complete. though you owe more, you won't be liable for paying the balance amount to the lender in case of a deed in lieu of foreclosure.