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We need a foreclosure on our home

Posted on: 29th Jul, 2009 10:55 pm
My husband is military. My son is severly disabled. My husband is retiring in 1 year and we are moving to get my son the needed physical care he requires before my husabnd actually retires. We are actually moving August 10, 2009.
We have stopped making payments on the home two months ago. My son was helping to pay for the house (he is 21 and has a large settlement) but without his financila income help we can't afford the home mortgage. We are also not permited to use my sons money to pay for any of the house because he will not be living here anymore. We are having a house built for our son, with our sons settlement money in Texas. We live in Virginia now. We do not, thankfully, have to file for bankruptcy and can make all the other bill payments we have. I am worried about having to pay taxes on the home after foreclosure, I am worried about the military being able to come after my husband for the money we don't have, I am worried about who to talk to and what I should be saying, I worry about being further in debt. We have 'owned' the house for only a little under 3 years. There are a lot of things we have fixed with the home and it is in a wonderful neighborhood, but we do have many things that cost several thousands dollars that stil need to be fixed for the house to be worth what we owe on it, I think. I don't really understand foreclosure. My parents keep telling me to just leave the house to the bank with the keys and leave a note that says that we aren't able to make the payments any longer, but we would be willing to give the home back to them. Help!? I am confused as to waht to do and to waht I am doing!
angel66dkc

welcome to mortgagefit

first of all there is no reason to get panic.you are not alone who is going through these kind of situation,there are plenty of them who are having worse conditions than you.Neverthless everyone has some worry,but solution is there for every question.

You asked about foreclosure, so you were staying in your own home for last three yrs so you need to pay the taxes for that period.
Apart from this I do not think you need to worry about anything...

keep in touch.....
Posted on: 30th Jul, 2009 01:41 am
Posted on: 30th Jul, 2009 04:30 am
the Deed in Lieu is a good option. Not letting others know a new house is being built is good too. As for taxes, don't pay them. Any government property taxes do not affect your credit. The lien (unpaid taxes) "runs with the land" and no government tracts you down for non-payment of property taxes.
As for deficiency, the lender most likley will NOT come after you as they will realize the litigation costs of doing so. Juridiction is also a major obsticle for them once they learn your living in another state.
As for the new house, make sure the vested interest is in your sons name only but please make an agreement with him. This way, you won't be out on the curb should any bad ill wills happen.
ps: I am a licensed title agent for FL.
Posted on: 30th Jul, 2009 08:18 am
we stopped and thought there was a garage sale and instead it was a bunch of cops at a home that had gone into forclosure and they said that everything was going in the garbage and they were in the house breaking all the glassware and busting the dishes. then they were thowing things out on the road for the garbage people to pick up and there is a full time police officer watching and garding all the stuff until it gets taken to the dump... now is it just me or does this sound like the talaban not the united states.. they said that it is the law and that everything has to be thrown away and we could not even buy anything... please answer what the &*^^ is this normal????
Posted on: 12th Aug, 2009 05:21 pm
Wow. I have heard or seen somethign like this

In a foreclsoure lender takes the house back and they may collect the deficient amoutn from the borrower.

That's why we have law.

What you are saying does not look right

Somethign fundamentally wrong here
Posted on: 12th Aug, 2009 08:37 pm
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