Posted on: 06th Nov, 2007 06:22 pm
I have a house with Citifinancial that I could no longer afford. I contacted them months ago asking for help and was told they couldn't help me. Thru the friend of a friend, I found a renter for the house and have purchased a more affordable place to live. A few days after I closed on my current house, I was informed that the lady was no longer interested in renting my house and now I'm currently 40 days past due on the mortgage with Citifinancial and will soon be facing foreclosure. I've never told Citifinancial that I have another house...only that I couldn't afford to make the payments on 1st house. Does anybody know if Citifinancial can garnish my wages and seize my bank accounts?
hi,
i think michel is right. you should talk to the lender as early as possible. see what the options are that he can provide for you. you will have more options if you have one or two late payments. more you delay; it will face more difficulty.
if reinstatement, forbearance or mortgage modification is not available for you; you can request your lender for deed in lieu of foreclosure or short sale.
you should read your loan documents to understand your rights and what can your lender do if you have some late payments.
thanks,
larry
i think michel is right. you should talk to the lender as early as possible. see what the options are that he can provide for you. you will have more options if you have one or two late payments. more you delay; it will face more difficulty.
if reinstatement, forbearance or mortgage modification is not available for you; you can request your lender for deed in lieu of foreclosure or short sale.
you should read your loan documents to understand your rights and what can your lender do if you have some late payments.
thanks,
larry
guest, you have a couple of options yet. you don't say where you are located in north carolina, but i have a realtor friend in raleigh who could be of great help if you desire to sell the house (or rent it).
clearly, you need to have a dialogue with the lender to see if you can work out a payment arrangement to stave off foreclosure. 40 days delinquent is not good, but not to the point that the bank will take immediate action.
one thing for sure - you don't want to just let the property go.
clearly, you need to have a dialogue with the lender to see if you can work out a payment arrangement to stave off foreclosure. 40 days delinquent is not good, but not to the point that the bank will take immediate action.
one thing for sure - you don't want to just let the property go.
I agree with Gmakerly, there's no other option but to either offer the property for rent or sell it off.
Guest, if there is a foreclosure or a short sale taking place, there's every possibility that the lender can seek judgment on the deficiency and if you are unable to pay it, he may seek a court order to garnish the wages or seize your bank accounts.
Good luck
Guest, if there is a foreclosure or a short sale taking place, there's every possibility that the lender can seek judgment on the deficiency and if you are unable to pay it, he may seek a court order to garnish the wages or seize your bank accounts.
Good luck