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- August 26, 2011 at 2:29 am #366955
This question is for anyone who has gone through it. I know foreclosure is a bad thing, but realistically is your life better or worst without the monthly mortgage? How were you able to rent again? I know obtaining another mortgage must be out of teh question for like 10 years if not more. So how did you get another home? The way our economy has crashed I figure that people are going to have to save and pay cash for most of the things they want in the future anyway. A majority of people are facing foreclosure these days. Did the lender still come after you for monthly payments once they took the house? I mean are you still paying the same monthly fee? Are you paying anything back? A reduced monthly fee for the balance? I live in a state where homes are not selling and can be bought on the cheap. The likelihood of selling my home or renting it appear near zero. My home needs some maintanence too. I’ve triedd selling my home for a several months to end my mortgage but its not happening. I have decided to relocate and look for better opportunities. I no longer want my home and I can’t stay in it if I am in another state. I am going to try to do a short sale or deed in lieu. I think those are my last options. I have decided to stop paying my monthly mortgage as I really need that money to save and relocate in the next few months. Should worst come to worst and I face foreclosure I ‘m trying to find out what will happen. I guess it takes a year for foreclosure to take place. I’m hoping I can short sale the home before that time.
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