help!!! foreclosure steps (Ocala: mortgage, credit report, lawyer)

[ipanema121]

Hi!

I am almost 4 months behind on my mortgage. I 'm trying to do a short sale, but I know that maybe foreclosure is a possibility,and I don't care.
We are relocating to another state and we are very happy.
Nevertheless, I am very concerned about "how to abandon the house".

Who will keep the keys?
What to do with the pool (we don't want to affect the neighbors with mosquitoes)
I don't know what to to. Lock the doors and take the airplane?

I want to leave but I want to do the right way.

Thank!

[Lilybeans]

The right way is keep paying the mortgage, and don't leave the house unlocked or the pool open so someone could get in and drown.

[ipanema121]

I can't pay the mortgage...

Our option now is foreclosure.

The only thing that I need to know is how to abandon the house legally.

[Lilybeans]

Originally Posted by ipanema121

I can't pay the mortgage...

Our option now is foreclosure.

The only thing that I need to know is how to abandon the house legally.

Legally, it is your house until someone else either buys it or someone gets a deed at a foreclosure sale. If anything should happen to a person while you own it, you would be responsible. Starting a foreclosure does not mean the bank owns it. In fact, the bank doesn't have to foreclose.

[ipanema121]

Thank you Lilybeans. I think that I will lock the door and call the bank and ask what to do with keys.

[tab755]

I know it is a hard thing.
But the keys stay with you (the agent that you work with) until the back foreclosure on the property. If the agent is in touch with your bank, it can help you. The agent can keep in contact with your bank and let them know how it is going on. If you have been talking with your bank and trying to put money on the house payment. Even if it does not sale at lest the bank and agent have the keys already.
It could help you with the foreclosure on your credit report. A big must do.That is on your credit for a long time.
BANKS ARE IN THE BUSINESS OF MONEY! NOT OWNING PROPERTY!

Unless it is County Wide. In that case your screwed. I hate them, can you tell. They ARE in the business of keeping your home! Also your money.

You could drain out the pool not a big thing.

Or you could try for a buyer that want to kind of a rent to own or owner finance. For a 1yr.to 5yrs. You can owner finance. Then let have them get a mortgage. Then at lest you have someone else making that payment. Have a contract done up by a lawyer. If it is a serious buyer. They have no problem putting a down payment down. Look for at lest 20% down. They too might not be able to own at this point because of a foreclosure or etc. too.

[House4Sale]

We are going through this now and it is a long drawn out mess. And I read where walking away is a myth. No such thing unless you have house under a fake name, are leaving the country and can hide pretty good when they come looking for you. We are responsible for late charges, attorney fees that the lender racks up. Oh, and we are still having to hold/pay home/house insurance lest someone gets hurt on the premises. One could get sued for that.

First step was to look into SaveOurHome or some such gov. agency (which did no good for they put us back through to the lender and they did squat to help us. Re: short sale--one must have a buyer put in an offer and then they go from there). Then when we could no longer pay on house so we had to miss mtg. paymts. all the while our realtor still tries to sell the house. We've received no offers (brand new house) to date. Next we tried to get foreclosure which I believe is the same as deed in lieu and we got a free phone consult. from a real estate attorney (who gave us a break by giving us some great info and direction that another wanted to charge us for) and had to send in forms to ask for a deed in lieu. Papers should reach their office tomorrow and as another poster noted, we do not have any guarantee that they will take the keys/deed and give us a break on past due fees and attorney charges etc. Then we had to write to the Curcuit Court in the county where the house is located w/the same info and direct it to foreclosure dept. There's more steps to the deed in lieu but my head is swimming and I don't remember all to it. After draining our accts. and retirement and still no offers, we hope they just take the damn thing so we can get this menace off our backs and start rebuilding our lives.

I wouldn't wish this on my worst enemy!

[Beth Anthony]

The first step is to contact your lender to see if they will take a deed in Lieu which means you return the home to the lender. If they will not take the home at least list with a Realtor as a short sale and you will need to protect yourself with homeoners insurance especially regarding the pool. You certainly would not want a chil to fall in. A forelosure in my area of Ocala takes about 9 months to work through the court system. If you happen to be in my area contact me and I will try to help you.

[Lilybeans]

Originally Posted by Beth Anthony

The first step is to contact your lender to see if they will take a deed in Lieu which means you return the home to the lender.

Just a quick correction, but you are not returning the home to the lender, you are giving it to them. The lender never, ever, owned your home. The lender had the first lien on your home.

[Wendyb0077]

Originally Posted by tab755

I know it is a hard thing.
But the keys stay with you (the agent that you work with) until the back foreclosure on the property. If the agent is in touch with your bank, it can help you. The agent can keep in contact with your bank and let them know how it is going on. If you have been talking with your bank and trying to put money on the house payment. Even if it does not sale at lest the bank and agent have the keys already.
It could help you with the foreclosure on your credit report. A big must do.That is on your credit for a long time.
BANKS ARE IN THE BUSINESS OF MONEY! NOT OWNING PROPERTY!

Unless it is County Wide. In that case your screwed. I hate them, can you tell. They ARE in the business of keeping your home! Also your money.

You could drain out the pool not a big thing.
Or you could try for a buyer that want to kind of a rent to own or owner finance. For a 1yr.to 5yrs. You can owner finance. Then let have them get a mortgage. Then at lest you have someone else making that payment. Have a contract done up by a lawyer. If it is a serious buyer. They have no problem putting a down payment down. Look for at lest 20% down. They too might not be able to own at this point because of a foreclosure or etc. too.

TO THE OP,
You cannot owner finance when there is an existing Mtg on the home. You could rent it, but will need to get caught up on the Mtg. (Need $$ for that)
It is not a good Idea to drain a pool in a vacant home. First of all you now have a large dangerous hole for someone to fall into and second the pool can lift from not having water in it and do major damage to the structure.

Alway seek legal counsel before doing anything!!! Hope everything works out for you...