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How much will it cost the howeowner if they foreclose in Florida? Will the lendors work with the homeowner to payoff that debt. It is the difference between what they own and what the lendor sells the home for? Also does the homeowner pay the court costs, etc? Any information would really appreciated. We know all the other reprucussions of not being able to buy a home for at least 3-4 years and then a higher interest rate. Also our credit will get damaged but we have become so desparate we don't even care any more. Also, if we decide to do this do we contact the lendors?
How much will it cost the howeowner if they foreclose in Florida? Will the lendors work with the homeowner to payoff that debt. It is the difference between what they own and what the lendor sells the home for? Also does the homeowner pay the court costs, etc? Any information would really appreciated. We know all the other reprucussions of not being able to buy a home for at least 3-4 years and then a higher interest rate. Also our credit will get damaged but we have become so desparate we don't even care any more. Also, if we decide to do this do we contact the lendors?
Sorry I don't have an answer-looking for knowledge myself.
Not very helpful here if you DONT have money
Where I live in FL, the final judgment includes the amount that has been defaulted, attorney fees, filing fees, advertising the foreclosure (required by law), and one other fee that I can't think of at the moment.
You can go to the county clerk's website and view the documents. They are public record. Here they list the upcoming 30 day's foreclosures. You can get the case number and search the public record to find the judgment, the lis pendis, the mortgage, and any liens or encumbrances that have been placed on the property.
Have you considered selling the home versus going into foreclosure which extends well beyond waiting 3-4 years to buy a house? You will endure endless collection calls and yes you will be charged late fees, collection fees, and any other additional fees associated with the foreclosure until the judgement is finalized and the property is auctioned or sold back to the lender. Also, poor credit can impact your ability to be hired since several companies now perform credit checks as part of background checks. Some insurance companies are even looking at FICO scores to determine how much premium you are charged. In other words, credit is KING and should be preserved as much as possible.
Unless you're in an upside down loan (what you owe is more than the value of the home), it makes sense to try to sell your home at an amount at least equal to the loan amount owed. If the home is in pretty good condition, it should sell at least at the loan amount owed. This allows you to walk away with your credit in tact even if you have to give up some equity. You can rent for a while and save up for your next purchase which will be easier with your credit in tact.
If you're in an upside down loan, you could talk to your lender about a short sale which is paying the loan off at an amount less than what's owed. There's no way you'll find a buyer that will purchase your home for more than it is worth so reducing your selling price to a level that at least match your competition is what you'll need to do even if this amount is lower than your loan balance. Your lender will probably be willing to work with you if you say you have an offer from a prequalified buyer with proof of funds since it saves them time and money. Short sales are generally better on your credit than a full forelosure. I'd call your lender to discuss options.
I agree with Prim2007, call your lender and see if they will work something out. Ask for the loss mitigation department, don't talk to the 1-800 customer service rep they can't help you. Lenders don't want to own your house. Maybe they will do a short sale? Maybe they will do a loan modification to allow you to stay in the house. Foreclosures may also hurt your ability to rent a place. Finally check with your state or local govt agencies some of them have programs to help people avoid foreclosure.
Packerman
I have read your other post about trying to sell and the difference in what the home is worth being lower than what you owe making refinancing difficult.
Any legal fees from the foreclosure will be added to the mortgage.
Once the mortgage company has a Judgment of Foreclosure against you, if the house is sold at the sheriffs sale the difference from what it is sold for and what you owe you can not only be held responsible for(and remember most judgments can be good for 20 years) but they may also send you a 1099 for the difference. This is what "forces" folks to look at chapter 7 BKs.
Lets say the difference is $30k and you receive the 1099 you will have to "claim" that amount on your taxes as "income".
Another option to look into is "deed in lieu" of foreclosure.
The other posters are correct in not talking to the 800 customer service folks,
Loss mitigation is the dept that can possibly help.
However if your mortgage is current they may not offer much help.
I know it is a "catch 22" situation that can be very frustrating
We have had it on the market since February switched realtors in June and have drastically dropped the price. We owe 155,000 and are now down to 119,900. At this price is the first time we are actually getting people to even drive by the market is so bad down here. We have told the lenders that we are trying to short sale and we filled out a package and hardship letter to the first mortgage. The 2nd won't talk to us until we have a buyer. We thought about deed in lieu but thougth we would give it another two weeks then start talking to the lender about that. Plus not sure if we can do this since we have two loans. Thank you for replying you seem to know quite abit about this.
Our house is in "pending" foreclosure status.. We set up a re-payment plan with 90% down on the same day it was sent over to the attorney's office. 2 days later our foreclosure was halted but the paper notifications will continue as repayments are made until paid in full. We have found a way to pay the additional $1200 owed to bring out account current but now the attorney's are saying we will also have attorney fees to deal with.. Does anyone have any idea how much these will cost us.. Attorney's received information regarding this foreclosure on the 2nd of February and the halt was issued on the 5th of February. All they have done regarding this is put an add in our local paper..
You can check the public records in Florida and look up a property that you know has been foreclosed and look into the foreclosure papers and everything will be more clear. All numbers are listed and most laywers fees are the same in most cases.
Fighting against Foreclosure Yahoo!
Fighting against Foreclosure
STEPS TO FOLLOW
A. If your lender has already filed suit to foreclose on your home:
1. Use the first form. It’s a fill-in-the-blank legal request to your lender asking that the original note be produced, before it can proceed with the foreclosure. In some jurisdictions, the courts require the original request to be filed with the clerk of court and a copy of the request to be sent to the attorney representing the lender. To find out the rules where you live, call the Clerk of Court in your jurisdiction.
2. If the lender’s attorney does not respond within 30 days, file a motion to compel with the court and request that the court set a hearing on your motion. That, in effect, asks the judge to order the lender to produce the documents.
3. The judge will issue a ruling at your hearing. Many judges around the country are becoming more sympathetic to homeowners, because of the prevalence of predatory lending and servicing. In the past, many lenders have relied upon using lost note affidavits, but in many cases, that’s no longer enough to satisfy the judge. They are holding the lender to the letter of the law, requiring them to produce evidence that they are the true owners of the note.
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How much will it cost the howeowner if they foreclose in Florida? Will the lendors work with the homeowner to payoff that debt. It is the difference between what they own and what the lendor sells the home for? Also does the homeowner pay the court costs, etc? Any information would really appreciated. We know all the other reprucussions of not being able to buy a home for at least 3-4 years and then a higher interest rate. Also our credit will get damaged but we have become so desparate we don't even care any more. Also, if we decide to do this do we contact the lendors?
