Letting Bank Foreclose

by Homeowner Who Needs To Move
(USA)

Ask Kate: Letting The Bank Foreclose
We have been in our home for a little over four years. We are now looking to move but cannot continue to make payments and move. We're not sure that our home will sell fast enough, what are our options?

Do we call our lender and tell them that we are no longer able to make payments and let them repo? What will that do to our credit? How long will we have to wait before we can get another loan?

Avoiding Mortgage Foreclosure or Letting The Bank Foreclose


Dear Homeowner,

Yes, as you anticipate, foreclosure is costly to credit and far reaching into many aspects of life. However, sometimes foreclosure can be avoided. I have known homeowners in your situation who have been helped by consulting an attorney, a Realtor or a trusted adviser about options other than foreclosure.

I have a series of articles on foreclosure, how to stop it, how to avoid it and many tips to make your life easier. Please visit Stop Mortgage Foreclosure, a special report with 8 strategies.

If you cannot continue to make your mortgage payments, you might consider contacting the lender to whom you make payments, asking how they can help. If you are not sure which lender to call, learn how to locate your lender at Stop Foreclosure Now.

Best Wishes On Your Move,



Your Online Mortgage Advice Friend

P.S. Go to my Best Mortgage Rate Blog, an entertaining source of mortgage information. Subscribe now to the RSS feed.

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The information you obtain at this site is not, nor is it intended to be, a substitute for financial, real estate or legal advice. You should consult an attorney, accountant, lender or real estate agent, as applicable, for advice regarding your individual situation. Comments and opinions found here are not necessarily those of Get Your Best Mortgage Rate.

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