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,

Ask Kate how to get the best mortgage rates
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P.S. Go to my Best Mortgage Rate Blog, an entertaining source of mortgage information. Subscribe now to the RSS feed.



More Help to Save Your Home

Special Edition Making Home Affordable - 13 options for homeowners struggling with unaffordable house payments.

Loan Modification Ask and Answer - Answers to loan modification, Home Affordable Programs, HARP, and HAMP questions.

Can I do a Mortgage Loan Modification myself? The answer is yes, but...

Don't give up. With a little knowledge, you can Stop Mortgage Foreclosure.

Foreclosure Help - Act now if you think you are going to be late on a mortgage payment.

Help for locating your lender to Stop Foreclosure Now.

By understanding your Adjustable Rate Mortgage, you can anticipate and plan.

When promises to Sell Your House seem too good to be true, remember this.

A limited offer, Mortgage Debt Relief provided help for homeowners subject to additional income taxes.

How to explain to your lender that you are trying to Prevent Foreclosure.

The first step to stopping Foreclosure is understanding its impact on your life.

Stop Foreclosure. Learn from Donald Trump about negotiating a better deal.

Subprime Mortgage Loans fulfilled an important role in America.

Every homeowner with a Subprime Mortgage needs a long term plan.

Subprime Mortgages - Learn how to transition to traditional mortgage financing.



Return from Letting The Bank Foreclose to Get Your Best Mortgage Rate


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You can also ask Kate about your mortgage at How to Improve Your Credit Rating with Amazing Success.

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