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Waiting for foreclosure

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Waiting for foreclosure

Not sure if I am posting in the correct place but here it goes...

 

In Feb 2018 we  moved cross country due to financial struggles. We had to leave a home behind we had just purchased 9 months prior. We moved to an area we had previous lived and got back on our feet. Husband has a great job and we purchased another home in the new area. During this transition we had our old home for sale. Over 2 dozen showings but no offers. We tried short sales and nothing. We also tried doing a deed in lieu but fell through as we couldnt meet their demands.We had to stop paying the mortgage of the old home in August 2018 because we could not afford 2 mortages. Its been 15 months and the mortgage compnay has not done anything to pursue foreclosure. We want them to so we can be done with this but we have not gotten any where. Any advice on how to move forward?

Message 1 of 3
2 REPLIES 2
Legendary Contributor

Re: Waiting for foreclosure

Contact the mortgage company and inquire as to why or if they intend to foreclose on the defaulted mortgage.

It is their business decision.....

Message 2 of 3
New Contributor

Re: Waiting for foreclosure

I would avoid foreclosure if all possible. As you can see in my name, I had a foreclosure and it ruined my credit for 7 long years.
Have you tried to rent the old home out so that you can maybe cover the mortgage?

Call your bank's foreclosure department and ask them what they plan on doing with your former home? They are not in a business of real estate so they want to unload the house quickly but why are they dragging their feet? 

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