Joe - Before I make any comments, let me say on behave of CT that introductions are in order. If you go to the intro section and say a little something about yourself and fill in your profile (where you live, etc) people here really appreciate that.
With that being said, WELCOME!
Sorry your in a pickle. There are many things to expect but, first i'd try to get anyone into that house as a rental even at a loss if you have to.
As far as what to expect? Well, depends on which mortgage company you have. 3 months is the short term for processing a foreclosure. You could have up to a year or two before its finalized and there's a Sheriff sale. Then you have another 12 months to short sell it. But, like I said depends on the mortgage company. Sometime they work with you.
You have to keep in mind that when you entered into this loan the bank is on the hook as well as yourself in terms of this house selling. There going to try to place all the responsibility on you but, they have an invested stake into it as well. And there the ones who decide whether it's a sound invest in the first place right? Do you think they want the house, hell no. It's in there best interest to refinance so they can keep bringing in cash.
My Cousin built a home on Lake Minnetoka here for $2.7m. He was in the same position. He had over $400,000 out of his own pocket trying to hold the place. Lowered to price to 1.7. Then he just couldn't take it anymore and told them to F***off. they where forced to refinance because they had a ton of other homes being foreclosed on and there portfolio was 95% in real estate. He eventually "moved into the house" so he wouldn't have to warranty it and let it go.
With that being said, WELCOME!
Sorry your in a pickle. There are many things to expect but, first i'd try to get anyone into that house as a rental even at a loss if you have to.
As far as what to expect? Well, depends on which mortgage company you have. 3 months is the short term for processing a foreclosure. You could have up to a year or two before its finalized and there's a Sheriff sale. Then you have another 12 months to short sell it. But, like I said depends on the mortgage company. Sometime they work with you.
You have to keep in mind that when you entered into this loan the bank is on the hook as well as yourself in terms of this house selling. There going to try to place all the responsibility on you but, they have an invested stake into it as well. And there the ones who decide whether it's a sound invest in the first place right? Do you think they want the house, hell no. It's in there best interest to refinance so they can keep bringing in cash.
My Cousin built a home on Lake Minnetoka here for $2.7m. He was in the same position. He had over $400,000 out of his own pocket trying to hold the place. Lowered to price to 1.7. Then he just couldn't take it anymore and told them to F***off. they where forced to refinance because they had a ton of other homes being foreclosed on and there portfolio was 95% in real estate. He eventually "moved into the house" so he wouldn't have to warranty it and let it go.
