here are some search results

I just recently had a DIL and I couldn’t be happier. I worked with the mortgage company over a period of about 9 months trying to work out a short sale. When that didn’t work, I just gave it back. Because they had never reported to the credit bureau, it had no affect on my credit. In fact, there is nothing on there about it. I think a DIL is better than bankruptcy, at least you showed some initiative. You said that you’ve never had a late payment, that could be a problem. They most likely won’t consider DIL unless you are at least 30 days behind. That is easy enough to do! There is always the possibility of tax implications for the balance forgiven, but President Bush passed the Mortgage Forgiveness Act that said people who lose/give up their homes in 2008-2010 won’t be responsible for the taxable income it may produce. So make sure if you get a 1099 that you take it to a tax professional. Good luck!

Have you thought of perhaps doing a Lease Option on it? Can you rent it out to at least cover your payment?

The county has all the pre forclosures, listed every month…..You may find some spectucular deals, if you can contact these people and make an offer…..Just make sure to have your financing in place, because you will need to do a fast closing…..

You can a lot of research on line these days.
Here are 2 links to start a proper research. They should be an excellent place to start:
These sites have nationwide properties featured. Also, talk with some of your local realty friends to learn more & the best way to finance in your purchase area.
General rule: Most properties are cheaper if you go to the present day owners first, if the bank has not started the final stages to take over the property.

Find a Realtor who knows how to sell them. Get an appointment and ask him to explain the whole process to you. You then need to decide if you think they 1 – Know their stuff, and 2 – Are being honest with you. Missing either of these could end up costing you.

Good luck.

Why are you foreclosing?? did you get scam ed some time during the last six years??…
Do not worry or feel bad if you did you are just the first of the wave that will soon be a flood of people that are just going to throw the keys in the mail slot and walk away.

Hi Melanie,

Feel free to e-mail me your questions. Also, if you’re in Southern California, I can help you avoid foreclosure.

Here are your eight options in a foreclosure:

1. Reinstatement: Come up with the money to make the loan current.
2. Redemption: Pay the loan off in full.
3. Deed in lieu of foreclosure: Surrender the deed to the lender. This will have a less impact on your credit.
4. Legal delay: If you can prove that the amount owed is incorrect, you can delay the foreclosure.
5. File bankruptcy: This will delay the foreclosure, but at the end you still could lose the property and ruin your credit.
6. Renegotiate with the lender: Call the lender and renegotiate the loan. Maybe they can either refinance you or hold off on accepting payments for a short period of time. See if they can combine all your loans into one. This is your best option!
7. Sell the property: Sell the property to either an investor or a buyer.
8. Do nothing: eventually get foreclosed on and evicted. Unfortunately, the majority fall into this category. They have this notion that a family friend will loan them the money. This, of course, rarely happens and they end up losing everything.

Regards

QUICKLY – sell it yourself. You may even walk away with some cash and without the blot on your credit. Either way you are going to be out on the street. Does your state have homestead rules? Did you homestead your home and is it too late to now? Ask you attorney.There are people advertising to buy foreclosures before they go back to the bank – check your paper. If the bank takes it back it is theirs. Anything they sell it for is theirs.

Yes. As long as the landlord still owns the property and you haven’t received a notice to vacate.