DH and I are going to sell our house..

**DorothyBeverly** · 07-09-2007, 11:41 AM

I am sure some of you remember that last year, DH and I almost had to face foreclosure, but we recieved some help from family. Financially, things are not getting any better. We are barely, and I mean BARELY scraping by. I know a guy who is a realtor who said he could sell our house and quickly. If for some reason it doesn't work out, we might have to go thru a foreclosure anyway. We are behind again. Has anyone went thru a foreclosure, and what exactly happens? We got in way over our heads when we bought this house!

**mom21ofeach** · 07-09-2007, 12:22 PM

I would try to sell it yourself first. Realtors charge a big commission, and that means you will be losing even more money.

I would also try to work with your mortgage company. They do not want your house to go into forclosure either. Maybe you can work out some sort of deal until the house sells. A forclosure will come back to haunt you for years and years. I would try to avoid it if possible.

**DorothyBeverly** · 07-09-2007, 12:42 PM

I am going to call them and let them know we are going to try to sell. Up to this point, they (our mortgage co) have been really no help at all. I am not really worried about losing money as far as the sale goes, I am really not too concerned as long as we can get out from under our mortgage. We will never be able to pay down other debt if we stay in our house.

**Cricket1** · 07-09-2007, 01:02 PM

We sold our house on our own and without a realtor and it can take a long time (it can take a while with a realtor, too). If you really need to get rid of it, I would use a realtor--they know how to sell a house better than you.

**justpeachy92** · 07-09-2007, 01:44 PM

We have been through a forclosure, and my advice is to avoid it at all costs. We lost our house a few years ago, bank forclosed, they resold the house for alot less then what it was worth and we are paying off what was left on our mortgage that the bank didn't get when they resold the house.

**Dancing Lotus** · 07-09-2007, 01:47 PM

IF it wasnt for my mil our house would have been forclosed on a long time ago. Try to sell it fast and run. Best of luck.

**Jeanna** · 07-09-2007, 02:22 PM

We went thru forclosure a few years back. It was not a fun time. But we were lucky enough to not have to pay anything. I have to say though, after 4 years we are living in a better house and are better off. However I wish we were able to pay our debts back then. Anyway big hugs, it's hard either way selling or foreclosure. But if you can sell---sell.

**AmyMCGS** · 07-09-2007, 02:52 PM

Good luck! I hope you're able to get it sold quickly and avoid the foreclosure. Do you have a plan for where you'll be moving to?

**Shellshome** · 07-09-2007, 02:57 PM

We went thru this about 4 years ago. We tried to work with the bank but they were really no help at all, our parents wanted to help but we didn't feel that was the answer so we let it go. We tried to sell but just not happening in the area. We did not have to pay anything to the bank after the sale and they did get a lot less then what was needed but I had to prove to the IRS that we didn't make any money on it at all and that was a headache. They were trying to say (IRS) that we owed $4000 for not claiming the profit (which we did not make) the bank turned it in as a profit for the money that was still owed but they never came after us for the almost $20000 difference so we proved to the IRS and didn't have to pay Thank goodness.

It is a hard thing to do and go thru but for us it was the right thing to do we are in a bigger home (less money) and better meets our needs. We had/have no children so that wasn't a issue (we might have taking the help from parents if we did then) but for us letting it go was the right thing hard but the right thing.

You and your dh have to do what is right for you. I do hope that you can do a quick sale. Have you gotten a letter from the Sheriff's office yet saying that it will go on the auction block? because if it has gone that far you might not be able to sell it and anything that you sell it for has to go thru the bank for approvel.

Good luck and hope everything works out for you and your dh.

**DorothyBeverly** · 07-09-2007, 04:11 PM

Amy-we will stay here...just downsize to an apartment.

Shellshome-no we haven't recieved a letter...we are currently 2 months past due, everytime the 3rd month comes up, I make another payment...but it still leaves us behind 2..do you get what I am saying? I hope we can sell it...before it gets to be too much of a mess!

On the flipside, we also considered bankruptcy...what do ya'll think of that?

**Luv2BeFrugal** · 07-09-2007, 04:27 PM

I'd try for a quick sale. Since the new bankruptcy laws went through it's extremely difficult to have it approved. And it costs just to file.

Keep us posted...

**DorothyBeverly** · 07-10-2007, 10:43 AM

I talked to my Mortgage co this morning, I have to call them back tomorrow..they are going to see if we can get some type of assistance to bring our loan current. That will at least help us out until we can get it sold. That way I won't have to worry about a foreclosure because who knows how long it will take to sell it!

**Shellshome** · 07-10-2007, 10:50 AM

Good Luck and hope everything works out for you and the bank can come up with something that will help you. We tried this but it made the payments more then we could afford (went up $200 or so) but hope something works out for you so you can get it sold and move into something else.

Are you going to buy something smaller (payment wise) or rent? I don't know if you said. What is rent (if that is what you do) compared to house payment?

**kaykwilts** · 07-10-2007, 12:59 PM

I think it is a wise decision to sell your home. You need to avoid foreclosure at all costs. You should use a realtor. A realtor can help you sell the home faster and at a better price. Don't try to do it yourself. Get someone who knows what they are doing.