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dustin h
What are some of the repercutions of a foreclosure? Will I be able to rent a place if my house is foreclosed on? Will I be asked to pay the remaining balance on the loan of my house?
Answer
Lily's Mom- I don't care how "helpful" you think you are being but when you do not know an answer, it is better to keep silent than pass along misinformation.
There are two primary processes of foreclosure. The first is called a judicial foreclosure because it is treated as a full court matter. It takes considerable time to complete. In certain jurisdictions it is the only manner in which a creditor MIGHT be able to obtain a deficiency judgment or a judgment in excess of the sales price of the property.
In most jurisdictions, a non-judicial foreclosure is the most common practice because it is much, much faster. In some jurisdictions the selection of speed in a non-judicial foreclosure requires the lender to give up all rights to any deficiency judgment and other jurisdictions prohibit deficiency judgments in all instances of a family occupied home.
Do check the issue of deficiency judgments with an attorney or knowledgeable local realtor. My guess is that you have nothing to be concerned with.
You should have no problem or little problem renting a new residence. You do not believe that landlords are not cognizant of what is happening in the real estate market. There are unfortunately thousands of people going through what you face and ALL OF YOU ARE NOT GOING TO BE FORCED TO LIVE IN TENT CITIES.
Relax....Take a deed breath.... You are going to be fine.... You were likely defrauded by your lender whose agent failed to properly advise you on the risks of the loan they made for you. Let them hint about going after them and threaten them in turn with professional negligence, fraud and misrepresentation, abuse of process and general negligence.
You have paid a very expensive lesson. Hopefully, you will be able to get into another home. You might not get a mortgage in your name anytime shortly, but you can learn about landsales contracts and assumable loans that will keep your hope alive for another "home' opportunity.
Good Luck.
Lily's Mom- I don't care how "helpful" you think you are being but when you do not know an answer, it is better to keep silent than pass along misinformation.
There are two primary processes of foreclosure. The first is called a judicial foreclosure because it is treated as a full court matter. It takes considerable time to complete. In certain jurisdictions it is the only manner in which a creditor MIGHT be able to obtain a deficiency judgment or a judgment in excess of the sales price of the property.
In most jurisdictions, a non-judicial foreclosure is the most common practice because it is much, much faster. In some jurisdictions the selection of speed in a non-judicial foreclosure requires the lender to give up all rights to any deficiency judgment and other jurisdictions prohibit deficiency judgments in all instances of a family occupied home.
Do check the issue of deficiency judgments with an attorney or knowledgeable local realtor. My guess is that you have nothing to be concerned with.
You should have no problem or little problem renting a new residence. You do not believe that landlords are not cognizant of what is happening in the real estate market. There are unfortunately thousands of people going through what you face and ALL OF YOU ARE NOT GOING TO BE FORCED TO LIVE IN TENT CITIES.
Relax....Take a deed breath.... You are going to be fine.... You were likely defrauded by your lender whose agent failed to properly advise you on the risks of the loan they made for you. Let them hint about going after them and threaten them in turn with professional negligence, fraud and misrepresentation, abuse of process and general negligence.
You have paid a very expensive lesson. Hopefully, you will be able to get into another home. You might not get a mortgage in your name anytime shortly, but you can learn about landsales contracts and assumable loans that will keep your hope alive for another "home' opportunity.
Good Luck.
Do I have a future and can I change my mentality?
Gena Smith
I am 22 but sometimes I feel like I am old or missed my chance in my childhood (bad family and poverty situation).
I read and look up self help books as well as try to understand people more.
I just want to know from a older person perspective, what can I change now to impact my future in a positive way. I am going to be a fifth year college student. Thanks.
Answer
When I was 22 I had a community college 2-year degree, 4 f's at a state university, no dates, and I lived with my mother helping her take care of 6 younger siblings which I had done for the previous 4 years after my father died.
This is what I did with my younger siblings - we collected recycling and saved every penny to go on summer camping trips every summer for a week at our favorite lake. We found ways and means to have fun for free or really cheap. We spent summers at the beach, fall and winter at local parks, hiked horseback riding trails in the middle of the wealthiest neighborhood (awesome view of the ocean and islands from the top of that hill), and looked for adventure everywhere. Part of the adventure included a disatrous camping trip to a national park involving a late-March heavy snowfall, bald tires on the van, a collapsed tent, a stove that barely worked, and a night in a ranger's cabin after sliding out on a snowy road on the way home.
When I was 24 I moved into that same national park, took on a toilet-cleaning job at the hotel there, and lived in a tent which really was company housing then for one year, including during winter snow (NOT making this up!) and met my husband.
Life is still an adventure for me, and now my 10-year old daughter shares the adventure.
I needed a blanket living in the tent, so I went to the free bin in the community bin, bought some sewing scissors and a spool of thread, borrowed a sewing machine, found a magazine with a pattern included, and made a quilt. I backed it with a sheet thrown away by the hotel. I still make quilts with free fabric, even though I now live in a house.
Life is an adventure. Poverty is an adventure. I now make jewelry pendants out of found objects from alleys, parking lots, campsites, trash bins, etc. I get furniture for free from friends and relatives' garages and paint it and sell it at yard sales and decorate my house with it. Almost every book in my 500-volume library cost about fifty cents each (yard sales and thrift stores).
You really are looking at life all wrong. You see a bag of garbage, I see five pennies, a quarter, 10 bottles to turn in for cash recycling, that plastic battery cover plate for that broken radio can become the backing for a pendant, that ripped shirt still has buttons I can use for my latest wallhanging, I can cut up the fabric from those torn jeans to make a denim quilt, and I bet I could sell those books for $2 each on amazon.com
Life really is what you make of it ( and I can make a lot with it!) Start making a life.
When I was 22 I had a community college 2-year degree, 4 f's at a state university, no dates, and I lived with my mother helping her take care of 6 younger siblings which I had done for the previous 4 years after my father died.
This is what I did with my younger siblings - we collected recycling and saved every penny to go on summer camping trips every summer for a week at our favorite lake. We found ways and means to have fun for free or really cheap. We spent summers at the beach, fall and winter at local parks, hiked horseback riding trails in the middle of the wealthiest neighborhood (awesome view of the ocean and islands from the top of that hill), and looked for adventure everywhere. Part of the adventure included a disatrous camping trip to a national park involving a late-March heavy snowfall, bald tires on the van, a collapsed tent, a stove that barely worked, and a night in a ranger's cabin after sliding out on a snowy road on the way home.
When I was 24 I moved into that same national park, took on a toilet-cleaning job at the hotel there, and lived in a tent which really was company housing then for one year, including during winter snow (NOT making this up!) and met my husband.
Life is still an adventure for me, and now my 10-year old daughter shares the adventure.
I needed a blanket living in the tent, so I went to the free bin in the community bin, bought some sewing scissors and a spool of thread, borrowed a sewing machine, found a magazine with a pattern included, and made a quilt. I backed it with a sheet thrown away by the hotel. I still make quilts with free fabric, even though I now live in a house.
Life is an adventure. Poverty is an adventure. I now make jewelry pendants out of found objects from alleys, parking lots, campsites, trash bins, etc. I get furniture for free from friends and relatives' garages and paint it and sell it at yard sales and decorate my house with it. Almost every book in my 500-volume library cost about fifty cents each (yard sales and thrift stores).
You really are looking at life all wrong. You see a bag of garbage, I see five pennies, a quarter, 10 bottles to turn in for cash recycling, that plastic battery cover plate for that broken radio can become the backing for a pendant, that ripped shirt still has buttons I can use for my latest wallhanging, I can cut up the fabric from those torn jeans to make a denim quilt, and I bet I could sell those books for $2 each on amazon.com
Life really is what you make of it ( and I can make a lot with it!) Start making a life.
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