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Foreclosure Sale Payment

November 3, 2007

in Community Blog

foreclosure sale payment
What Do We Do With The house, foreclosure, short sale, what?

My Aging Parents Need to move closer to me (They are 800 miles away). THEY Have a home to owe What about gold icts worth less. Could not sell it and THEY pay a realtor and closing Costs. They Are current payments and are just barely CAN AFFORD Them, What They Need Is to Be Close to to us. What Do They do? When They Do Move, They Are Going to rent apartment year and not buy again. What Options Are They And What Is The timeline is em?

First, not foreclosure. In a foreclosure, Either (a) The House Does not Sell, They Are and required to keep Making the payments, THEY Even Though No Longer Have the house, or (b) The house sells for less Much Than it is Worth, And They owe the Difference Between the Amount sold for Which The House And The Amount Owed On The optometrist Before the loan sale. Either Way, They Will Owe More Than The Cost of a realtor and closing Costs. Second, if They Are Going the foreclosure route, a sincere foreclosure make it impossible to May Be Approved for a lease, They should "rent The Apartment Before The foreclosure, Because It May Be Later impossible. I Think That Would a bank agreements to a short sale Under These Circumstances. Normally, a short sale results in the house sold for Being Much less Than The Amount Owed, and The Bank Loses a Lot More Than Just the realtor fees and closing Costs. Because this house is Worth What Is Owed, and The Bank Would Lose Only the realtor fees and closing costs: THEY Should Be Open To The Idea.

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