I try to publish accurate, helpful advice here on this blog. If you have a question or a problem or don't agree, then post a comment or contact us with the Contact Us page. I'm not trying to scam anyone or do anything that would make you lose even more money than you already have.
And specifically, with personal experience, it's not always going to match what your experience is, so it is helpful to get others' comments and ideas about their own situations. Today for example, plenty of people are going through foreclosure. I also lost my home right after filing for bankruptcy. I posted already about my bankruptcy, which I should not have filed. Then I lost my job, and my efforts to keep my home were fruitless. The banks refused to work with me (this was 4 years ago before they faced so many delinquencies). I tried to get them to agree to a short sale, but they refused – the second lien holder absolutely refused, despite the fact that they would get nothing when the house got foreclosed. It was spite and nothing more – PNC Bank was not going to help me get out of this with a short sale instead of a full blown foreclosure. They got nothing in the deal.
My home was in a nice area, with two mortgages that totalled more than 100% of the value – and the banks knew it when they lent it to me. I also knew they were over inflating the price when they told me what it was "worth" so they could lend me 80% of that number. But I wanted to money. But once I lost my job, there was no way to cover the high payments.
So what would I have done differently? The bank kept pushing my sheriff's sale date back. This hurt me because it was another year before the home got sold – and that meant another year before I could qualify for another mortgage. They kept changing the date so they could keep adding the carrying costs onto the sale that added up when they changed the date! It wasn't until I threatened legal action that they sold my house (can you imagine – I had to threaten to sue so that they WOULD sell my house!?) The banks play any number of games to get more money into their own pockets. Consumers just don't know the ropes, can't afford high-priced lawyers to help them, and the banks know it.
So while it took a year to sell from the original sale date, I didn't know they'd push the date back repeatedly, and I moved – and incurred rent right away. I could have lived in the home for free all that time – and today with what I know, that's what I'd do if it ever happened again. For anyone trying to deal with a bank in a foreclosure, stand up and fight – you still have rights even though you owe them money. Bankruptcy can help, because it will stop a sale, and possible help you work out a payment plan if you have regular income. Try to get your loan modified, and if the bank won't talk to you, call your Congressional representative your state representatives, anyone you can. Be a squeaky wheel, and don't get taken advantage of in this process.