I live in maryland i am facing foreclosure i want to give up the house and start over? what will happen?

Blossom
The house is up for sale. I can make two payments but still behind. I know this will affect my credit. But after time, would I be able to get a loan again? I have tried refinancing, but my salary has prevented this to happen. I will have to rent. I have tried every agency and even applied to FHA. I have lived in this house for awhile and feel bad. Any suggestions, or have I covered it all.

Annita
When facing foreclosure, it nevers hurts to contact the workout department of your bank to see if there is something you can negotiate if you have the house in the market already. Since you can make two payments, that should give you 2 months to sell the house. As long as you sell it for the loan amount and are able to repay the bank, you can probably avoid a ding on your credit score if the house is not yet physicially foreclosed by the bank.

Van
1. Do everything you can to sell the house. Your best bet is to sell and pay off the balance of the mortgage. Lower the price more if that will help.2. If you cannot sell the property for more than you owe on the mortgage, then consider a "short sale." Generally, what happens is that the bank agrees to take a sum of money less than the mortgage balance in full satisfaction of the entire mortgage balance. However, you will receive a 1099 reflecting the difference between the mortgage balance and what you paid, and will need to pay taxes on that amount.3. Foreclosure is the worst option. Maryland, to my knowledge, is one of those states that allows lenders to sue for the balance of the loan remaining after the foreclosure proceeds are subtracted. In other words, your situation will not end with foreclosure. You could still be paying several years down the road.

Graciela
If you can't afford to keep the house... sell it... get it sold before the bank can foreclose on you. The good news is that foreclosure proceedings take a while.Get it sold and find somewhere to rent.

Eric
Ask your lender if s/he will allow a 'short sale', where they get less than what is owed for the house. Then, try like crazy to either sell it on your own, or with a Realtor willing to accept a 4% or less commission.

Robt
It all depends on how much you owe on the house, but there are people that will take over the payments or purchase the house for what you owe. The only problem is sometime they do not want to pay all of what you owe. Again it depends on what you owe and what the house is worth in today's market.

Ebonie
your gonna get better answers than this but I believe u will still owe the money but interest charges will stop because youve surendered the home to the other owner(the bank)