I was subprime borrower. I bough the house right before the burst. I had lost my job and the intrest rate jumped. In a panic I left the house and received the forclouser notice shortly there after. It's been almost five years and the house is still there deteriorating and I'm still resposponsible. What are my realistic options if I wanted to keep the house? The mortgage loan servicer changed 3 times. Finally B of A is now the Servicer. The house needs alot of work do to neglect. Please help. Thanks
I just want to clarify, do you want to actually keep the house or would you rather walk away, at this point?
There is, unfortunately, no way of knowing if or when the bank/mortgage holder will move forward with foreclosure. You could receive a Notice of Intention to Foreclose at any point. After that, the bank/mortgage holder would, probably, quickly move forward with a legal foreclosure action against you. The legal process could continue for another year or more (after you actually receive the Notice from the bank). Sadly, because there is no exact timeline for the bank to follow, you could be stuck in limbo for quite some time.
If you are looking for more immediate closure, you could have some options to proactively negotiate with the bank. Your options would depend on whether or not you want to keep the home. If you do want to keep the property, you might be able to negotiate with the bank to bring the payments/mortgage amount down to an amount that you can afford. If you want to walk away from the home, you might benefit from bankruptcy.
Your options would depend on several factors (including current income, the current value of the property, the amount of the mortgage balance, your total debt, and others), and, if you want to be proactive, I would highly suggest consulting with an attorney.
Please feel free to contact me if you have any questions about your other options.
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