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Foreclosure/Should I foreclose with my current situation?

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Question
Hi tonya,
    My name is Joshua shaw.   I live in conway,sc.   My wife and I purchased our home in oct 2007.    The mortgage was an fha loan with national city mortgage, which has since been bought out by pnc.    I experienced a hardship last September of 2014.  It was only temporary, but it did put me behind on Octobers mortgage.   I first talked to collections in October and they offered me three different payment plans which were just not feasible to for us to comply with based on holidays coming up etc.   collections then told me to work with loss mitigations,  and to not pay any partial payments in that time.   I immediately began working with loss mitigations,  I was miss informed time and time again.  I tried to comply with every request that they asked of me.    Long story short they wasted almost five months of my time.   At this point I am five payments behind, because they said they would not take partial payments.   When the loan reached four past due, I was informed by loss mitigations that I could have been paying down the debt. My mortgage currently went from loss mitigation status to foreclosure status on feb.9 2015.     I had told loss mitigation that I filed taxes on feb 12 and would be able to bring my loan current as soon as my refund is deposited.   My question to you is that,  do you think I should I just walk away from this home or not?    We now have three small children, and we have been looking to rent at least a four bedroom home anyways.    The biggest reason I am contemplating letting our home foreclose is the fact of how far upside down we are in our property.   We owe appx 140,000,   While there are homes in our same area, same floor plans as well sitting on the market for over a year @ 115,000.   We have been undersold all around us, and quite a few foreclosures in our area have not benefitted us either.   With our negative equity, the fact that we need more space and we do not intend to buy anytime soon,  what would you do in my situation?  I am going to consult with an attorney in my area as well,  but I just feel that I would be throwing good money at bad money to stay in a home that we have outgrown anyways.   Thank you for time,
Joshua c. Shaw

Answer
So sorry fir the delay in my response. I am so sorry for what has happening to you. Have you considered a shirt sale? You would fine a Realtor to do. comparative market analysis and you would list at that amount. It would be short of what you owe, but it would be less of a hit to your credit than a foreclosure. The IRS could potentially tax you on the difference of what you sell and what you owe as income.

Has there already been a hearing? Is so, there is a Cash for Keys program where they offer you a set amount of money to completely vacate the house with belongings. The amount goes down every 3-4 days, do if they offer, it does have a time limit. It could be $3000 or less.

With a shiort sake, you would still move into an apartment, but if it could be sold, it would not hurt your credit as much. You would not make any money nor would you pay any money for anything. I would recommend looking at that option.

Please feel free to call me at 919-323-0980 if you would like to talk.

I hope this helps!!!

Tonya:)

Foreclosure

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Tonya Snow-Saleeby

Expertise

I am a Realtor® in Raleigh Durham area and have working knowledge of the market in Durham, Raleigh, Hillsborough, Chapel Hill, Bahama, Rougemont, Roxboro and surrounding areas. If it involves real estate, I can help you!! I have worked extensively with bank and HUD foreclosures, as well as short sales. In addition, I have worked with many first time homebuyers...providing them with valuable information and insight into the exciting first home purchase!!!

Experience

I was born and raised in Roxboro and spent much of my time in Durham. After living in Savannah, Georgia for some 14 years, I have returned to Durham. Since returning, I have been working as a Real Estate Professional and know the market well. I also have working knowledge of the surrounding areas, such as Hillsborough, Mebane, Efland, Rougemont, Bahama, Cary, Morrisville and Raleigh.

Organizations
Durham Regional Association of Realtors North Carolina Assocation of Realtors

Education/Credentials
NC Certified Real Estate Broker Fonville Morisey Realty Broker Relocation Certified Associate Certified Real Estate Negotiator Graduate Realtor Institute(GRI) North Carolina Notary Public Training Mentor

Awards and Honors
Fonville Morisey Manager's Award for April & December 2007; February, April & November 2008; March, April, May, July, August 2009; April, June, July, September & December 2010; March, April, May, July, October & December 2011; January, March, May, July, August, September, October 2012; April & June 2013 Fonville Morisey Sales Associate of the Month for March 2009,September 2010, June 2011, July & September 2012 Fonville Morisey Listings Sold Associate of the Month for December 2010 Fonville Morisey Listing Associate of the month for December 2011 Fonville Morisey Executive's Club 2007, 2008 & 2010 Fonville Morisey Director's Club 2009, 2011 & 2012 Fonville Morisey Fast Trackers Award 2007 Fonville Morisey Spirit Award for Croasdaile office 2010

Past/Present Clients
I recently purchased a home in Durham, and Tonya was my realtor. I wanted to tell you how wonderful an experience it was to work with Tonya. I am probably the longest standing client she has ever had! My first encounter with Tonya was about 1 1/2 years ago. After living and renting in Durham at that time for about 3 years, I had decided it was time to go house hunting. I drove by a home that I considered a possibility and Tonya`s name was on the sign as the listing agent. I immediately called her from my cell phone and... she answered!!! I never did look at that home; but since that day Tonya has spent countless hours assisting me with my home investment, and she has always been available in a timely manner. She consistently worked with a particular listing agent who was, in my opinion, next to impossible, if not utterly impossible to work with. When the sale of that property failed for us, she did not skip a beat with proceeding to the next "adventure!" She completed all of the "legwork" for me and did so eagerly, making phone calls, getting questions answered, setting up inspections, as well as showing me many, many properties and encouraging me when I looked at her with each and every "no" . Finally, we found the property that is right for me, and during the closing process, Tonya worked relentlessly to accomplish the necessary steps so that we could close to my satisfaction. Tonya handled difficult situations with ease and confidence and professionalism. She remains calm under pressure, and is consistently upbeat and positive. Tonya went above and beyond in every aspect of my experience. I truly feel that she is not only my realtor but my friend, and Fonville Morisey has a loyal client because of Tonya Snow-Saleeby. Charlene You really are amazing. I was in business for 40 years and I’ve never met anyone with your amazing work ethic—just one of your great business skills......Frank and Nancy

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