this is a bit different, but I have gone through a foreclosure.
I bought a new modular home something like 8 years ago. I ended up having to relocate and had struck a deal with the dealer I bought it from that he would show it and sell it for me.
He was full of bull...kept making up that there were buyers and whatnot.
Anyhow, the next spring I went to check on it. The roof had leaked and the entire home was wrecked.
I contacted the insurance company and they said too bad, so sad, since I didn't have anything in writing with the dealer dude (who was fired somewhere in this timeline...not sure when).
I ended up calling the mortgage company and TOLD them to go ahead and forclose on the house.
They did.
They then sold the house and I owed them the remainder of the debt not covered by the sale.
We agreed on a settlement--I ended up only paying $6000 of the nearly $40,000 I owed them.
Of course we just got that paid off. That $34K that was unpaid? That was a gift from them....and I had to pay taxed on it last year
BUT...it was way better than trying to pay the mortgage and new home rent and everything else. WAY WAY WAY better.
And it didn't hurt my credit much at all. It was listed as debt in payment until now. Now it is listed as settled (worse than paid, but at least it isn't in collections, ya know?)
Maybe call your mortgage company and ask them what you can do to make this easier for everyone?
:.
Long story short: next time we're going to ask a LOT more questions and check out ALL fine print before we sign. AND get a broker through a good referral.
