I have a situation where my mortgage company may be willing to take the deed from my house instead of foreclosing. I need to understand if there any negatives to doing this. I know the positive is that I will not have a foreclosure on my credit but will the deed takeover appear on my credit or anywhere at all? Are there any repercussions to doing this?
For example, will I be responsible for any costs that they incur once they take the deed and place the property up for sale? I would also like to know if once they take the deed and sell the house, will I be entitled to any money that would be made when they sell it? On the flip side, if they get less than I owe, will I be responsible for paying the difference?
Also, they have sent me a Notice of Acceleration letter and indicated that if I do not make my payment by September 22nd, they will move forward with the deed takover or foreclosure. Approximately how long after this date should I expect that everything would be final (to remove all of my items from the home, etc.)? Or will there be a court hearing to determine this?
The property is in Milwaukee, WI. Any help you can provide is much appreciated.
For example, will I be responsible for any costs that they incur once they take the deed and place the property up for sale? I would also like to know if once they take the deed and sell the house, will I be entitled to any money that would be made when they sell it? On the flip side, if they get less than I owe, will I be responsible for paying the difference?
Also, they have sent me a Notice of Acceleration letter and indicated that if I do not make my payment by September 22nd, they will move forward with the deed takover or foreclosure. Approximately how long after this date should I expect that everything would be final (to remove all of my items from the home, etc.)? Or will there be a court hearing to determine this?
The property is in Milwaukee, WI. Any help you can provide is much appreciated.
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