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 1. If I surrender my home how long before I need to move out? You will need to move out before the foreclosure sale. This occurs approximately four months after being served with a foreclosure summons. If a bankruptcy is filed during the four-month period, you will have an additional 60-90 days in the home. 2. If I surrender my automobile, how long before they take it? Before filing, a creditor can pick up a vehicle if you are behind in payments. After the bankruptcy is filed, a creditor must get court permission to repossess your vehicle. This process takes approximately 60 days. If you prefer, you can make arrangements to drop the vehicle off anytime. 3. What is a short sale? Your bank must agree to a short sale. You hire a real estate agent to find a buyer for the house, you sell your home for a loss, and with the bank’s blessing, they agree to eat the loss. With a short sale the mortgage company may still require you to make some kind of payment or share the loss. 4. What is a forbearance agreement? This option is used for borrowers who have temporary reductions in income but have long-term prospects for increases in income that could again sustain the mortgage obligations. It is also used when troubled borrowers are working to sell properties on their own. The forbearance period can extend from 6 to 18 months or longer, depending on the borrower's circumstances. During this time borrowers may be initially permitted to make reduced monthly payments, working to eliminate the delinquency through increased payments during the latter part of the forbearance period. Our affiliate company, Julian Credit Management (www.JulianCredit.com) is a Credit Counseling Organization and offers: |
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