Do mortgage papers list the terms of foreclosure proceedings?

If I go through foreclosure, I want to know what happens such as what happens to the balance of the mortgage owed. My mortgage is with Citimortgage and it is A paper fixed 30 year from a few years back if that makes any difference to anyone who may know. I lost my job and it’s only a matter of time before I lose my house, which is worth 40% of my mortgage balance so I don’t have the option of selling. Please help I am stressed out beyond words to describe it.
I regret all the home improvements I made – adding baseboards, hardwood floors, ceiling fans, remodeled kitchen. What a waste of money to say the least. I really don’t know how to get over this or what to expect.
Not to mention all my savings I had put into the downpayment. It’s like everything I worked for is going to get handed to the bank. They get a free house, how nice. They are benefiting the most in this economy so why are they the ones who are getting the billions and not us?
The home is worth about 160K and my mortgage balance is about 385K.
My mortg pymt is about $3200/month including taxes. I don’t have anybody to move in with and there’s no way it would ever get rented close to that, I saw one place nearby listed for rent at $1500.

Mortgage papers usually list the foreclosure process in case of a default. But unless you are a real estate professional it will be very hard to understand the terminology. Typically when you stop making payments the mortgage company will contact you with options, or with a time line of the foreclosure process. I strongly suggest that you contact a Realtor. You have several options. Losing your property should not be one of them, you have invested so much. Consider a short sale, in this case the bank allows you to sell your property for market value, and forgives the difference or balance owed due to your financial hard ship. This helps you avoid foreclosure and saves your credit. Look into all your options and make an informed decision.

2 comments to Do mortgage papers list the terms of foreclosure proceedings?

  • southerncalirealestate  says:

    Mortgage papers usually list the foreclosure process in case of a default. But unless you are a real estate professional it will be very hard to understand the terminology. Typically when you stop making payments the mortgage company will contact you with options, or with a time line of the foreclosure process. I strongly suggest that you contact a Realtor. You have several options. Losing your property should not be one of them, you have invested so much. Consider a short sale, in this case the bank allows you to sell your property for market value, and forgives the difference or balance owed due to your financial hard ship. This helps you avoid foreclosure and saves your credit. Look into all your options and make an informed decision.
    References :
    10yrs of practicing Real estate in southern california.

  • ugafan  says:

    i’m really sorry to hear about your situation, that sucks. i would recommend speaking with a lawyer about your options.

    if you really want to keep your home, is there any possibility that you could rent it out while you stay with relatives for a while?
    References :

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