Job move = Foreclosure?

You may want to check your credit report. Even though the bank has not formally started foreclosure proceedings, your credit report has most likely taken the hit and will take 24 months of solid payments on time to correct.

I had this happen when I had a rental property in California. I made the mistake of selling it to a realtor and instead of closing in 4 weeks, it took nearly 3 months for them to settle. During that time, they didn't pay me rent, which caused a ripple effect on the house I own (and can't sell) in Detroit.

I kept in constant contact with ABN Amro over the California property, and they worked with me to make sure the formal foreclosure process was avoided. Unfortunately, the three missed payments showed up on my credit report and I ended up with high interest, ARM on my current home.

Like you, I can't sell the other house to keep the primary residence going. 22 months of hard working rebuilding credit and all CitiMortgage wants me to do is go into foreclosure on the Michigan property, which will most likely cause me to go into foreclosure on my primary residence. I guess these banks won't be happy until every American is homeless.

I bought a house in Las Vegas in sept of last year, separated from the military, and had a good job that could pay the mortgage. Two months later my wife and I found out that her father had cancer and might not get healed. Her family is extremely close, so in FEB we moved back to our home town in FL. I did a contract of sale to my good friend (his credit was not good enough to buy the house at the time) so we did this so that he could take over the full amount of the mortgage and as soon as he had the credit or could prove he had the income, he could purchace the home and take it out of our name. He has been doing this for 6 months but my problem is that I am worried that he will back out. I cant afford the whole mortgage payment of $2500.00 by myself and pay my bills here in FL. I brought this up to my loan officer and he mentioned something about a loan modification. I need to know if you have any details on a modification and if it is a possiblity. I dont wanna hurt my credit with a short sale or foreclosure. What are your opinions.

Thank you