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I have decided that I must foreclose my home. I am 62, my

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I have decided that I must foreclose my home. I am 62, my husband recently died and I am not eligible for a short sale because I have money from an insurance policy he left me to live the rest of my life. I am on disability. How do I proceed from here?
Foreclosure and a short sale are two different things. For you, a short sale would be better probably. I would call the mortgage company and see if they can help. They probably will not so I would call a local real estate agent in your area who has experience with short sales and who can start marketing your house. Good luck!
Customer: replied 7 years ago.
It has already been determined that I can not do a short sale. My question is, what is my next step to foreclosure.
For foreclosure, you don't do anything. You just stop making payments on the mortgage and on the taxes (not association fees) and wait in the house until you get something called a Sale Date. Then you know when the house will be sold so you need to move out before then. Sometimes the foreclosure process can take years so you may have a lot of time, it just depends on how quick the mortgage company wants to do it.

Edited by Linda Roch on 6/3/2010 at 4:56 PM EST
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