If I foreclose on my house, how do I pay it back?

[Daniel]

I live in VA and I need to know how the responsibility of payments after a forecloser are. Can they take every penny I have? Am I obilgated to pay it in one big lump sum? I know that credit is severly affected and I am not concerned about that..I just basically need to know can I live and rent else where and payoff on my own times just accepting the credit hit? Or do they demand much like my morgage payments right now (can they take it out of my bank account etc.) PLEASE HELP ME.

Thanks for the help...but you still did not answer my question... :(

[Crystal239]

If you have not foreclosed on your home, then it is still not to late to make a deal with an investor. You can do one of the following:
1.) The investor will draw up a contract with you, and you will make payments to that investor at a certain interest rate.

2.) Or you can have an investor buy the property through a different type of contract.

3.) Or you can put your home up as a rent to own property.

4.) Or rent out your furnished home monthly. ( In the past, I had more luck with renting monthly because there were always business men or seasonal workers that did not want to sign a yearly contract.)

5.) Or if you have the space rent a room.

6.) Call a real estate lawyer, they always know of someone that wants to buy a foreclosure.

Great Real Estate website:
post a blog on this website to see if anyone would be interested in buying your home.
http://www.thinkglink.com/personal-finance

If you need to talk to someone M - Friday during 10 - 2 then call
Clark Howard. He gives free advice, and search on his website about foreclosure, and also post a blog there about your financial situation.
http://www.clarkhoward.com/

Also, go to
http://www.mrlandlord.com

You can also email me, and I will place your house on one of my websites. I will only need the following information:
your email address. How much you owe on the house. Any second loans that you may have on the house. How much are the houses selling for in your neighborhood. How many bedrooms, bathrooms does it have a sunroom, ect. Please leave the address of the property and your phone number, and picture of your house as well.

Good Luck!

[paultheraven]

I've never had a mortgage so I may be wrong but I am pretty sure that once they foreclose you are released from any obligation. When they foreclose they take the item of value(the house) that was used as collateral for the loan originally. Once they take possession I don't believe they can attempt to get any other money from you. You should speak with a lawyer to understand your rights and responsibilities more fully.