Headed for foreclosure? Here's what to expect

[n2doc]

The timing varies but the process follows a predetermined script
By David Colker
9:07 PM PST, February 14, 2009
It's possible, under the right conditions, to halt the foreclosure process and keep your home. But you probably would need to show that you have monetary resources or a future prospect, such as an upcoming job or money arriving from a rich uncle, to persuade the bank to put on the brakes.

Alternatively, if the situation is hopeless, you can ride it out, staying in the house until the sheriff comes knocking.

"There is a point where you are just throwing money into a ship that's sinking," said Mike Himes, who conducts homeowner seminars for the nonprofit NeighborWorks Homeownership Center in Sacramento.

"I've seen people run up $10,000, $20,000 on credit cards to try and save their house, and they lose it anyway."

For this illustration, let's say the next payment -- the one that you won't be able to make -- is due March 1.

more:
http://www.latimes.com/business/la-fi-covertimeline15-2009feb15,0,1760388.story

[tavalon]

1. What happens if you just walk away?

[marketcrazy1]

2. if you "just walk away"

count on your credit getting trashed.