The embarassment of Foreclosure...

[we're_still_reviewing]

We've come to grips with the fact that we need to walk away from this house. I won't call it our home b/c I've mentally let it go already.

My questions is..

When you go thru the foreclosure process, will your neighbors know what is happening ?

When they file the Notice of Default, the Trustee sale..., etc.. Is anything posted on the property ?

I would like to protect my children from the embarassment of all that.

Thank you in advance.

*BTW, we are in NJ. Not sure if that matters any.

[caldwellb02]

Hi and welcome. I haven't been foreclosed on yet, but here is my plan: I will take any notice down that implies in any way that it is a foreclosure. Period.

[bloominga]

Welcome to you from all of us! I would say the same...take it down immediately. Even if I would be violating some law I would do it anyway. I would do anything I to help my children. It's hard on us but can be a heartbreak to children. Your children should not be embarassed and you should never be ashamed because of this. It is not your fault!!

Join us here whenever you feel the need to talk. There is always someone online that will listen and we all help each other get through this awful nightmare.

[ladycarman]

we walked away from our home before it went to action so we didnt have to see any signs (if they posted any) put out in the yard..when chase told us they were foreclosing on us..we packed up and left..we werent behind had all the documents to prove that we made payments and then they say we were 5 months behind they lied lost all of our paperwork that i had faxed in to prove that we werent behind..oh well that is behind us now...we are renting and are stress free from chase and thier lies and all that...i wish everyone luck ..and if you do choose to walk away you will feel better and be stress free ..my husband and i are...and for our 5yr son he doesnt know the diffrence...thank you all for listening...

[weneedpeace]

Our neighbors across the street are going through foreclosure (in fact, they are moving as I write this).

The only reason why we knew is b/c they shared with us and the neighbor.. I've never seen any signs posted on their property.

As for our personal walkaway.. that house in question is out of state. Our tenants live in it. I no longer talk with any of our old neighbors. Honestly, the people that matter DO know about it, and if any friends that I haven't shared that are still stationed up in that area were to find out (public notice, example) I honestly could not care less.. There's a lot of us in similar positions after transferring to new duty stations, who have had to go through short sale/deed in lieu/foreclosures.

[jakelabry]

Originally Posted by we're_still_reviewing

We've come to grips with the fact that we need to walk away from this house. I won't call it our home b/c I've mentally let it go already.

My questions is..

When you go thru the foreclosure process, will your neighbors know what is happening ?

When they file the Notice of Default, the Trustee sale..., etc.. Is anything posted on the property ?

I would like to protect my children from the embarassment of all that.

Thank you in advance.

*BTW, we are in NJ. Not sure if that matters any.

It would be best to check the laws of your state/locality to see what the specific requirements are in regards to posting of notices. If it goes to auction, I think they have to in some way post it publicly but whether that is actually on the property - ??? There will also probably be notices published in local newspapers for any auctions.

[TrappedFL]

For a foreclosure neighbors will not know until notices are posted on your door, unless they are told or they are routinely scanning the legal notice section of the newspaper.

I am in the early stages of a short sale, and I admit it is tough. The first day the sign went up I had rude neighbors calling and berating my realtor. I've had lots of cold looks and questioning from the neighbors, and this is hard because I have always valued my relationships with the neighbors in the small development I live in. They are fishing for information about my finances and this is quite uncomfortable.

It is not easy but remember how many people are sharing the same boat. And come here for "community" and friendship!

[caldwellb02]

What's with this reaction by neighbors? I am so sorry. How disgusting is that?

[we're_still_reviewing]

Originally Posted by TrappedFL

For a foreclosure neighbors will not know until notices are posted on your door, unless they are told or they are routinely scanning the legal notice section of the newspaper.

I am in the early stages of a short sale, and I admit it is tough. The first day the sign went up I had rude neighbors calling and berating my realtor. I've had lots of cold looks and questioning from the neighbors, and this is hard because I have always valued my relationships with the neighbors in the small development I live in. They are fishing for information about my finances and this is quite uncomfortable.

It is not easy but remember how many people are sharing the same boat. And come here for "community" and friendship!

Wow, I can't even believe how rude people can be. Quite frankly, it's none of their business what your finances are. So sorry you are going thru this.

[skaylie693]

I'm sure the laws are different in every state so...But here in NC, I have watched several houses around us go into foreclosure and we, of course, are in the same boat.

From what I know to be law here, there will be a legal notice filed in the local newspaper after the court hearing but before the sale date. After the sale date, the new owners...whether it is an individual or the bank...will have to file for eviction if the property is still occupied. Once the eviction has been approved by the court system, the sheriff's department will deliver the eviction notice which usually states you have 5 days to vacate the property.

From what I have seen all around us, there will only be a notice posted on the property by the sheriff once that 5 days is over and it will something along the lines of "Notice by SHERIFF, do not enter..."

We are hoping to be long gone by the time that happens but we'll see. Our court hearing is in 8 days and the sale date is 30 days after that. I'm starting to feel antsy and nervous here!

[Chased around and around]

In my complex on the two condos right next to me, auction paperwork was taped to the garage door and the front doors. Also since we have a gated community the same auction paperwork was posted on both entrance gates. I took the paperwork down for both places and trashed it.

Forclosure paperwork at least on these two different condos and my chase loan, nothing is posted on the property...

[famlena]

my house has been in foreclosure since early august. i anticipate a sale date in late nov. however, i did get a person coming to my house several times offering to purchase my house. she lives several houses down the street. she wanted to purchase it for less than half of what is owed on the property. i was embrassed that i'm going through this but was very angried at the same time that she came to my house. how insensitive some people can be.

[weneedpeace]

That is so horrible! Why would the neighbors be angry? People make no sense. While I was working in real estate, short sale listings were *not advertised on the sign or in the MLS (public comments) as a short sale. The only way a neighbor would know is if they had full MLS access.. in fact, most were listed at FMV (fair market value) so the list price wouldn't even be 'out of sorts' if someone came across the listing on Realtor.com or in other feed websites (like the broker's corporate website).

The reality is that a lot of 'us' have had to list short sale and sorry! but very few are choosing to do so out of irresponsibility.

[Riley18]

Originally Posted by TrappedFL

For a foreclosure neighbors will not know until notices are posted on your door, unless they are told or they are routinely scanning the legal notice section of the newspaper.

I am in the early stages of a short sale, and I admit it is tough. The first day the sign went up I had rude neighbors calling and berating my realtor. I've had lots of cold looks and questioning from the neighbors, and this is hard because I have always valued my relationships with the neighbors in the small development I live in. They are fishing for information about my finances and this is quite uncomfortable.

It is not easy but remember how many people are sharing the same boat. And come here for "community" and friendship!

I live in Florida too, and am sorry to hear you are having to deal with rude neighbors. I think they want to blame someone because their property no longer has much value. They might even be jealous of you because you are escaping their little spot of hell. I am not going to go through a short sale because I don't think there is anything in it for me, but will foreclose if no decent modification is offered from the bank.

Good luck to you and your family, and remember you will not have to deal with those lousy neighbors for much longer. Better off without them

[homesweethome]

I'm so sorry that this has become our dirty little secret, my neighbors have been good neighbors of 19 years, they have nothing but respect for me. Some people would look at our situation and feel good it is not them in our place. I do not feel shameful of my foreclosure, I worked hard for years, I have seen the repo man pick up some of my neighbors cars. My home was sold on Oct. 13, I just received a cash for keys offer from the new Realtor, I am going to stay as long as I can to build up some money, they can paint the house red with the words "FORECLOSED", I will not be making any payments for the house, and my friend lived in her house for 16 months after it was sold at auction. People are not buying our houses, they are reverting back to the bank. So, thanks Litton Loan for the free property.

[Trance]

I can understand how other people would feel embarrassed, but I just want to share that I'm not embarrassed one bit by foreclosure. We haven't been foreclosed on yet, so we are just enjoying staying here for free, but I don't care if and when they start posting signs. I've been telling people for months now, even before we decided to do this, even to people that I just meet and everyone else if the topic comes up about us moving, why we are moving and then I explain how overpriced and dilapidated this old house is and that it lost half its value since we bought it in 2006, and since we did a zero down payment and have been paying interest only because thats all we could afford, its pretty much a no-brainer to walk away and thats the way I've been feeling about it for almost 2 years now. I'm going to be feeling really sorry for the person that purchases this house because it has so many things wrong with it. If neighbors come knocking on my door offering to purchase this house, that will be fun because I'll say sure, come purchase this terrible house and then I'll start listing the million things wrong with it (the master bedroom has zero windows because its located in the center of the house so everyone walks through it to get to the other parts of the house, the bathroom has a huge custom tiled shower that is so oversized and non-functional and so hard to clean that its always moldy and the toilet is mounted crooked and the second bathroom to the house is located outside yes you have to walk on to the patio to get to it, the roof is leaking in a few spots and needs a new roof because it already has 3 layers, lots of plumbing problems throughout the house causing sewage and toilet paper in our front yard, shower also clogs up, kitchen sink always leaks, and I think this house has high lead levels. This is a 3 bed technically 1 bath home, built in the 1950s, purchase price was $565,000, nothing special about the location of the home either, we just bought at the peak.

[SwillerAlesbane]

Wow...if the neighbors come by my house and start talking trash they will have to cover their ears because I'll go off on them.

In fact, I have told most of the people around me all about walking away from my home, and while they might not like it, too bad, I have to protect my financial stability.

Call me names, assassinate my character, do whatever you want, but the bottom line is the house is going back and you all have to suck it up. Why aren't people *****ing about all the old farts that sold for a sick a$$ profit and are living large from the bubble?

Sold down the river of debt slavery and usury. Some things never change.

[dannwa]

My approach was to be upfront with everyone. I dont have children but before I stopped making payments I spoke to my immediate neighbors and told them what I planned to do. I also told them that I thought there was a very real possiblity that my home would end up in foreclosure. They asked some questions but all told they were understanding and non-judgemental.

[59Cottage]

Our house (that we are going to be facing foreclosure on in the upcoming months) we purchased in a short sale. The only way we knew it was a short sale was when the realtor showing it to us called the realtor who was listing the property to give our offer. We were then told that we could submit a bid and that all bids were going to be opened on a specific date. There were no signs or notices posted that said forclosure or short sale, just a regular realtor's sign. Now, the former owners did leave a bunch of stuff behind, including a fully-decorated Christmas tree, so that was a bit of a clue that it was not a regular sale.

[mimirayo]

The only difference between you and the judgemental neighbor is...it just hasn't happened to them YET

[Joe55]

Don't be embarassed. In all likelyhood there are other people on your block or around the corner that are going through this or right on the edge. You are not alone, hundreds of thousands of people are going through what you are going through.

If it embarasses you when you tell someone, then that someone probably insn't important anyway. If they were a true friend or neighbor that cared about you, rather than just knowing your business, then they would understand and offer support.

Some people think homeowners that get forclosed on are deadbeats. But in reality I think very few people chose foreclosure over trying to work something out with their lender. However, the lenders are incompenent and an unwilling partner - in some cases it just doesn't work out. People get divorced, people lose their homes, it's nothing to be ashamed or embarressed about. It hurts but if you have a happy and healthy family then your way ahead of those judgemental neighbors you are talking about.

Hang in there, be strong and put things in perspective.

-Joe

[we're_still_reviewing]

Originally Posted by Joe55

Don't be embarassed. In all likelyhood there are other people on your block or around the corner that are going through this or right on the edge. You are not alone, hundreds of thousands of people are going through what you are going through.

If it embarasses you when you tell someone, then that someone probably insn't important anyway. If they were a true friend or neighbor that cared about you, rather than just knowing your business, then they would understand and offer support.

Some people think homeowners that get forclosed on are deadbeats. But in reality I think very few people chose foreclosure over trying to work something out with their lender. However, the lenders are incompenent and an unwilling partner - in some cases it just doesn't work out. People get divorced, people lose their homes, it's nothing to be ashamed or embarressed about. It hurts but if you have a happy and healthy family then your way ahead of those judgemental neighbors you are talking about.

Hang in there, be strong and put things in perspective.

-Joe

Thank you Joe. That was very helpful.

[ocdreamer]

embarrassment? don't think that way! do you get embarrassed when you sell stocks that have lost value? do you get embarrassed when you have to throw some rotting food away in the trash?

same thing going on here...you're making a financial decision, nothing more. embarrassment with mortgages was conjured up by banks to keep the little peons in line.

Hotels/businesses default all the time, it's written into the contract and was surely written into your contract with the bank. You're not walking away, you're exercising a clause that was written in when you bought the place.

Heck, even Nicholas Cage got foreclosed on this month! Consider yourself part of the club.

[we're_still_reviewing]

Originally Posted by ocdreamer

embarrassment? don't think that way! do you get embarrassed when you sell stocks that have lost value? do you get embarrassed when you have to throw some rotting food away in the trash?

same thing going on here...you're making a financial decision, nothing more. embarrassment with mortgages was conjured up by banks to keep the little peons in line.

Hotels/businesses default all the time, it's written into the contract and was surely written into your contract with the bank. You're not walking away, you're exercising a clause that was written in when you bought the place.

Heck, even Nicholas Cage got foreclosed on this month! Consider yourself part of the club.

I know it's a business decision but we've been so conditioned to feel like failures if we have to foreclose or file for bankruptcy. It's just another way for them to stick it to the little guy. Thanks

[johngor]

I hope everything goes ok for you.
Foreclosure is the norm now these days, still some people look at the unemployeed, foreclosed home owner, bankrupt person as a dead beat. Heck three years ago I never would of thought I would be unemployeed, facing foreclosure or talking to a bankruptcy attorney. Well here I am! In my townhome communtiy of 88 10 lost there homes and most where very good people, one was a 77 year old couple, another neighbor a laid off single guy commited sucide when he got the notice of a sale. However my next door neighbor had a job, wife refused to work instead of paying there house payment the choose to drink everynight, smoke pot, gamble and fly every where all the time to watch NASCAR races. Then when its time to get out of the house poor me. I dont know where you live but we live in Michigan and it is a full depression.