Stop Mortgage Foreclosure

how can we stop foreclosure and buy some time with out sending tons of money, we want to stay here buit we cant get the house caught up….

It does matter which state you are in. And you don’t say where exactly in the process you are. However, you should still have more options than you might think.

One solution might be to modify your loan to a lower interest rate. Foreclosure is expensive. (it’s estimated that lenders lose an average of $50,000 on any foreclosure). Lowering the interest rate can cost a lot less than $50,000 and allow the borrower to keep their home.

Countrywide, which has been the largest mortage company in America, reports that it modified more than 80,000 loans last year and plans to modify even more in 2008. Rates have gone as low as 3%.

If this doesn’t work, to avoid foreclosure you can talk to your lender about “short sales”. This is a process in which the owner turns the house over to the lender to avoid the costs of foreclosure, and the lender agrees not to pursue the borrower for any balance due after the house is sold.

I just called my lender and asked about a return of deed in lieu of foreclosure, and they said I have to put house on market with a realtor for at least 60 days. I have had it for sale in papers and signs for 6months, and no luck. Houses dont sell good here at the lake. They mentioned a short sale, where I could take a lower than payoff amount and offer it to the lender. Should I stop makin 1500 a month payments now to show that I can not afford it, it would be just like giving them my money and gettin absoutely nothing out of it. Having goin bankrupt last yr, I do not care about credit at this time, just need out of this. Moving out of state and dont plan on buyin another home for yrs anyway. Anyone with any experience in this kind of thing have any advice???? Thanks.

A foreclosure (which will happen if you stop making payments) can be much more damaging to your credit than a BK…so it’s better if you can avoid that route.
Selling it on your own is not always the best decision. Many homes need the exposure that the local MLS provides and there are creative, industrious agents out there that may be able to help you. For example - what about renting it out? Or finding a tenant on a lease to own situation?
Just because you don’t plan on buying another home for years down the line is no reason to be so blase about your credit. Bad credit can affect your employment, and everyday purchases ranging from cell phone plans to utilities. You’ll be paying more on these things because you have a bad credit history - and why fall deeper into that pit if you have alternatives? Find a couple of agents, interview them and pick one who can help you out of your predicament.

I’m currently renting through a company in California and found out that the house I’m renting in is not under the company’s name and that the house is a pre-foreclosure under someone Else’s name. Confusing I know. the cops came over today with the owner and told me and my family that we are living in a house that the owner did not rent out. I showed them my lease and they told me that I might go through a civil suit with the owner, the company, and us. So I’m kind of scared… I got Scammed and do not know what to do.

You have been scammed.

Move out as quickly as possible.

Be as cooperative as you can with the real owners.

If you’re lucky, you can get out without being sued.

My mom’s house was foreclosed on and she is now looking to rent. What is the procedure for places that require a credit check? She is worried that she won’t even be able to rent something because of her obviously poor credit. Should she be worried?

She could be worried in apartment complexes, she might get past the radar in a multi family home, or where she can explain to a home owner directly. She might have more trouble when dealing with a compnay, but might still be able to get through with an extra month or 2 security deposit.

Mike Luchen
Lic. Real Estate Salesperson
RE/MAX Power Realtors
http://www.WestchesterApartments.net

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My dad has already been in escrow(saling the house) for almost 3 months, the mortgage is supposed to stop receiving payments once he was in escrow with a buyer, but they refuse. The escrow is supposed to close 3 days after the motgage starts foreclosure, and the mortgage company refuses to wait 3 days! Is there a way for either my dad or myself to get a $6000 loan or something else?

i doubt if you will find a loan since your house is in forclosue — sorry but that is life!!!