Comments for Stop Mortgage Foreclosure

Comment on Should I stop making payments to show I cant afford it or not? by satarnag

satarnag — Thu, 11 Mar 2010 18:27:59 +0000

Teran is correct. I deal with this on a daily basis. I’m also seeing that lenders are pushing the short sale and don’t want the deed in lieu of foreclosure now a days.

Anyway, to answer your question, speak with a real estate agent first to see what price you can list your home for in order for it to sell in a month. If it’s lower than what you owe, then stop making payments and let the agent handle the short sale as Teran stated.

If you’re in Southern California, I can help.

Regards
References :
Satar Naghshineh
satarnag@amirifinancial.com
California Licensed Real Estate Broker and Investor

Comment on foreclosure? by foreclosurefish_com

foreclosurefish_com — Thu, 11 Mar 2010 18:10:59 +0000

1. Save up some money and reinstate.
2. Call your lender and ask for a repayment plan.
3. Try to qualify for a loan modification.
4. Refinance with a hard money loan.
5. Get a partial claim from the FHA.
6. Sell to a private investor and lease the house.
7. File bankruptcy to delay foreclosure and get time.
8. Sell at a short sale.
9. Sell the property outright.
10. Offer the bank a deed in lieu of foreclosure.
11. Just walk away and start over.

Those are really the only options you have to stop foreclosure. Try calling the bank first to see if they can work anything out with you.

Good luck.
ForeclosureFish
References :

Comment on Should I stop making payments to show I cant afford it or not? by teran_realtor

teran_realtor — Thu, 11 Mar 2010 17:49:59 +0000

List it with a Realtor. Tell the Realtor that the lender implied a short sale may be in order. Priced right, it will sell. You might not even need a short sale.

Any way you look at it, a foreclosure is not a good thing to get on your credit. The lender requires you to try listing it first, because they know that listing it is the surest way to sell a home. It gets the most exposure, and results in a true market value sale.

Tell your agent to put in the MLS remarks "All offers subject to lender approval of short sale."
References :
14 yrs San Antonio Realtor
List bank foreclosures
Sell HUD houses too

Comment on Renting Pre-foreclosure house without owner’s Knowledge. Going through a company? Help? by Janice 10

Janice 10 — Thu, 11 Mar 2010 17:37:59 +0000

Find another place to live ASAP, then go from there. Best Wishes.
References :
Real Estate Tycoon and Investor.

Comment on foreclosure? by Ruth

Ruth — Thu, 11 Mar 2010 17:32:59 +0000

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.
References :
http://www.askjackaboutdebt.com
https://www.naca.com/index_main.jsp

Comment on foreclosure? by Luke 6:37

Luke 6:37 — Thu, 11 Mar 2010 17:15:59 +0000

It’s better to contact them before trouble starts brewing, like when you see you are going to get behind on payments. Even so, if you call them and speak with someone in Loss Mitigation they be willing to help you structure a payment plan. They would rather keep getting your money rather than spending money to foreclose. They aren’t in the real estate business and they really don’t want your home.
References :

Comment on Renting Pre-foreclosure house without owner’s Knowledge. Going through a company? Help? by Realtoratheart

Realtoratheart — Thu, 11 Mar 2010 17:04:59 +0000

You need to move your butt out of there quickly. They could have you arrested for tresspassing.
References :

Comment on Should I stop making payments to show I cant afford it or not? by whatever

whatever — Thu, 11 Mar 2010 16:59:59 +0000

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.
References :

Comment on foreclosure? by ???

??? — Thu, 11 Mar 2010 16:48:59 +0000

refinance, but that could hurt you later, but gives you time
References :

Comment on Renting Pre-foreclosure house without owner’s Knowledge. Going through a company? Help? by My Take on It

My Take on It — Thu, 11 Mar 2010 16:44:59 +0000

First off, you are going to need to find a new place to live. You are basically trespassing and are squatters in the house you *rented*.

Did you find this place on Craigs List? This is such a common scam, especially in CA with all the foreclosures.

The police were right when they told you this is a civil matter.

In the meantime, find a new place to live before you get forced out.
References :