Comments 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 :

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

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.
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By: ???

??? — Thu, 11 Mar 2010 16:48:59 +0000

refinance, but that could hurt you later, but gives you time
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By: Miss V

Miss V — Thu, 11 Mar 2010 16:24:59 +0000

It depends on what state you’re in. And it also depends on how long you’ve lived there. Foreclosure rules vary from state to state. At this point its in the hands of the attorney handling the foreclosure. Talk with him or her. In some situations they’ll allow you to stay if you continue paying taxes and insurance, but the mortgage must be paid to date.
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By: Philip R

Philip R — Thu, 11 Mar 2010 16:19:59 +0000

contact your lender. Recently a lot of lenders have refinaced the loan just to help the borrow out of desperate times. Its worth a shot. Other than that you can do a "purchase-lease-back" with a hard equity lender.
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