Our house is in foreclosure, what if anything can we do to stop it?
Our house is in foreclosure I believe we have about 14 days left. We have no money. What if anything can we do to stop it?
You need to work closely with your mortgage lender - don't ignore them, and now it is your turn to become the one who bugs them (instead of the other way around).
Call your mortgage lender, and tell them to refinance for a temporary fix so you can keep your house, and for them to ask H.U.D. (Housing and Urban Development) for a loan to keep you in your home. They can do that.
You should also call H.U.D., and tell them what's going on. They can also work on it from their end, while your mortgage lender is working on it from theirs.
If you have any equity in your home, ask for it to be applied toward the amount due.
While that is going on, check with Bank of America or any large lending institution, and ask if you can apply for an equity loan.
Go to a well-known Realtor in your area (preferably one who advertsies and sells expensive homes), and ask if they know mortgage lenders who can help you stay in your home. Chances are, these people know every angle possible to keep you in your home.
When you talk with a mortgage lender, ask if a 'Reverse Mortgage' could apply to your case, and if so, can you refinance later when you are back on your feet?
You need to talk with top people in the industry. They are around you, but you need to contact them now, so they can help you immediately.
Good luck.
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September 10th, 2007 at 2:23 pm
Win the lottery. That may sound cruel, but it is the truth. How are you going to stop the lenders from getting back whatever part of their money they can by selling the house? It may not seem fair to you, but what about being fair to the people whose money is in the bank you probably borrowed from? If my bank loses money, so do I.
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September 10th, 2007 at 2:23 pm
You need to work closely with your mortgage lender - don't ignore them, and now it is your turn to become the one who bugs them (instead of the other way around).
Call your mortgage lender, and tell them to refinance for a temporary fix so you can keep your house, and for them to ask H.U.D. (Housing and Urban Development) for a loan to keep you in your home. They can do that.
You should also call H.U.D., and tell them what's going on. They can also work on it from their end, while your mortgage lender is working on it from theirs.
If you have any equity in your home, ask for it to be applied toward the amount due.
While that is going on, check with Bank of America or any large lending institution, and ask if you can apply for an equity loan.
Go to a well-known Realtor in your area (preferably one who advertsies and sells expensive homes), and ask if they know mortgage lenders who can help you stay in your home. Chances are, these people know every angle possible to keep you in your home.
When you talk with a mortgage lender, ask if a 'Reverse Mortgage' could apply to your case, and if so, can you refinance later when you are back on your feet?
You need to talk with top people in the industry. They are around you, but you need to contact them now, so they can help you immediately.
Good luck.
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September 10th, 2007 at 2:23 pm
Sell your house.
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September 10th, 2007 at 2:32 pm
If you have good amount of equity, you maybe can sell it with luck still. Two weeks!
I don't do forslosure business, due to this is very emotional and trouble some business. More than glad to help if you need more two cents
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September 10th, 2007 at 3:07 pm
Depending on your equitable position, I have a lender that specializes in foreclosure buyouts. Email me, I may be able to help!
-Alex
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September 10th, 2007 at 3:19 pm
Getting foreclosed on is a 4-8 month process. If you have waited until you have only 14 days left, you only have a few options left. This is because if it has gotten down to this late, most lenders will not be willing to negotiate with you except for very specific reasons. This is because if they do delay foreclosure, they would have to go through the whole notice/advertise/auction procedure all over again. By this time, most lenders won't want to risk making a deal with you which could only be a delaying tactic. So your options will be as follows:
1) Sell your house. If you can contact your lender and show them that the house is in escrow, most of the time they will delay foreclosure because they expect to get paid within 30-60 days.
At this point, your best bet would be a real estate investor who is used to purchasing "preforeclusure" properties, or can close fast.
2) Find someone who will purchase your property on a "lease-to-own" scenario, where the original lease option price is enough to pay the past due/foreclosure monies and the monthly payment is enough to cover mortgage payments.
3) Find an investor. They pay money to bring your loan current, you continue making payments and live in the property, you split ownership with the investor and split profits when you eventually sell.
Please note that this only works if you can pay the monthly mortgage payments.
4) You declare bankruptcy. This will only delay the foreclosure proceedings so to do this, you need to be sure that something will happen in the next few months to allow you to keep the property, otherwise you are making a bad situation worse.
5) Refinance your property. however, this will take time and it will probably won't happen fast enough to save your home.
So basically your best bet is to find an investor who will get involved. You probably won't save owning the house, but you might get something out of it, and save most of your credit.
If I knew more details I might be able to make more suggestions. Email me if you'd like.
I wish you luck
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real estate investor and formerly a licensed real estate agent
September 10th, 2007 at 3:32 pm
If you have waited this long then it is probably to late.
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