What are my rights if my home is being foreclosed?

Answer 1

Only a lawyer who can review your mortgage can tell you your rights, which depends on the state you live and the documents you signed when you got the loan.

However, some lenders have programs where if you volunteer to leave the house without contesting it in court, they may actually pay you a small amount of money.

The concept is they get back the property in reasonably good shape, save a little in legal fees, and end the process quickly, which minimizes their loss. You get a small amount of money which you can use to get your belongings and self out and start over.

Other options include:

Get a real estate broker to give you a "BPO", which is basically their opinion on the value of your home. If the value is higher than what you owe the bank, sell it quick! You can avoid a damaging foreclosure on your credit record and even get to keep the profit earned by selling it for more than you owe.

Refinance with a subprime lender who specializes in foreclosure bailouts. You'll need a reasonably low loan to value (the amount you want to borrow versus the amount the property is worth) to qualify for these programs at a reasonable interest.

Talk to your family and friends. Talk to your church or religious leaders. They may be willing to pitch in to keep you in the house if the problem that forced you into foreclosure (such as a temporary loss of job, medical expenses, etc.) is over.

Consider renting the house out to other people, find a cheap apartment, and use the rental income plus the amount you save each month by living in a cheaper apartment to pay your house's mortgage until you get things straight. Then you can eventually give up the apartment and ask the tenants to leave, and move back in.

Ask for forbearance/workout plan. Some lenders may lower or eliminate payments for several months and put off a foreclosure if you can provide a reasonable reason why you deserve it, and you can demonstrate the ability to get caught up soon. If you break the forbearance plan, its over.... That is probably the last bit of good will the mortgage company will offer.

Answer 2

If you're in Southern California, contact me and I will come to you to understand your situation and help you out.

Generally, here are the only options when facing a foreclosure:
1. Reinstatement: Come up with the money to make the loan current.
2. Redemption: Pay the loan off in full.
3. Deed in lieu of foreclosure: Surrender the deed to the lender. This will have a less impact on your credit.
4. Legal delay: If you can prove that the amount owed is incorrect, you can delay the foreclosure.
5. File bankruptcy: This will delay the foreclosure, but at the end you still could lose the property and ruin your credit.
6. Renegotiate with the lender: Call the lender and renegotiate the loan. Maybe they can either refinance you or hold off on accepting payments for a short period of time. See if they can combine all your loans into one. This is your best option!
7. Sell the property: Sell the property to either an investor or a buyer.
8. Do nothing: eventually get foreclosed on and evicted. Unfortunately, the majority fall into this category. They have this notion that a family friend will loan them the money. This, of course, rarely happens and they end up losing everything.

Regards

Answer 3

For some reason you are unable to pay your mortgage, so in order to eliminate this situation

1. You can sell your home and payoff the mortgage company that put you in foreclosure.

2. You can sign the property to the mortgage company in lieu of foreclosure and move out.

3. You can contact your mortgage company and see if you can work something out with them. Some lenders will take all the back payments, fees and what ever and make you a second mortgage. Now you will have 2 loan against your property. The current 1st and the new 2nd. You must be able to prove that what caused you to be in foreclosure is no longer a problem. You will also be making 2 payments. The regular 1st and the 2nd of your payments you did not make to include an late fees.

4. You can get a loan and pay off the existing loan and get out of foreclosure. The interest rate will be higher, so I suggest that you get a loan amortized for 30 years that is fixed for 2 or 3 years and turn into an adjustable.

Pay your mortgage on time and in 2-3 years your mortgage rating would have improved so you can refinance your mortgage or it will just revert to an adjustable mortgage.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 4

A lawyer specializing in Real Estate advice is the ONLY one that can give you legal advice.

I can tell you to BE CAREFUL, there are many scams praying on people that are in your situation.

Here is an article I wrote that might help you:

AVOIDING FORECLOSURE!

Research released by Realty track shows that there are 70% more foreclosures since last year.

Generally it takes a few months before this happens but there are events that happen that lead up to this ugly ending.

If you are a homeowner that has been late a few times with your mortgage, don’t worry; you will not loose your home that easily. Typically if you are late with a few payments, the lender will contact you and generally if you missed 3 or more payments, your lender will begin to move towards foreclosure. Once the process starts, the time it takes for you to be out on the street depends on each state, which could be from 3 to 10 months. The FHA loans require at least a 6-month period said Brian Montgomery, Assistant Secretary of Housing at the Department of Home and Urban Development (HUD).

To prevent foreclosure on your home, there are many things you can do. First, DO NOT buy-into a dangerous loan that you cannot afford. If you are falling behind on your mortgage payments and the lender contacts you, the worst thing you can do is ignore their phone calls. Take action by contacting them and letting them know your situation. If you have fallen ill or had a temporary loss of income, you will be amazed how many lenders want to work with you to keep you in that house because foreclosures are very expensive for lenders.

Depending on the lenders, they will either want to restructure the loan or stretch the loan to help you get out of trouble. Lenders would much rather receive their money for the loan then have to go through the process of foreclosure.

And finally if you are in a situation where you can refinance, do it now but don’t make the same mistake twice and get a loan that really fits your financial situation

Answer 5

The first thing you can do is seek a mortgage company that does forecloures bail out. Then you will use them to save your home and refinance your property even if you can not take money out of your equity. Please contact Dream House Mortgage Corp. at 856-942-0096 ext.123 Ask for Vanessa Phillips and then tell her that LaTonya Jackson told you to contact her.

Good Luck,
Mrs. Latonya Jackson
Loan Officer

Answer 6

You have the right to pay what you owe or you have the right to move out all your belongings. What rights are you looking for? The entity holding the mortgage has a right to get paid for the property on which they lent you money to purchase.

Only alternative is if you can sell it quickly for enough to cover what you owe and maybe pocket something yourself.

Answer 7

the contents that belong to you.thats about it. i agree with the man above me.get some legal advise.

Answer 8

You have the right to get out, you dead beat. Quit spending all your money on crack.

Answer 9

call a lawyer