2006-07-19 13:23:54 · 21 answers · asked by ms_constance 1 in Business & Finance ➔ Personal Finance
pay it off, or file bankruptcy
2006-07-19 13:27:04 · answer #1 · answered by Anonymous · 0⤊ 0⤋
First if the finance company has started the paper work and will not work with you in a payment plan, get a business lawyer! DO NOT LET THEM TAKE YOUR HOUSE, GET A LAWYER! There are things that you can do to stop the process or do things to hold on to the house. Them filing the foreclosure paper does not mean that you don't have options. Get all the information and make a wise choice. You can also sell the house yourself and come out of the deal with some money. So PLEASE GET a Business Lawyer for advice. But if they will not accept a payment and have started the foreclosure process you do have rights.
2006-07-19 15:19:17 · answer #2 · answered by mizharleyquinn 1 · 0⤊ 0⤋
You find someone to rent it from you with the downpayment going toward what is owed or you sell it before the foreclosure goes through or you come up with the money that is owed and stay in the house. I don't think you will be able to refinance it since you are in the process of forclosure since it puts up red flags everywhere, but it can't hurt to try anyway just in case you are within the timeframe to refinance.
2006-07-19 13:29:11 · answer #3 · answered by maniaajo 3 · 0⤊ 0⤋
refinance. you can do a buyout of your outstanding debts and pay off your current mortgage while getting a fresh new one. you will get a terrible rate but you'll at least save your house and as you get back on your feet you can refinance again later into something with a little better rate and for longer term. this can only happen if you HAVE NOT gotten your notice of sale from the bank. if you got that notice already then start packing now.
2006-07-19 13:28:05 · answer #4 · answered by Thank You..Come Again 2 · 0⤊ 0⤋
Talk to your mortgager. Seriously, they do not want to foreclose on a home. They will be losing out also. Knowing this, they are willing to work with you as long as you are upfront and honest. Hiding, dodging phone calls, and notices isn't making the situation better.
2006-07-19 13:32:16 · answer #5 · answered by drinkupmehearties 3 · 0⤊ 0⤋
Two birds one stone: Arson... That way you'll do prison time and have a place to stay and they won't have a house to foreclose.
I kid - the only option is to pay up - you are way behind if they are taking this action...
2006-07-19 13:29:50 · answer #6 · answered by Steve D 4 · 0⤊ 0⤋
Start with a lawyer, seriously, the laws in this area are very complex, and highly specific in different jurisdictions.
2006-07-19 13:26:37 · answer #7 · answered by TruthIsRelative 4 · 0⤊ 0⤋
yep...talk to your lender thats the last thing they want to do. Have a plan. It usually tkes a while for everything to come down so start working & talking!
2006-07-19 13:41:24 · answer #8 · answered by Paige 4 · 0⤊ 0⤋
Everyone says pay up so.... I say "Burn the house down". No house to forclose on now is there?
2006-07-19 13:27:08 · answer #9 · answered by almondjoy_1000 3 · 0⤊ 0⤋
Pay up bud!
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ talks.
2006-07-19 13:29:46 · answer #10 · answered by Jenny A 6 · 0⤊ 0⤋
Pay what's due. Maybe declare bankruptcy? (Not sure how the new laws affect that.)
2006-07-19 13:26:46 · answer #11 · answered by Anonymous · 0⤊ 0⤋