2006-08-12 10:27:49 · 6 answers · asked by jubalex98 1 in Business & Finance ➔ Renting & Real Estate
Your loan will be foreclosed and you will lose the house and all of the equity you've built up in it.
2006-08-12 10:31:29 · answer #1 · answered by misslabeled 7 · 0⤊ 0⤋
You might be able to refinance. If you've had the home for awhile, especially if you've built up some equity, then refinancing might bring down your payment, either because your balance would be lower or maybe just because you'd be stretching out the payments over a longer time, or your interest rate might be lower.
If refinancing isn't an option, you'd either need to sell or let it be foreclosed. Could you rent out a room, or maybe your garage, to someone to get some extra money to put toward the payment? Or find a side job to make more money?
2006-08-12 11:26:10 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
You will eventually lose the house in a foreclosure. If you're in Southern California, contact me and I can help you out.
Regards
2006-08-12 16:09:21 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You've got six months before they start to foreclose, and if you are just a renter, they can't do anything to you, legally, until they consult with a lawyer...
2006-08-12 10:40:05 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If you have a cosigner, he or she will have no choice to make the payment. Try to make an arrangement with your bank so you do not have to worry about foreclosure.
2006-08-12 14:47:00 · answer #5 · answered by endsjustmeans 3 · 0⤊ 0⤋
read tips and articles on loans and mortgages on this site
2006-08-12 11:27:02 · answer #6 · answered by Anonymous · 0⤊ 0⤋