The buy back price is a little under 153,000. Are their any lenders who will give us a loan to stay in the house?
2006-08-14 03:36:25 · 3 answers · asked by heather w 1 in Business & Finance ➔ Renting & Real Estate
You have a good question and the answer won't be as good. Usually a foreclosure occurs when payments have not been made for 90 days. The actual for closure, by the time it becomes "legal" usually has the borrower about 4-5 months behind in payments.
The problem with this is that it has hurt your credit rating and will make it difficult to obtain reasonably priced credit. In other words, it won't do you much good to get another loan that will have such high interest rates and payments that you have to go through the foreclosure process again.
If you are a minority, a single woman (with or without kids), or are on public assistance, there may be local or federal programs to help you, yet I cannot give you a great deal of hope these programs would help bail you out of a $153K shortage.
My suggestion would be to attempt and find private financing from a friend or relative if that's an option. Perhaps a charity organization might be willing to help depending on your circumstances. Otherwise, this may be a difficult situation for you to obtain credit on reasonable terms.
Regardless, good luck and it's good you asked the question.
2006-08-14 06:28:53 · answer #1 · answered by rightonrighton 3 · 0⤊ 0⤋
You'll need to do your research with lenders to find if anyone would be willing to take the risk.
It's rare, but it does happen - I've seen several foreclosed homes in MI and other states with redemption periods be repurchased by the owners that were foreclosed with a new lender. Also, if there were extenuating circumstances that led to the foreclosure, be forthright about them.
Good luck!
2006-08-14 12:47:58 · answer #2 · answered by Synique 2 · 0⤊ 0⤋
You were foreclosed on for a reason. Lenders try to find solutions with the existing owner. If you were unable to find a solution with your current lender, what has changed to entice a new lender to take a risk on you? Seriously. What is different now?
If things have changed and you are now able to meet your obligations, you have a chance at keeping your home. Otherwise, seek a new solution for your housing needs.
I'm not trying to be mean. The reality of your situation calls for a direct response.
2006-08-14 10:46:31 · answer #3 · answered by mykidsRmylife 4 · 0⤊ 0⤋