My mortgage is 5 months past due. I found a company online that may help me with a PARTIAL CLAIM option.?

Question

Im scared, I have 2 young kids and a wife depending on me. We have had a stretch of unexpected costs and bad decisions as well. Im 5k from being current and I have sufficient income to keep it that way now. Is this partial claim a good idea? What about this company called "US homestead protection" ?

Answer 1

NOOOOOOo!!!! What happens is these companies put the home into there name while you own. Than when the sell the home back to you once you get back on your feet. But if you dont than they evict you and sell your home. Try calling your lender and getting back on a payment schedule. If that will not work than I have some refiance companies that will help you get back on track without costing you too much. Simple and quick if your lender wont help you.

Answer 2

You can file a chapter 13 bankruptcy, forcing all debtors to cease collections (and interest stops on loans), set a repayment plan and get things back on track. You can emerge from the system in a few years, and not loose your home if the lender agrees. The market is slowing, they want good debt, not houses in inventory. However they can not go forever like you are now and won't. You're near the end of grace now.

Sounds like you have an FHA loan as they typically go longer than conventional loans before foreclosing. If you allow a foreclosure on a gov't backed loan you will not qualify for a loooonnnngggg time for another.

Any bankruptcy will be on record for 7 yrs but a wage earner plan (chapt. 13) shows that you made good on the debt, did not walk away and you can write a letter of explanation to the credit bureau that will also remain there for future creditors to view. You can over come this but must take action now.

In a few years if you make the bankruptcy payments OK you will be able to buy another home, cars etc but for heavens sake stay away from "I want it" spending, make a list of what you want and what you need, then work the what you need list. That will keep you from making bad decisions, stop emotional spending and train you to save. And stay away from credit cards, they'll land you right back where you are now trying to get out of.

Your family depends on your leadership, so go now and do what you have to do legally to preserve the family and your sanity.

Answer 3

This is most likely a scam. I've encountered this sort of thing in the past. The people end up kicked out of their home, sometimes even still owing the mortgage.

The best option is to call your current lender and see if they're willing to work with you, and to what extent. Especially in the current market, a lot of lenders are overextended and running scared. If you're being responsible about what's happening, and if you've recently started getting back on your feet to where you're stable now, there are several options they might take, if they're willing.

Anybody reading this, as soon as it looks like you might go 30 days behind with the possibility of worse, start talking to your lender. Except for hard money, most of them will go a good ways to avoid foreclosing.

Answer 4

I think you need to come current. Are you already in foreclosure or Notice of Default?

It may not be your first choice, but I know people that would buy your house fast (like 7 days) and get some cash in your pocket so you can make a fresh start and avoid foreclosure.

Answer 5

I would be very suspicious. There are tons of companies that prey on those who are already in financial trouble.

Are you being foreclosed on? If not, then I wouldn't do anything.

Also, have you called your mortgage lender. They don't want to foreclose on you so they might resstructure your debt.

Answer 6

NO NO NO. A FRIEND WAS IN THE SAME SITUATION THE COMPANY ENDED UP SELLING THE HOME. CONTRACT TO PRIVATE LENDING COMPANY SHE DID NOT KNOW AND CAN NOT BY THE PROPERTY BACK THERE WANTING OVER 100% OF ITS VALUE SHE LOST 180K IN EQUITY. THEY MADE IT SEEM LIKE A GOOD IDEA BUT THEY USE MORTGAGE TERMS SHE DID NOT UNDERSTAND AND ENDED UP LOSING HER HOME.

if u can refinance. freemont mtg (500), countywide (580 score), option one (540) they can do 100% of value. good luck

Answer 7

yeah, good luck, I did this once and they told us it was all under control and then we got a 3 day eviction notice and the house had already been foreclosed. Talk to a lawyer.

Answer 8

be very very careful doing business with online companies,
might be a scam or major problems
the best way to solve this is to check local established banks and loan companies
or re-fiance, you might ask your realtor and listen to their suggestions.

Answer 9

most of these online ads are fraud
just be careful and don't give them any money or bank information