can you get out of forclosure?

Answer 1

By getting an attoryney and paying off the debt.

Answer 2

The answer is typically maybe with a slant to yes. I have helped many people in the past "get out of foreclosure". You typically have the following options, which will vary based on your particular circumstances. Option 1, file a chapter 13 bankruptcy with an attorney for repayment of debts. The interest you owe the lender will stay there, but they will be ordered by the court to "stay" the foreclosure. The court will work out a payment plan that you must follow, if you stop making the agreed payment, the lender can go to court file an action to remove the stay and foreclose on your house again. Option 2, "hard money loan" this is the method I have employed to payoff arrears on a mortgage. Typically this is only available for people that have a large amount of equity in their home. The "hard money" lenders are really individuals in most cases that will lend you the money on a 2nd or 3rd mortgage with an equity based loan. You can expect that you'll need at least 35% equity in the property for them to assume this risk. Expect 10 or more points in closing costs plus fees of $4500 and up for this type of loan. What will happen is all the past interest due will be paid off with the new loan, your first mortgage will be brought current and you'll have 2 mortgage payments. Option 3, list the house for sale and request a delay on the foreclosure from the lender if you receive a bona fide offer. Please verify any information with a Bankruptcy attorney as I am not an attorney and do not know the exact laws regarding Bankruptcy.

Answer 3

Usually lendors do not want to foreclose if there is another option. This is because they lose so much money in legal fees and it can take a long time to re-sell the property. Contact your lendor and ask what options you have. One option is a repayment plan, in which case the foreclosure is placed on hold until you are current. Often the lendor will offer to waive late fees after you have brought the loan current.

You can do a short-sell, where you sell the property to a third party, with the funds going to the lendor. The lendor has to approve this since it usually does not bring in enough funds to pay all the debt.

A last-case scenario is to file bankruptcy. This puts a stay on the foreclosure procedings, at least until the a bankruptcy judge gets to the case. If you file chapter 7, the court may force you to sell the property. If you file chapter 13, the court may set up a repayment plan that the lendor has to accept. If you miss any payments on this plan though, the lendor can petition to start the foreclosure again.

Be sure to contact the lendor before filing BK because your credit rating will be ruined for many years.

Answer 4

you cannot get out of foreclosure by filing bankruptcy. you do have to get an attorney, or if you aren't too far in, and your house is worth a lot, you could sell your house to an investor who will take care of the debt, but you wouldn't have a house then ;)

Answer 5

Yes. I'm not going to explain it all here but get "Financal Peace" by Dave Ramsey. After getting that attourney.

Answer 6

Getting an attorney but you will still have to pay it, unless ou file bankruptcy

Answer 7

depends on how far into it you are. normally the mortgage company will let you pay all the arrears and keep your home but it could be expensive. good luck to you

Answer 8

yes there are ways to get out of foreclosure...any equity in the house?

Answer 9

this should help good luck
http://www.nohasslebargains.com/loan/id9.html
Foreclosure Prevention
Financial Services

Answer 10

Simple: pay off your debt.