i'm about face foreclosure on my home of 33yrs. how can i get help stopping this process?

Answer 1

PLEASE PLEASE PLEASE....contact your mortgage company ASAP and explain your situation to them! Ask if you can reinstate the loan and borrow the money or sell something to pay off the payments that are behind! MANY times the mortgage co will work with you to set something up so you can pay the back payments and catch up.....Contact the loss and mitigation dept.....If they see you are serious, they will work with you.....The last thing they want is to foreclose on your home, its expensive and time consuming....Best of luck!

Answer 2

There are essentially three options: Refinance, pay it current, or sell it.

Pay it current: If you had the money, you wouldn't be asking

Refinance: Once you get his with that Notice of Default, lenders will charge a premium to deal with you. However, the rate will almost certainly be higher than you are paying now. This means that if you fell behind on a smaller loan with a lower interest rate, the odds are that you'll fall behind again. Unless you've got a new or better source of income, not a real solution; just delaying the inevitable.

Sell: This gets you out from under, and if you've been there 33 years, chances are you've got some serious equity you can mostly keep. You're going to want to underprice the market because you *don't* have time to hope for the miracle buyer.

One thing you probably don't want to do: Declare bankruptcy. You can delay the inevitable, but the interest and everything keeps accruing. Plus you've got to pay off the lawyer, and because the lender has a Trust Deed, will be able to partition it out of the bankruptcy and foreclose eventually. Chances of coming out better than now: Essentially zero.

Answer 3

If you have a lot of equity, list it immediately and for UNDER market. It would be better for you to get only half what your equity is worth than get nothing.

You need to talk directly to your bank and a very good real estate agent that knows how to do a 'short sale' to get this thru in time.

Your other option is to refinance immediately and if you have equity get enough out to cover some of your other debts so that you free up more money each month to go towards your house payment. Try doing an ARm loan with low interest or an interest-only loan.

If you have little to no equity, you dont have many options at this point.

Answer 4

There are a lot of elements to look at when facing a foreclosure....how much you owe, your equity, how far along in the process, etc. To answer your question correctly would take a lot more information on your part.

I can help people out in 38 states....if you're one of the 38 i'll be more than happy to assist you in the process of saving your house....if you are part of the 12 i can't do, then i'll be more than happy to refer you to some one who can further help you in the matter.

Send me an email to

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Answer 5

Downsize - place the home on the market and hope for a quick sale. Sounds like one took out too many home equity loans.

Answer 6

When my father was facing this problem, we sold our house to my aunt (who credit qualified), that only bought us time to either sell our house for good or buy it back from her. We ended up just selling the house and we both got a cut of the profits. Sounds like a good deal if you had an aunt available?

Answer 7

You can try bankrupcy it will sometimes slow down the process but the lienholder can have in time set aside and continue on to forclose...

Answer 8

Maybe a credit counseling service. Or sell the home yourself and pay it off.

Answer 9

Where do you live? How much do you owe on it? How much is it worth? Give us some more information to work with.

Answer 10

Why did it go for forclosure ...Do you have lots of bills to pay..is that why you got forclose....if that is the case, consalidation debts and management can save you.