2006-10-27 10:00:37 · 11 answers · asked by mike b 1 in Business & Finance ➔ Renting & Real Estate
The Bank and Mortgager need to talk to you to help remedy that.
2006-10-27 10:08:23 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Depends on which state you are located. Some states are non-judicial foreclosures and others are judicial foreclosures.
If you are in a judicial foreclosure state, the courts will eventually decide what happens. You may get all your instructions from the court.
In a non-juicial foreclosure state normally after the foreclosure has been filed you have 90 days in which to make a deal with the lender in some form. Call them and ask what your options are. Just because they foreclosed on you don't mean that you don't have options with them and that they will not talk to you.
See if you can add the back payments as a second mortgage and re-start making your monthly payments. In this manner you will now have two mortgage payments. One your regular mortgage payment and the other your back payments. This is called a forebearance agreement.
The other is to simply bring the mortgage current, thus getting rid of the foreclosure completely.
The other is if you can not make the payments or you don't want to make the payments you may sell the property. Make sure that if you decide to sell through a real estate agent you make them aware that you are currently in foreclosure. Some will know what to do, others will just stare at you with their mouth open.
If you do nothing and the 90 days expire, you will get another notice from your lender. This notice will be called a notice of intent to sell. Once you have received this notice you will have approximately 20 days to bring the mortgage current. The lender will not normally entertain any ideas other than full payment.
Failure to bring your mortgage current during this time will cause your lender to send you another notice to you called a notice to sell. They will select a date in which your property will be sold to the public for what is owed. If the property fail to sell at this auction the lender will take the property.
Eventually you will be told to leave the property either by the back or the new owner or a combination of both. But you will be asked to leave after the sale.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2006-10-31 11:35:30 · answer #2 · answered by Skip 6 · 0⤊ 0⤋
If the house has already be sold at the foreclosure sale most states have a Redemption Period. You'd want to contact the Public Trustee in some states, the Sheriff in others, and find out how long you have to redeem and for how much money. You will know what day the Public Sale was based on the several notices of newspaper advertisements that list the day of the sale. You know it was purchased, because if an individual didn't purchase it, the bank that holds your mortgage did, protecting their investment.
They will probably make you fill out a form indicating Owner's Intent to Redeem. You will most likely find that you only owed $100,000 before and now you suddenly owe more than $120,000. This is because they are charging you attorney fees, interest, etc. (arbitrary numbers here)
Anyway, in some states this requires a lawyer and in others a Realtor can help you through the steps . Different states have different requirements so you should talk to someone local with plenty of experience.
If you have other questions, click on my avatar and email me, I'll be happy to hook you up with someone in your state.
2006-10-28 16:13:50 · answer #3 · answered by Dawn J 4 · 0⤊ 0⤋
if they have already foreclosed on your house meaning the bank has gone to court and there was court ordered sale and it was sold, either to a private individual or taken over by the bank the only help you can get is ... HELP MOVING!
if they have not taken it over yet and there is equity in the house sell it! call a realtor and they will help you. if there isnt enough equity explain your situation and they (the realtor) if they are good and know what they are doing may be able to negotiate a "short sale" with the bank. this is when the bank will agree to settle you mortgage and allow you to sell it for less then you actually owe.
you may also want to consult with an attorney and explore other options that may delay the sale.
if you need help finding a good realtor in your area feel free to call me at 1-877-472-6810 or send me an email and i will be happy to help you
good luck
2006-10-27 10:08:45 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Almost none, unfortunately. If you have been given the wonderfully generous 3 day notice to vacate, you are done. Get the movers, find an apartment or storage facility if you need more time. Unless you can find the cash to bring your mortgage current, that's it. It happened to me with a wife and two small boys. I can relate to this shock. You need to plan your next move.
2006-11-03 11:23:55 · answer #5 · answered by Theodore L. E 1 · 0⤊ 0⤋
You need to Mortgage Proffesional to refinance it at all cost.. but that might not be the best solution... sometimes selling your house is the only way to get out of foreclosure...
You can email i can further explain
2006-11-02 09:19:01 · answer #6 · answered by MortgageGURU 1 · 0⤊ 0⤋
Come with all of the back payments before the forclosure sale. You should really contact a real estate attorney.
2006-10-27 10:04:44 · answer #7 · answered by waggy_33 6 · 0⤊ 0⤋
It totally depends on where you live and what the laws are. Most anywhere you can file bankruptcy to stop it. Or if it's early enough, contact the lender to see if they will make arrangements.
2006-10-27 10:02:55 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Call attorney
2006-10-27 10:06:22 · answer #9 · answered by Luckys Charm 4 · 0⤊ 0⤋
Your out of luck,its to late.
2006-11-04 08:53:31 · answer #10 · answered by George K 6 · 0⤊ 0⤋