2006-11-10 16:41:14 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Can you sell your children and husband on Ebay to make ends meet?
Post an ad on ebay and see what happens.........
2006-11-10 16:49:49 · answer #1 · answered by Staci C 3 · 0⤊ 0⤋
A good place to start is by understanding the position of the lender. A game plan for survival should be based on a realistic view of what the lender is likely to be willing to negotiate. When a borrower is unable to pay but the problem is temporary the lender has an interest in finding a way to help the borrower ride it out. A tool for this purpose is a forbearance agreement combined with a repayment plan. A forbearance agreement means that the lender suspends and/or reduces payments for a period, usually less than 6 months, although it can go longer. At the end of the period the repayment plan kicks in. The borrower agrees to make the regular payment plus an additional agreed-upon amount that will cover all the payments that were not made during the forbearance period. The repayment period is usually no longer than a year. When successful, the borrower is brought current after a lapse and the lender suffers no loss. However, a lender will only consider this approach if convinced that the borrower’s problem is temporary. The burden of proof is on the borrower.
If the borrower’s problem is not temporary the lender’s objective is to minimize loss. The ultimate remedy is foreclosure, where the lender goes through a lengthy legal process to acquire possession of the house. The lender then sells the house to recover the loan balance, unpaid interest and expenses -- provided there is sufficient equity in the property to cover it all.
Lenders often do not come out whole on a foreclosure and they do not like forcing people out of their homes. They look for alternatives to foreclosure that will cost them less but they don’t want to be scammed by borrowers in the process.
If a borrower’s income has been reduced to the point where she can’t pay the current mortgage but could pay a smaller amount the lender might consider a loan modification. This could be a lower interest rate, longer term, a different loan type, or any combination of these. Unpaid interest may be added to the loan balance. A lender is likely to be most receptive to a loan modification where the borrower has little equity in the house but wants to keep living there. With no equity, foreclosure would be costly but the lender must be convinced that the borrower’s inability to pay is completely involuntary. If the borrower’s inability to pay is long-term and the borrower is resigned to giving up the house the lender will consider several alternatives to foreclosure. If the borrower has a qualified purchaser who will take title in exchange for assuming the mortgage, the lender may allow it. This is called a workout assumption.
Alternatively, the lender might allow the borrower to put the house on the market and accept the sale proceeds as full repayment even though it is less than the loan balance. This is called a short sale. If the borrower is unable to sell the house the lender might accept title to the house in exchange for discharge of the debt. This is called a deed-in-lieu of foreclosure.
Knowing what a lender can do is useful, but it does not tell you what a particular lender will do in any specific situation. Lenders differ in how they respond to payment problems. It may depend on whether they own the loan or merely service it. It may also depend on who takes your call.
2006-11-11 00:56:34 · answer #2 · answered by JFAD 5 · 0⤊ 1⤋
You need to either find a way to pay your mortgage or sell the house and find a cheaper place to live.
2006-11-11 14:41:56 · answer #3 · answered by BoomChikkaBoom 6 · 0⤊ 0⤋
The lender will kick you and your family out of their house that you clearly do not own as of yet.Its called responability there are no free rides in life get used to it.The lender is not the least bit concerned with your financial hardship,they want their money back period.
2006-11-11 01:04:15 · answer #4 · answered by Anonymous · 2⤊ 0⤋
ASK YOUR HUSBAND TO HELP YOU WITH THE MORTGAGE IF NOT THEY ARE GOING TO TAKE THE HOUSE AWAY FROM YOU
2006-11-11 00:50:18 · answer #5 · answered by juanita2_2000 7 · 1⤊ 0⤋
Eventually the bank will try to foreclose.
2006-11-11 00:44:51 · answer #6 · answered by Thumper 5 · 1⤊ 0⤋
All four of you will be foreclosed on and evicted.
If you're in Southern California, I can help.
Regards
2006-11-11 00:52:48 · answer #7 · answered by Anonymous · 0⤊ 1⤋