I CANT GET A LOAN TO BRING IT UP TO DATE DUE TO BAD CREDIT. MY MORTGAGE COMPANY HAS PROMISE TO SEEK LEGAL ACTION ASAP. WHAT SHOULD I DO BEFORE I BECOME HOMELESS WITH MY YOUNG FAMILY
2006-12-12 18:26:56 · 8 answers · asked by gani b 1 in Business & Finance ➔ Renting & Real Estate
Getting a loan would only put you deeper in debt. If you can't make your mortgage payments, how do you expect to pay yet another loan?
It's time to bite the bullet. Call the mortgage company and ask if they have some sort of repayment plan. Take in roommates. Get another job. Ask family members for loans/gifts of money. If you don't want to lose the house, you need to start taking drastic measures NOW.
Typically, the foreclosure process starts when you are 120 days (4 mths) past due. So you have little time. A bankruptcy may save you, but the time element is critical. You need to speak with a bankruptcy attorney to see if you have time to save the house, because you may be in the middle of the BK process and the house will go into foreclosure - a very sticky situation. So if you can try to make payments while going through a BK, that may help you save the home.
2006-12-13 00:40:35 · answer #1 · answered by whatever 3 · 0⤊ 0⤋
Contact another mortgage company or bank immediately, they may be able to negotiate a lower interest rate for you and lower payments. Otherwise contact the mortgage company and ask for a change in the terms or a repayment plan that works for you. At the very least you should be making interest payments on the loan.
Communication is really important, don't ignore them. They are more than happy to work with you, vs. foreclosure. That costs them a ton of money and then they have a property on their hands to get rid of. They would rather have you continuing to pay them interest in addition to the principle.
2006-12-12 18:36:55 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Did they say how much time you have?
If you have at least 30 days.. i would contact a realtor and tell him/her that it is a preforeclosure and to list it as such. Also, place an ad in the local newspaper stating that it is a pre-foreclosure. Give the details of the home and the price you want. Make people know that you are desperate. Make sure you will have enough for closing costs at a title company which is usually 1 percent of the sales price, and also enough to cover your realtors commission. Make sure you will have enough money to cover the mortgage payoff amount (loan balance), and the title company. I hope that you find someone to buy your home ASAP! You are in my prayers.
Goodluck!
2006-12-12 19:06:00 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Been there, done that....
What you do is when you are able to make a payment, make a double payment..... Then, you'll only be one month behind.....
Call your mortgage company and tell them when you will be able to make that payment.... Tell them exactly when you'll be able to make that payment... and stick to it.....
I did that for 3 years and they will always tell you that they're going to seek legal action.....
If it ever gets that far.... that they'll seek legal action.....
They will send you a letter.... and if it ever comes via a sheriff.... Take it and file bankruptcy......
You can make payments to a law firm until they can file for you....
Your attorney will have you talk with a credit agency who will put your finances in order...... then, the law firm will file on your behalf....
What will happen is all your bills will be included... as well as some that are in your credit report..... it will take about 3 to 5 years for them to pay off.... but a chapter 13 will require you to pay them all off.... but your bills will be paid and at the end of it, you'll owe no body anything.....
The downside to this is a "garnishment" of your wages to cover the cost of the monthly payments to your creditors......
then, they'll start your mortgage payments up again by having you send in the payments yourself.....
that will keep them off your back.......
That's what I'm going through now....
****A chapter 13 is repayment of debts....
****A chapter 7 is to let the courts wipe your debts away clean....
If you want to keep your house, you must file a chapter 13...... If you are willing to let go of your house, you can file a chapter 7....
Hope all is well for you!!!!!
Your sister,
Ginger
2006-12-12 18:48:20 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Can't you try selling your home? Talk to a professional.. someone not related to the bank. Lots of people will help you for free, you just gotta find them. Good luck :o) And perhaps if you can't afford to pay your mortgage, it's a blessing in disguise. Your quality of life will probably go up if you live in a lower priced apt. or something similar. Same situation with us, so I know. I know it's disapointing, but sometimes that's just life.. It happens, and we just have to move on and enjoy the things in life we do have.
2006-12-12 18:36:28 · answer #5 · answered by Emo B 5 · 0⤊ 0⤋
in case you commence eviction court docket situations, you gained't lose the money he owes you, this is more advantageous suited than the area that you're in as we talk. in case you evict him, you could take him to claims court docket and sue for the costs, and if he doesn't pay, he ought to bypass to penal complicated till he does. So there's a gentle on the properly of the tunnel there. If the residence is in good structure, you could continuously hit upon a renter, somewhat once you're prepared to diminish employ to what the fee is. as we talk making your charge is more advantageous major the being worthwhile, so i ought to take what i am going to get. Or look into doing a employ to personal. then you truly can fee more advantageous, and think ofyou've got a 10 365 days time period or so, and that ought to really help you're making funds and money, and the down charge on the resources ought to help you get stuck up. which gained't be suited, although that is more advantageous suited than dropping both your position and your condo resources.
2016-11-30 12:39:40 · answer #6 · answered by ? 4 · 0⤊ 0⤋
go on line and search " forclosure bailouts".you will find a lender who might ( and most likely will ) refi you away from your current lenders and start you over.your intrest rate will be a bit higher but possibly you can get cash out and put it in the bank to cover you for the mortgage payment diffrence for a while.good luck! I have been there.still am.
2006-12-13 06:23:57 · answer #7 · answered by Bobbie 4 · 0⤊ 0⤋
How much do you owe and what is your home worth? Please list under your additional comments.
You can contact Lionel or Blanca, I refer all my clients that are going under foreclosure. (909) 882-3393 These guys will finance ANY fico score and give you up to 2 months to make your first payment. Its expensive but it can buy you time.
2006-12-12 18:31:39 · answer #8 · answered by Photographer 6 · 0⤊ 1⤋