Is there a way out for her and her husband, or once it is being forclosed on are they screwed? They are young and have only been married a year- refinanced on a 100% financed loan and the payments were very high. Can we help her? How?
2006-12-17 18:46:51 · 2 answers · asked by Smilingcheek 4 in Business & Finance ➔ Renting & Real Estate
They can call their Lender and see if they can make payments, they may need to re-affirm the loan with them. What this means, is they make a higher payment to the Lender, to play catch up. If the lender will not re-affirm the loan, they may need to borrow the money to pay the payments current. Or do a short sale, where they are willing to take a loss, if they have a buyer for the property. Have they already gone to court? Have they received their NOD paperwork yet - Notice Of Default?
2006-12-18 11:53:19 · answer #1 · answered by W. E 5 · 0⤊ 0⤋
Well, if they did 100% financing and allready refinanced..... there is nothing you can do,... UNLESS they have some equity in thier home. Typically a 30% increase would be more than fine. Then you have to find a private money lender but they typically stop foreclosure but with a high price tag. Whatever the new loan amount is times 5 % plus they will chatge them a 10% interest rate on top of that. They are now considered a high risk borrower. I would not do that. I would contact a LOCAL realtor, one that is familiar with the area and see if they can sell it fast. That money would help them to put a large deposit for a new apartment.
2006-12-17 21:45:00 · answer #2 · answered by Photographer 6 · 0⤊ 0⤋