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9 answers

Much of your options depend on how far into foreclosure you are in. When I was younger, my parents waited until the Sherrif's dept came to evict us before they started to act to prevent us from getting kicked out. By then, the only option is probably bankruptcy. You'll probably need a lawyer to do it right, but when you file, your homestead is protected and until the court sorts things out, the bank has to stop further proceedings - including foreclosure. It's a Catch-22 because these lawyers want a good chunk of change - which could be put to the mortgage if you had it.

Many (my parents too) don't want to file bankruptcy because it stays on your credit. Foreclosure stays on your credit too and you lose the house.

If getting kicked out is not too imminent, then you may have more options. Contact the lender and ask for delays (i.e., forebearance), payment arrangements. Even try debt counseling because they can probably work something out with your lender.

My parents bought time by getting a family member to buy the house under better credit terms and "rented" the house to us while going through the tough times. This option is tricky because if you can't pay anything, you'll risk other people's credit and financial health too.

Other options when you call earlier are forebearance (like with student loans) where you don't pay for a period of time, but you agree to bring the account up to date later. Some people work with the lender to change the mortgage - maybe get a better interest rate.

If you can't swing any payments and the house is just too much, some may say to just sell the house and downsize. Some lenders will not foreclose to allow you to sell the house.

Act fast because when the Sherrif's dept comes to evict, it'll be too late to prevent that drama.

2006-12-31 02:56:46 · answer #1 · answered by zuri 2 · 1 0

If you cannot come to an agreement with the lender to buy you a little more time to get your financial affairs in order, the filing of bankruptcy will put a halt on the foreclosure proceedings and allow you the time to do so.

Understand that utilizing that option does not forgive your debt on the home, you will still need to pay your mortgage to remain in the house and your credit will be impacted by the filing of bankruptcy.

Good luck.

2006-12-31 02:52:42 · answer #2 · answered by bnkr27 2 · 0 0

Ask you lender for either a deferment of payments which takes the payments you have missed and moves them to the end of the loan or if you can make interest only payments for those payments. Perhaps even a combination of the two. If they will not work with you or you are unable to pay what they require then bankruptcy is you only option. Even then it will depend on your State's laws whether you will be able to keep that house. If you cannot and the lender repos it at least you will probably not have to pay the full amount of the loan so you can get housing for yourself and your family. Try everything you can before resorting to bankruptcy as it can make life difficult for your foreseeable future. But if you have to file then having made every effort to avoid it will allow you to qualify a bit easier. Good luck and God bless.

2006-12-31 03:43:28 · answer #3 · answered by Shawn M 3 · 0 0

U need to get current on your mortgage as soon as possible, make an arrangement with the finance company as soon as you can. U may even have to file a Chapter 13 to get out of this hole. Get a second job and maybe ur spouse can obtain a second job as well. Being out on the street is not fun and u don't want your family homeless. Take heed now, it's winter time and now is not a good time to be outside 24/7. Get in gear now and get your house back, don't lose the biggest asset you have. You can do it, may God bless u and keep u and just remain faithful and determined to learn this lesson and move forward, if you have any kids that can work, it may be best for them to contribute to the home. I will definitely pray for you and your family.

2006-12-31 02:18:22 · answer #4 · answered by MadameJazzy 4 · 0 0

Many banks have what they call a "money for keys" application. The touch the guy in the domicile and that they grant them money (oftentimes approximately $one thousand) to leave the domicile in simple terms before the tip of the redemption era and to leave it in good condition. this is a lot greater low fee for the financial employer to do this than to attend out the redemption era and hassle if there will be harm to the domicile. If this is what this is approximately, this isn't a scam in any respect. oftentimes a close by actual sources agent is contacted by employing the lender to maintain a watch on the premises so as that the financial employer is notified as quickly with the aid of fact the valuables is vacant. Then then can maintain the premises and make optimistic this is winterized so there is as little harm as accessible to the domicile. they gained't supply you the money "up-front" with the aid of fact the money they are offering is going to be contingent upon the condition you leave the domicile in. in case you're in any respect uneasy approximately it, supply him a decision and ask him to deliver you the information that he will ask you to sign and which you incredibly choose for to take them to an criminal expert first. regardless of if this is a scam, you will in no way see him or hear from him lower back. If he does grant you with the papers, pass see an criminal expert or somebody extremely clever which you have confidence and enable them to look on the papers and propose you.

2016-10-06 06:18:38 · answer #5 · answered by shimp 4 · 0 0

The first thing to do would be to talk to your lender as soon as possible. Let them know about your financial hardship (the only two things that should keep you from paying your bills are loss of a job or unexpected illness, anything else and they'll rightly tell you to get off your butt and pay what you owe) The longer you wait to get help, the less they can do for you.

If worse comes to worse and you know they're going to foreclose, you might want to try and sell the house to pay off the mortgage and get a home that's less expensive or just rent.

2006-12-31 02:48:45 · answer #6 · answered by Vadalia 4 · 0 0

Pay what is past due and stay current on the mortage payments. However, if it's gotten to the point the bank is foreclosing, money must be tight, or your values need to be reevaluated.

Maybe Bankruptcy, but you would still have to pay on the house.

Good Luck.

2006-12-31 02:14:31 · answer #7 · answered by mcdaid36 2 · 0 0

Some lenders and investors offer foreclosure bailout programs.

2007-01-01 04:31:29 · answer #8 · answered by Anonymous · 0 0

Pay your mortgage.

2006-12-31 04:07:54 · answer #9 · answered by Anonymous · 0 0

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