2007-01-05 15:49:25 · 5 answers · asked by kayekaye 1 in Business & Finance ➔ Renting & Real Estate
Look into refinancing the mortgage to make your payments lower. Also, contact your mortgage company to try and work out a restructure of the mortgage contract itself.
Don't give up just yet
2007-01-05 15:58:38 · answer #1 · answered by Angie P. 6 · 0⤊ 0⤋
You have to be at least 90 days behind before foreclosure can start. Once the process is started, you have another 6 months to try to raise the money to bring the account current before the lender can sell the property.
So, technically, you can be in the house for 9 months without making the payment. If you want to sell the house to avoid foreclosure, you MUST close before foreclosure process starts. You cannot sell after the lender files the papers.
That's in Idaho. It can vary from state to state.
2007-01-05 23:59:40 · answer #2 · answered by Gitchy gitchy ya ya da da 3 · 0⤊ 0⤋
Another option might be to put is up for sale at a price that will payoff the mortgage. That way it will sell fast and you will get out from under your problem. Good Luck
2007-01-06 00:10:32 · answer #3 · answered by Rocky C 2 · 0⤊ 0⤋
This depends on the laws of your state. I suggest you consult with a local real estate agent who will contact your lender. If possible, you might be better off if you can sell the home, even if you owe more.
A professional realtor will be able to help you.
2007-01-06 03:49:21 · answer #4 · answered by ? 3 · 0⤊ 0⤋
DROP ME A LINE AT MINESBAY AT YAHOO, ILL TRY TO HELP YOU OUT OF THIS SITUATION.
2007-01-06 00:16:45 · answer #5 · answered by Miklo 3 · 0⤊ 0⤋