my house just went into forclosure. How do I stop it? serious answers only!?

Answer 1

You have to call your lender and explain the situation. Most lenders do not want to forclose because it is expensive and many houses are not worth what they were purchased for so they will likely be willing to help you. If this is a temporary shortage of income, then explain why and how long it will take for your income to go back to what it was.

Sell everything you do not need to get and keep your payments current. Get a roommate or two (I have 2 friends who did this and were able to make their payments when they thought nothing else would work). Try posting in the paper, the pennysaver or online with craigslist.com for a roomie. Be sure to get a lease agreement, etc.

If all else fails you could ask your lender about a short sale. I don't know if filing bankruptcy would help, but you might try contacting legal aid in your area.

I can't stress enough to initiate contact with and keep in touch with your lender. There are MANY options available to those who ask such as interest only or reduced payements for a fixed period of time.

Good Luck.

Answer 2

I help people in foreclosure on a daily basis. If you're in Southern California, contact me. Basically here are your 8 options:

8 OPTIONS IN A FORECLOSURE

1. Reinstatement: Come up with the money to make the loan current.

2. Redemption: Pay the loan off in full.

3. Deed in lieu of foreclosure: Surrender the deed to the lender.

4. Legal delay: If you can prove that the amount owed is incorrect, you can delay the
foreclosure.

5. File bankruptcy: This will delay the foreclosure, but at the end you still could lose the property and ruin your credit.

6. Renegotiate with the lender: Call the lender and renegotiate the loan. Maybe they can either refinance you or hold off on accepting payments for a short period of time. See if they can combine all your loans into one.

7. Sell the property: Sell the property to either an investor or a buyer.

8. Do nothing: eventually get foreclosed on and evicted.

Regards

Answer 3

You can always stop it as long as it is not the day of the sheriff's sale. Call the attorney for the mortgage company. Say you want to make payments. Ask for a payment plan. They would rather have you pay then go through the full foreclosure problem. You need to work out how much you can pay per month on the arrears (the amount you are overdue) and also will need to make your regular monthly payments.

Or you can file bankrutpcy. Not a good option but if you do not think you can pay your bills it might be your only one.

Answer 4

every state has different laws. get a lawyer, and make your payments. If you do not have the money to pay up, you might want to consider selling, and taking whatever you can get for it. If not and you lose your house, not only do you lose your house, but that will be on your credit report and will hurt you from getting a mortgage again. Filing for bankruptcy is another way to stop forecloser.

Answer 5

I have heard that it's hard but you can do it. You have to pay what you owe plus a lot of penalties plus late fees. Call a lawyer that deals with foreclosures and find out for sure. Good luck!!

Answer 6

If the foreclosure notice has already been issued then it's too late to stop it since any of the pre-foreclosure measures i.e. a short sale, deed in lieu of foreclosure or forebearance are probably no longer available to you.

If you have a friend who can buy the property at auction for you and lease it back to you, then that might work....

Answer 7

This is serious........Please email me at [e-mail] and we can discuss your situation and find a suitable option.

The most likely option is to sell it, but it isn't the ONLY option...there are other options that will allow you to continue to live in your home while getting the mortgage situation under control.

Answer 8

You have to pay what you owe. That will stop it.