i have a first and a second and some bills to pay. i have been in forclosure for about a month now. i want to find a lender that can combine all this and give me a low APR and a reasonable payment. the bad thing is i have to do this and have it done before the 10th of Feburary. i don't have much time or else they will sell my house in a estate auction or just take it from under me.
i forgot to mention that the 2nd mortgage is with a hard money lender. please help me!!! my husband and i and our kids want peace of mind and we also want to keep our house. we've been living here for goin on 7 years in May 2007.
2007-01-25 13:35:13 · 6 answers · asked by DEE DEE 2 in Business & Finance ➔ Renting & Real Estate
I believe you should contact a lender that you trust. I wouldn't be too concerned with the APR in your present situation. You need to get a loan - period.
Best of luck to you!
2007-01-25 14:16:05 · answer #1 · answered by ☼High☼Voltage☼Blonde☼ 4 · 0⤊ 0⤋
# 1. If you have already been served with NOD (Notice of Default), and gone to court than yes, it is too late. I know that is NOT what you want to hear.
#2. If you have not been gone to court, as of yet - and you are not more than 180 days late on your payment, than there may be help. BUT and only BUT if your home is appraised high enough to take care of the first and the second mortgage, and all the late fees and attorny charges that have accured on your mortgage.
What I mean is this. I pulled credit on someone this week. His loan was for 135,000 and now it will take 150,000 to get him out of his Forclosure. Since he has already gone to court, and it is listed on his credit report - Forclosure Proceedings Stated. This stops it in its tracks, since the highest LTV (Loan to Value) he can get now is 75 percent and that will not get him out of the FC, and the rates are in the 17 percent range.
If you have not gone to court, you could try and have a mortgage broker pull your credit (which I would hate to see you do) unless it is necessary....This would pull your already low credit score down, more. And if your credit scores in in the 400's than no lender will take you unless it is a hard money lender. And you already have a 2nd with them. You could call the 2nd lender that is holding your 2nd mtg and see what they can do??? Just an Idea, since I am sure they would not want to loose their interest if you proceed with the FC.
Good Luck to you, and I do mean that.
2007-01-26 01:58:59 · answer #2 · answered by W. E 5 · 0⤊ 1⤋
The question is can you afford to live in the home? I know you want to stay there but renting might be a better option instead of dealing with this stress. If you have equity you could sell the home and take the extra money to start a new more financially relaxed life until you can buy again. If you are in the state of California email me and I can point you in the right direction.
2007-01-26 03:54:33 · answer #3 · answered by Anonymous · 0⤊ 0⤋
i don';t think i would worry about a "low APR" that won't happen, I think that you should talk to a bankruptcy lawyer, that sounds like it is the best and fastest way to save your house. chapt 13. you get to keep it, but have to make your payments on time for like the next 3-5 years. but you have to file bankruptcy before it is "foreclosed" on! oh adn forclosures are done on the FIRST TUESDAY of the month so it looks like it may be FEB 6th
2007-01-25 21:41:59 · answer #4 · answered by bigsoljainga 2 · 0⤊ 0⤋
Have you just been served with a Notice of Default or have they already actually foreclosed? If they've foreclosed, you're out of luck unless you can find a private lender.
If you're in California give me a call & I will help you; my office collectively has over 50 years of experience in dealing with mortgages, foreclosures, defaults, etc.
2007-01-25 21:43:19 · answer #5 · answered by Solstice 3 · 0⤊ 4⤋
you have a 2nd mortgage...that makes things complicated...do you and your husband work?
contact your local housing assistance corp...start with the town hall...and,,,if no answers...then, go to welfare, and ask them what to do...
good luck
2007-01-25 21:46:05 · answer #6 · answered by Winters child 6 · 0⤊ 0⤋