Can someone please suggest an alternative way to save my house and pay off a loan, eventhough I have bad credit?
2007-02-02 14:25:15 · 6 answers · asked by Psalms 2 in Business & Finance ➔ Renting & Real Estate
There are several things you can do with the situation you are in. You had better get started right away.
What cause you to get in the financial situation you are in now? Are you borrowing from Paul to pay Simon? Is the situation that caused you to be behind in your payments over now and can you prove it with good paper work?
perhaps without refinancing you can come up with the back payments some how and bring the mortgage current.
Call your mortgage company ask for the Loss Mitigation Department. Don't talk to a clerk insist on the Loss Mitigation Department. Ask the person in that department if you can be given a forebearence agreement and your late payments added as a 2nd mortgage. You should be able to do this. You will have two payments to your mortgage company. One will be the regular monthly payment. The other will be the late payments and any late fees you were charged.
Now the reason you were in trouble to begin with have to no longer exist. You must be able to prove it also to the satisifaction of the lender.
The other possibility is to refinance the house with a mortgage broker. Tell the mortgage broker that you are in foreclosure. He will try and get you a refinance or a 2nd mortgage. You will be able to find a mortgage broker in the telephone book, unless you know one or has a friend that can refer one to you.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-02-02 14:53:50 · answer #1 · answered by Skip 6 · 0⤊ 1⤋
Sorry, the only way getting a loan will save your home is if you have equity in you house. That way you can refinance to lower your monthly payments and pay your mortgage company off who you owe.Because you have been late 2.5 months lets say you have a 580 score and get a 85% loan because you have $15,000 worth of equity in your house you would be able to pull 85% of the $15,000 out of your house that way you can catch your mortgage up with your mortgage company.If you have bad credit and no equity you would probably want to try personal loans from your bank.
2007-02-02 14:43:48 · answer #2 · answered by Taylor T 2 · 0⤊ 1⤋
frankly, if you cant pay this loan, noone you would want to borrow money from would bail you out. for your own sake, dont look for another loan because the terms could only be worse than what you have now (unless you are trapped by a predatory lender).
I would call recommend calling your current mortgage company. they'll incur huge costs if they foreclose on the loan, especially with the current housing market slump. they'll probably be glad to work with someone who is acknowledging that they have a problem and have a plan to move forward
2007-02-02 14:39:28 · answer #3 · answered by Jeff G 2 · 1⤊ 0⤋
Call the mortgage company. There are programs to help you. They will help because they do not want to lose the money.
Don't take out another loan. You cannot pay your bills now, why add to the problem?
2007-02-02 14:33:52 · answer #4 · answered by Anonymous · 0⤊ 1⤋
REFI BEFORE YOU GO INTO FORCLOSURE TINA...I CAN HELP YOU WITH THAT EMAIL ME ASAP AND WE CAN FIGURE SOMETHING OUT TONIGHT. jcodner@hilltoplending.com I am a mortgage broker and I deal with these type of problems everyday.
2007-02-02 14:31:41 · answer #5 · answered by josephcodner 2 · 0⤊ 0⤋
I suggest you sell it now, before the bank takes it, and pay it off.
2007-02-02 17:32:19 · answer #6 · answered by kingstubborn 6 · 0⤊ 0⤋