2007-02-05 18:24:16 · 4 answers · asked by Geri P 1 in Business & Finance ➔ Renting & Real Estate
The foreclosure is probably due to non payment. You can stop the foreclosure if you pay current on the payments plus all forclosure costs. If they do foreclose, you will owe the difference between what the house re sells for and what the loan amount is, so go borrow some money from relatives and save your home. Your credit will be ruined for years on top of not having a place to live.
2007-02-05 18:32:26 · answer #1 · answered by Sherrie 3 · 0⤊ 0⤋
I'm afraid not. In most every case of foreclosure, the lender is owed more than the original lien. Why is that? How can this be possible? You are in foreclosure because of missed payments. These missed payments are normally interest payments, and when missed, actually get added into the amount of the original lien. After 2 or 3 missed payments, you own the lender more than your original mortgage. It is at this point that they start foreclosure.
To stop foreclosure at this point you either have to a) pay the bank what they owe and bring your loan current, b) work out a repayment plan with the bank to bring you current or c) declare bankruptcy.
2007-02-05 19:07:50 · answer #2 · answered by Infohigh 1 · 0⤊ 0⤋
i have put liens on a house (new building) where the builder was dodging payments..for contract work.
as soon as the lien goes on the builder will pay to stop the foreclosure..
the foreclosure is paid off in the order so if the lien goes on first the lien is paid first..
the bank lends the builder money to build and expects the builder to pay off his workers..
do it and you will get paid plus all the filing expenses..
2007-02-05 20:08:47 · answer #3 · answered by m2 5 · 0⤊ 0⤋
Probably if you can get someone else to pay it out for you, if you can't afford to do it yourself.
2007-02-05 18:35:18 · answer #4 · answered by Alwyn C 5 · 0⤊ 0⤋