2007-02-06 06:21:09 · 6 answers · asked by Shawan J 1 in Business & Finance ➔ Renting & Real Estate
If a sales date has been established, the lender pretty much now want out of the property.
At this point normally the lender want all his money to include any foreclosure fees or other fees attempting to collect the monthly mortgage payment.
There are some lenders that will still work with you in dealing with this situation and will allow you to bring the loan current.
Some will still allow a forebearance agreement, where you make as much of the back payments up as you can. All other fees and payments are then rolled into a second mortgage with a monthly payment.
Now you have 2 payments the original one as well as the one created so you can be current.
You can only do this if the situation that caused you to be in foreclosure no longer exist and you can prove that to the lender.
The main the thing is to contact the lender immediately, you will want to talk to the Loss Mitigation Department, outline a plan to them that will indicate how and what you can do about the situation and curing the foreclosure.
Contray to popular belief the banks or lenders don't really want your home, it becomes a loss on thier ledger, no bank want a loss.
So contact them have some type of plan or ask for your options, if you are not pleased with the first guy ask to speak with his boss, until you have exhausted all avenues of keeping your property.
Bankruptcy is the last and final option. If it comes down to this see a bankruptcy attorney for your legal options.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-02-06 08:02:12 · answer #1 · answered by Skip 6 · 0⤊ 0⤋
The foreclosure in Florida is Judicial. somewhat, they might desire to take it to court docket. So time to make sure a attorney ASAP. A attorney can assessment the non-public loan settlement for achieveable illegalities and give up foreclosure lifeless on its music. probable suggestion on different recommendations looking on your circumstances. A loss mitigator might have the potential to help you extra advantageous on different achieveable recommendations. you may try mediating with the non-public loan yet often in the event that they declare to have neglected a value, they won't give up and bypass the comprehensive backyard for the foreclosure. Now you pronounced there's a sale date. That sounds like it is going to likely be going for sheriff sale or public sale. you will might desire to get the ball rolling earlier the date. optimistically, they do no longer detect a shopper, yet whilst they do then it is going to all be over. stable success!
2016-12-17 03:52:09 · answer #2 · answered by endicott 4 · 0⤊ 0⤋
THe only one who can stop a sale scheduled is the institution foreclosing or the judge acting for them depending on if your states foreclosure is extrajudicial or not. Contact the lender and do whatever you have to do to convince them.
2007-02-06 06:27:35 · answer #3 · answered by wizjp 7 · 0⤊ 0⤋
Depends if you want to keep the house. You have 2 choices. You can either catch up on all your back payments (which is very unlikely if you havent been making your mortgage payments in months) and you can file bankruptcy. If you cant afford to keep your house why are you trying to save it?
2007-02-06 08:35:00 · answer #4 · answered by Fun N Sun 4 · 0⤊ 0⤋
You have until the minute before the auction to catch up your payments and any other fees involved. If you do this the foreclosure will stop.
Good Luck
Re Agent,
Remax
2007-02-06 08:03:22 · answer #5 · answered by frankie b 5 · 0⤊ 1⤋
yes. you need to get current NOW. call a real estate attorney as well to slow the process down for the lender.
2007-02-06 06:25:54 · answer #6 · answered by Scott K 2 · 0⤊ 1⤋