Have you ever been in a foreclosure and gotten out of it?How? (besides selling your home and leaving).
2007-03-06 09:48:02 · 7 answers · asked by Bobbie 4 in Business & Finance ➔ Renting & Real Estate
There are several things you can do to save your home from foreclosure.
The first thing is you should immediately contact your mortgage company. Let them know that you are interested in saving your home and want to know what programs they have that you can use to keep your home.
If you are not getting the response you think is necessary from the people you are speaking with at the mortgage company, request to speak to the Loss Mitigation manager. Tell him/her of your desire to keep your home.
See if they will allow you a forbearance agreement. If so this might be the best way to get by and keep your home.
A forbearance agreement will allow the mortgage company to add all the late mortgage payments and fees to collect the late payments into another mortgage. Now you will have two mortgages.
You will have to tell them when and how long it will take you to pay off the late mortgage payments so they can make a monthly payment for you. This payment will be in addition to your regular mortgage payment.
Now the trick to this it that if you were laid off, you must prove to the lender, based on federal guidelines that you are back at work and earning enough to cover the monthly mortgage payments as well as have enough left over for every day expenses like groceries, utilities, entertainment etc.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-03-06 13:58:18 · answer #1 · answered by Skip 6 · 1⤊ 0⤋
You need to start by asking yourself if the payments are to much for you. If they are, then you may want to sell, and start over. If you have equity you will have some cash in hand to buy a cheaper place. If not you may want to short sell, and walk away with your cerdit saved.
If the reason your in forclosure is not because your payments are to much for you, then you have otions.If there is equity in the home, you can refinance and take out enough money to come current and have a saftey net. If there is no equity, you will have to find someone to loan you enough money to pay all the payments due and the penalties that have been added. You will have to be able to afford you house payments and the repayment of the loan.
2007-03-06 18:05:37 · answer #2 · answered by Ron B 3 · 1⤊ 0⤋
I have been in one and saw no way out because even though I repaired the circumstances that got me there, the money back owed was too much. I had no family that would help me and those who wanted to help had no means. Did you try a refinance? Did you talk to your loan company to see if they could help you by putting the back owed amount on the end of the loan? There are also aid programs that assist with this but I do not know how good they are. Did you try bankruptcy? There are bankruptcy's where you do not lose your house......yet you will need to have a way to pay the debts. Talk to a free legal aid about that.
2007-03-06 17:59:52 · answer #3 · answered by theartisttwin 5 · 0⤊ 0⤋
I was able to reach an agreement (through a lawyer) to pay off the past due amount in a few installments, something the lender was not willing to accept when negotiating with me alone. It cost me an extra few thousand dollars, but was worth saving my home.
2007-03-06 18:00:31 · answer #4 · answered by Brian G 6 · 1⤊ 0⤋
Anybody can risk foreclosure on their home. The reasons can vary: job loss, divorce, illness or any other event. As per the estimates of American Banker's Association, many people have saved less than 3 months' spare cash. But remember, foreclosure is the beginning of ....
2007-03-08 10:11:28 · answer #5 · answered by jimko k 2 · 0⤊ 2⤋
If you talk to the mortgage company maybe they will give you a period of interest only payments. They do not want the house back. They have enough forclosures.----Sarah D years of rebuilding.
2007-03-06 18:02:23 · answer #6 · answered by Anonymous · 1⤊ 0⤋
FIND SOMEONE (REALATIVE, FRIEND) WITH GOOD CREDIT THAT YOU TRUST. hAVE THEM BUY YOUR HOUSE AND YOU PAY THEM EVERY MONTH. EVEN MAKE IT WORTH THERE WHILE AND OFFER THEM A LITTLE EXTRA.
OR
EVENTHOUGH IT SOUNDS TERRIBLE THIS IS YOUR HOME WE ARE TALKING ABOUT. IF YOU HAVE 401K OR ANY INVESTMENT THAT YOU CAN TOUCH PAY UP TO WHAT YOU CAN.
OR I'M SORRY BUT YES YOU MAY HAVE TO SELL AND START OVER WITH A CLEAN SLATE AFTER A FEW MONTHS OF REBUILDING YOUR CREDIT.
2007-03-06 17:55:39 · answer #7 · answered by Sarah D 1 · 0⤊ 0⤋
there are investors looking for deals on the house and will pay off your loan. where is your home?
2007-03-09 01:25:05 · answer #8 · answered by tryinthis2 4 · 0⤊ 1⤋