What is Homestead?
2007-03-20 14:18:17 · 6 answers · asked by capitola1 1 in Business & Finance ➔ Renting & Real Estate
Pay what you owe.
2007-03-20 14:20:25 · answer #1 · answered by Anonymous · 0⤊ 0⤋
there are many different requirements in different states -but... call the lender. Ask! If your situation is going to change or not, at least keep in touch. A forebearance means you've returned to work and can afford your mortgage payment plus alittle to catch up- a loan modification is when you're now 4-5 mos. over due and they offer- with your current financials to modify your loan to a lower payment, fix the rate and or lower it, etc. If you are not working again then you should consider selling short in most cases. This is the best credit outcome you could get in a foreclosure situation.
Homestead means that you can keep a minimum $7500 sheltered from the sale so that you can restart your life -ie the creditors can't take it from you. Check your states laws or call the lender and ask!
these days selling short is best because once you get back on top of the situation- if you still have a home you can't sell for the next 10 years because you're upside down- well consider if this happens again during that time..not a pretty sight. better to get out and recover and get a cheaper home within 12 months of good credit again.
2007-03-20 14:53:49 · answer #2 · answered by loosenutbehindthecomputer! 2 · 0⤊ 0⤋
homestead is a law that helps you from losing your home to creditors but if your sue in court the person can get a judgment from the court and if you don't pay the judgment then they can garnish your wages or have your car sold even under the home stead law they can have your home sold but the homestead law protects against a certain amount of equity being taken to pay the judgment. if i was going in to foreclosure I would look into filing bankruptcy and talk to a lawyer who can direct you.
there are also many firms that help in the for closer process go to the following web site and find out more about the foreclose process and how you can save your home .download the free e book there
2007-03-20 14:41:45 · answer #3 · answered by cute as a button 4 · 0⤊ 0⤋
You can make a deal with who holds your house. Whatever bank that is and go into forbarance. What that is, is they will put you on strict payments that are much smaller than normal for a few months to aid you in catching up with your actual mortgage.
But you have to contact them about it. Do it now!
2007-03-20 14:21:49 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Why is it in foreclosure? hard to help w/o a problem
2007-03-20 14:20:59 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Make the mortgage payments.
2007-03-20 14:21:11 · answer #6 · answered by Jo Blo 6 · 0⤊ 0⤋