2007-04-17 04:37:07 · 7 answers · asked by quality518 2 in Business & Finance ➔ Renting & Real Estate
Why would a legitimate lender loan you money if you couldn't make your mortgage payments?
2007-04-17 04:42:33 · answer #1 · answered by lunatic 7 · 0⤊ 0⤋
Don't lose hope!
You will undoubtedly pay more interest, but I would think it would be possible to obtain a loan when you are facing foreclosure. Mortgage companies assume little at risk when making loans. And if you were required to obtain PMI insurance there is really no risk at all to the mortgage company. If you default, the loan company will either force you to pay the balance due or give them the property. Either way they usually get their money. I'm sure that there are some exceptions to this, but I would think that the mortgage company comes out ahead a very high percentage of the time.
I suggest that you check out DaveRamsey.com for help in getting your finances in order. This site offers a wealth of financial information for everyone to beat debt and build wealth.
Good luck!
2007-04-17 12:00:15 · answer #2 · answered by Randy 3 · 0⤊ 0⤋
There will not be many and it will depend on why you want the loan. If you can not afford to pay your present bills then the lender will not be interested in making the loan unless it somehow fixes the problem. For most people it is not wise to borrow more if they are in foreclosure.
Expect that you will need to show how the loan will make a difference and why the lender is not at risk.
Have you considered selling things (garage sale or ebay)? Stuff you do not need that can be turned into cash quickly.
2007-04-18 03:12:44 · answer #3 · answered by Anonymous · 0⤊ 0⤋
if you are looking for a loan for your home, there are other choices. Depending on your financial status (income) you can file for chapter 11 - bankruptcy or chapter 13 - for higher income. This can stop the proceedings, help you pay pennies on the dollar for what you owe and help you save your home. You need to see a lawyer ASAP. It takes a few months but it is worth it. Good Luck!
2007-04-17 11:42:09 · answer #4 · answered by ricanbronxbomb 2 · 0⤊ 0⤋
are you nuts? who wants to loan someone money who won't/can't pay the bills they have now? so you can turn around and not pay them too?! LOL HAHA LOL
2007-04-17 11:40:49 · answer #5 · answered by wish I were 6 · 0⤊ 0⤋
Chase.
2007-04-17 11:42:29 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Hello !
Check out this website and let's see if there is something that we can do to help you out of this situation. http://www.consolidatedsg.com/brmj41975/fc
2007-04-17 22:12:19 · answer #7 · answered by brmj41975 2 · 0⤊ 0⤋