My mom passed away suddenly when I was a senior in high school. Since I'm an only child and she was a single parent I "inherited" the house, etc. Well I'm 21 now and I've spent the last few years struggleing to stay afloat and play the bills (ie. the mortgage). I resently got severed the papers saying I'm in forclosure. I desperetly need help, I've desided to sell the house and downsize to a smaller one but I want to aviod forclosure so the house doesn't get sold for way less then it's worth at an auction. Can anyone please tell me where to go to for help, I'm just in way over my head here.
2007-05-30 07:52:26 · 9 answers · asked by lizo0110 3 in Business & Finance ➔ Renting & Real Estate
I don't want to throw my moms investment down the drain but just selling it for cheep. My house is fairly new, just needs a little tlc, no major problems at all.
2007-05-30 08:01:24 · update #1
I would strongly suggest you consult a local attorney for this problem. I can give you some suggestions, but you really need competent legal advice. First, determine what type of mortgage your mother has. If she has an FHA or FNMA mortgage, they have guidelines for what is called a forbearance. You may be eligible based on the passing of your mother (I have more information on this on my 360 page). Contact the mortgage company and ask for a forbearance. Explain your situation in detail to them and then put it in writing and send it to them. The more documentation you have, the more likely it is that you will get what you are asking for. I worked with someone once who got a one year forbearance . . . meaning she made no payments for one full year. This would give you the opportunity to sell the house and get an affordable place.
Good luck.
2007-05-30 08:01:38 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Depending on your status you may want to contact the attorney who filed the foreclosure and go to court. If you cannot afford the appearance fee than you can apply to defend as a poor person so at least you do not become defaulted then you can get an attorney from legal aid. or you can tell the judge directly that you are trying to salvage the home. You can work with the loss mitigation program offered through your lender and then tell the judge that you need additional time to complete the application ususally 30-60 days and in the mean time find a realtor. I am a realtor with RE/MAX so you can e-mail me and I can help you or find you a realtor in your area to help you. website: www.kathywallace.net
2007-06-06 11:27:38 · answer #2 · answered by kw240lake@sbcglobal.net 1 · 0⤊ 0⤋
I would talk to a realtor about selling the house. You have a few months before the sale date so just hope you can sell it before then. If the house gets sold, the funds received will pay off the mortgage and everything will be fine and you might even make some money on it.
2007-05-30 08:31:01 · answer #3 · answered by Fun N Sun 4 · 0⤊ 0⤋
The government website below (Housing and Urban Development) has some very good information on foreclosure. They also have a list of approved credit counceling agencies - you might find one near you that can help. You may be able to avoid foreclosure if you act soon.
And be very wary of scam artists out there - there are people that are preying on people in forclosure.
2007-05-30 07:59:35 · answer #4 · answered by Michael Iarrobino 2 · 0⤊ 0⤋
Look up real estate investors such as "We Buy Ugly Houses." You won't get anything near fair market value, but they'll close fast and pay you cash to make good with the creditors and (hopefully) have some scratch left over.
Since the house was inherited, it should feel like found money anyways. Good luck!
2007-05-30 07:58:17 · answer #5 · answered by Gaius Caligula 3 · 0⤊ 1⤋
You should try to re-fi or perhaps rent it out until you can get a handle on things financially.
Maybe you can ask relatives to help get you caught up.
I am so sorry to hear this -- I pray that this works out for you.
Good luck!
2007-06-06 08:36:45 · answer #6 · answered by Honeyluv 4 · 0⤊ 0⤋
Talk to a realtor from a large agency in your area. They can probably give you a lot of good advice.
Good luck.
2007-05-30 07:59:28 · answer #7 · answered by Judy 7 · 0⤊ 0⤋
It all depends how much equity you actually have inyour house. But you could do a search for "hard money" lenders in MN.
Good luck!!
2007-06-05 04:53:55 · answer #8 · answered by Anonymous · 0⤊ 0⤋
take one dollar and play the lottery 03-14-15-17-30-35 good luck!!!!!!!!!!!!!!!!!!!!!!have a sweet day my love.
2007-06-07 06:52:54 · answer #9 · answered by benny h 1 · 0⤊ 0⤋