if my house is about to go into foreclosure and my credit score is less than 500 wo can help me?

Answer 1

If you have 30-40% equity in your home, then a hard money lender will be able to help out and possibly even some subprime lenders as well. Contact a mortgage broker immediately if you have some equity in your home. I highly recommend calling your mortgage company to see if they can offer any assistance. Many lenders offer forebearance options, loan modification option, reduced payment or interest options amongst many other solutions to help consumers out. Best of luck to you and check out the page below on stopping foreclosure.

Answer 2

Depending on (1)the dollar amount you are in the arrears, (2)dollar amount of your mortgage payment, (3)state you are located, (3)location of the property (good rental and real estate market area for home sales), (4)amount of equity you have in the property, and (5) condition of the property, you may elect to do the following:

Lease the proeprty with an option for the tenant leasing the property to purchase it in a year. You may be able to obtain the dollar amount that you are in the arrears as a downpayment to purchase your home from a tenant/buyer ($5,000 - $10,000). The tenant/buyer would then pay you rental payments that would be the equivalent of your monthly mortgage payments for the next year.

You may choose to have the tenant send their monthly rental payments directly to you or you can hire a real estate property manager. Property manager fees are typically based on a percentage of the monthly rent collected. As the owner, you will still be responsible for your mortgage payments (being paid to you by the tenant as the tenant's monthly rent) until your tenant officially purchases the property from you.

You can include in the lease that the tenant/buyer be responsible for all utilities and any repairs subsequent to the date of your lease agreement. However, generally, as the owner (you) would be responsible for property taxes, condominium fees, and sewer bill.

Very important to ensure the buyer has a solid credit history and employment record and that you get the tenant to sign two separate contracts. One for the lease. One for the option to purchase.

If home is a townhome or condominium and has an association, check with the association's regulations regarding leasing your property.

Locate a good real estate attorney to assist you with the contracts. Have a realtor help with finding a tenant or place an ad in the paper.

In the tenant chooses not to buy the property, you will remain the owner (but without the previous arrears debt). During the year the tenant is leasing from you, since you remain the owner you are allowed to deduct the property on your taxes. Once it is officially sold and you are no longer the owner, you cannot take these deductions.

Best of success.

Answer 3

It depends on how much equity you have in the property. Usually if you owe 65% or less on the value of the home, somebody will give you a loan, but the rate will be extremely high with a lot of fees. This option only should be used if this is a "bandaid" because something out of the ordinary happened. Otherwise, sell it, cause you will get into more trouble if this is a recurring thing.

Answer 4

If you owe only 60% of the actual appraisal value of your house than you can get a hard money loan, abd credit qwouldnt matter at all. Keep in myind that the interest rate is horrendous though.

Answer 5

Here is what you can do, if you have someone in your family that will do it, sell the property to them and than do a deed transfer back to yourself. After about a year of fixing your credit and paying the mortgage, refi again and put the house back in your name. I can help you with the financing if you want, email me at [e-mail]

Answer 6

I was in the same situation years ago and unfortunately I lost 10,000 dollars trying to buy the house and had to file for bankruptcy.....sorry I cannot be better help.

Answer 7

With the information provided, I would suggest prayer. That's the only thing which MAY work, but don't put a lot of hope on that either.

Answer 8

It sounds like bankruptcy might be the best option - it's not as bad as it might sound... I swear, my husband and I went to bankruptcy.com, they had a lawyer close to us call and we set something up in 2 days, and we are good to go....BTW most of our debt was student loans...Try it!

Answer 9

Auction it on ur own or get the porperty agent to do it but make sure he or she is qualified in the field....

Answer 10

Apply here- They can help and it's not a loan....
http://www.modestneeds.org/