My husband was laid off for six months, that is how we got behind on payments. He is back to work, but we don't know what to do from here. Do we rent? We have a family of 6. Will even a rental accept us because of past credit?
2007-07-16 05:43:10 · 6 answers · asked by sept12 1 in Business & Finance ➔ Renting & Real Estate
Can you not call the company who is foreclosing and ask to set all missed payments to the end of the loan and start back making the current payments? Typical word now is that they really don't want your house because the whole industry is in deep stuff and they will end up sitting on it and probably selling at a bigger loss than if you keep it with some new arrangement.
You don't want to talk to the person who did your load. I think you need to contact someone in the loss and mitigation department.
With the housing slump as is, you may find them more willing to negotiate than if the housing market were still booming out of control. I wish you the best. America does not need families like you on the streets.
2007-07-16 05:56:24 · answer #1 · answered by John K 3 · 0⤊ 0⤋
Don't expect to get a mortgage loan from a new lender with your history of not being able to pay your current mortgage.
No new lender will take you on with such a history. You can attempt to sell before foreclosure to pay off the mortgage, ask the lender to engage in a short sale (might be a bit late for that however), or simply go through the foreclosure.
2007-07-16 05:47:36 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
That is also precise. But all of the foreclosure are inflicting a devaluation of estate in lots of neighborhoods. Property devaluation is a frightening factor. I went through that when with the financial savings and mortgage cave in years in the past. Even tho I had a good downpayment of the residence I owned then, the estate significance dropped 30% close to over night time. The financial institution hounded me for one other tremendous amount of cash to make the loan same eighty% of the "new" significance of the residence. It wasn't convenient rasing that variety of cash that swiftly.
2016-09-05 13:04:55 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You can always speak with a foreclosure specialist who can prevent foreclosure and get you refinance in around 6 months... Now, you will have to pay the payments on time for these 6 months... They do it improve your credit and lower the LTV in that time!
I know its very helpful for people in foreclsosure and its working!
Email me at mohit@ImpressiveLeads.com
2007-07-16 05:53:24 · answer #4 · answered by Thats_me 3 · 0⤊ 0⤋
Hi,
How did you go with this?
I understand it's difficult to be judged based upon past credit issues. There are still ways to own a home with past credit issues, the tradeoff is a slightly higher interest rate.
Hope this helps.
Dan
2007-07-16 05:54:00 · answer #5 · answered by Dan 1 · 0⤊ 0⤋
It may still be possible to refinance and get out of forclosure. There are banks that will lend up to 70% of home value while in forclosure. That is one of the last things you want on your credit report.
2007-07-16 05:49:30 · answer #6 · answered by marxistharpist 2 · 0⤊ 1⤋