my mortgage company filed for foreclosure papers, what steps can i take to keep my house instead of the mortgage company taking my house!
2007-08-01 14:58:44 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
There are several things you can do: 1st thing is do not panic! Please keep in contact with them, ask them can you put your defaulted payments on the backend. Also, you can file for bankruptcy but that is not the wisest decision. You still have options.... but I would need more information. If you would like... you may e-mail me @ man07anonymous@yahoo.com
2007-08-01 15:10:29 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I would start by contacting the lender if you can not either make the payments or refinance the loan. I would ask for a forebearance agreement allowing for some other type of payment arrangement for a specific period of time and or during the time that you try to sell the house to pay off the loan. Most banks don't want your real estate they lose too much money, so most of the smart ones will work with you.
Another thing you can do is go and visit this government site:
National Home Recovery Program for foreclosures http://www.nhrp.com/
or to this site:
Steps that can be taken to prevent foreclosures: http://www.consumerlaw.org/initiatives/seniors_initiative/advforcl.shtml
To do additional research on laws, rules and regulation and other types of assistance you might want to visit http://www.realestateformnm.com/ResearchLink.aspx
I wish you the best and do get some legal representation to help you, if you can not afford it you might want to try this link
Free legal aid search for all states: http://www.lawhelp.org/
2007-08-01 15:22:32 · answer #2 · answered by newmexicorealestateforms 6 · 0⤊ 1⤋
Contact your mortgage company and get an amount they'll take to stop foreclosure proceedings. Possibly they might modify your loan to put past due amounts in with the principal and let you start over. Was your inability to pay a temporary situation? They don't want your house but that's what they have to use to get the interest for your loan investor. They will usually work with you over trying to market and sell a house.
2007-08-01 15:25:36 · answer #3 · answered by John D 2 · 0⤊ 0⤋
If you pay the mortgage they will leave you alone.
2007-08-01 15:07:43 · answer #4 · answered by leo 6 · 0⤊ 0⤋
the only option is to catch up you payments
2007-08-01 15:06:55 · answer #5 · answered by Dnaleri 3 · 0⤊ 0⤋
You could pay them.
2007-08-01 15:04:26 · answer #6 · answered by godged 7 · 0⤊ 0⤋