Is there a mortgage lender or bank out there that can STILL help finance those who are almost loosing their home as a last resort? Just when you think all hope is lost...
Let me know
Thanks
2007-08-24 18:22:29 · 9 answers · asked by havequestion 1 in Business & Finance ➔ Renting & Real Estate
HUD No. 07-105
Amy Cantu
(202) 708-0980
www.hud.gov/news/ For Release
Wednesday
July 11, 2007
HUD RELEASES TIPS FOR AVOIDING FORECLOSURE
Information aimed at helping more homeowners stay in their home
WASHINGTON - Today, the U.S. Department of Housing and Urban Development (HUD) released its top 10 tips for homeowners who are facing foreclosure.
"These guidelines will assist homeowners who are struggling to pay their mortgage and could be threatened with foreclosure," said HUD Secretary Alphonso Jackson. "We want to encourage homeowners to take action and use every resource available so that they can get control of their finances and stay in their home."
If you are unable to make your mortgage payment:
1. Don't ignore the problem.
The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.
2. Contact your lender as soon as you realize that you have a problem.
Lenders do not want your house. They have options to help borrowers through difficult financial times.
3. Open and respond to all mail from your lender.
The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.
4. Know your mortgage rights.
Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.
5. Understand foreclosure prevention options.
Valuable information about foreclosure prevention (also called loss mitigation) options can be found on the internet at www.fha.gov.
6. Contact a non-profit housing counselor.
The U.S. Department of Housing and Urban Development funds free or very low cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance.
7. Prioritize your spending.
After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.
8. Use your assets.
Do you have assets-a second car, jewelry, a whole life insurance policy-that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don't significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.
9. Avoid foreclosure prevention companies.
Many for-profit companies will contact you promising to negotiate a loan work out with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month's mortgage payment) for information and services your lender or a HUD approved housing counselor will provide for free if you contact them. You don't need to pay fees for foreclosure prevention help-use that money to pay the mortgage instead.
10. Don't lose your house to foreclosure recovery scams!
If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a HUD approved housing counselor or trusted real estate professional.
To find out more about HUD-approved housing counseling agencies and their services, please visit www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm or call toll free (800) 569-4287 on weekdays between 9:00 a.m. and 5:00 p.m. Eastern Standard Time (6:00 a.m. to 2:00 p.m. Pacific Time). The same number can give you an automated referral to the three housing counseling agencies located closest to you.
2007-08-24 18:28:58 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Your local better business bureau. They can file charges on your behalf again the mortgage company and possibly hold off on the foreclosure.
OK, this is what I do know. If you are almost losing your home put it on the market fast, at a price that after commission will cover the amount you owe on the mortgage.
Trying to save your home, contact your mortgage company.
I am sorry to say it but if you could only qualify for an adjustable rate mortgage that tells me that you couldn't afford your home before you signed off on the sale. If that is the case than please sell it to pay off the bank and avoid a foreclosure. A foreclosure on your record will keep you from buying a more affordable home for years to come.
Good luck!
2007-08-24 18:32:54 · answer #2 · answered by New England Babe 7 · 0⤊ 1⤋
mortgage company. even though our credit is great my husband hadn't been working very long at his current job so our bank wouldn't even consider us. The mortgage company was able to get us a loan and now I'm sitting in the living room of my great big house which is a mansion compared to the tiny 2 bedroom 40 year old trailer that we lived in and I'm loving it. :)
2016-05-17 09:04:19 · answer #3 · answered by ? 3 · 0⤊ 0⤋
Yes, there still is help. It depends on how far behind on the mortgage you are & whether or not you have equity. If you don't have equity, you may be able to file bankruptcy to hold off a foreclosure while you try to sell the home. Best of luck. I am a mortgage broker.
2007-08-24 18:44:49 · answer #4 · answered by chicka 2 · 0⤊ 0⤋
Best Anwser- Chosen by Voters
You need to call Frank IMMEDIATELY at 661-635-4900 or 919-802-3119 or 866-728-8587. He can get you financed with his network of over 400 lenders (up to 100%) even with bad credit. He has helped me with 4 properties and it has saved me thousands per month. He also helped me with foreclosures and made me a ton of money. He is an expert in this area.
http://www.realestatefundingnetwork.com
2007-08-26 05:29:05 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Asks, try calling 888-995-HELP, it is a counseling service HUD approved in this time of mortgage crisis. I hope you have at least tried talking with your mortgage company? If not, do so. The Federal government is pressuring all loan companies to work with folks to get out of this mess and keep their homes. Please call the number today.
2007-08-25 01:04:44 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Your best and only hpoe is to negotiate with the company that holds your loan. Deal with the "Loss Mitigation Dept" not the Collections Reps. You may have to get a little pissy with them but your persistance will pay off.
Good Luck!
2007-08-24 18:32:06 · answer #7 · answered by loancareer 3 · 0⤊ 0⤋
Try going to this site, they have lots of information about this sort of stuff.
2007-08-24 21:43:37 · answer #8 · answered by Migdalia B 1 · 0⤊ 0⤋
If you want, email me your information and description of what is going on. I will review it and see what we can do for you.
My email can be found in my profile.
Look forward to hearing from you.
2007-08-24 18:29:27 · answer #9 · answered by no_mo_names 3 · 0⤊ 1⤋