2007-08-25 13:35:08 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
The first thing you should do is to talk with your lender and see if there's a way to refinance mortgage payments so that they can be lower and stretched out over a longer period of time. Often these kinds of arrangements can be made.
2007-08-25 13:38:35 · answer #1 · answered by Richard B 7 · 0⤊ 0⤋
You can also try the Home Owners Preservation Foundation. They are a nonprofit organization that will help you negotiate a forebearance with you lender for free. They are at www.995hope.org.
Also, contact your local HUD office. There are a lot of local programs available.
Two other options you have: Deed in lieu, and reverse mortgages. Deed in lieu is where you basically surrender your deed to the mortgage company without them having to go through the legal battle. It saves them tons of legal costs, and it saves you from having a foreclosure. A reverse mortgage is where you sell you home back to the lender based on how much equity you have in the home. If you have been paying the mortgage on time for a long time, you will have a couple of months or years of time with no mortgage payments to get your finances in repair before the lender owns your home and you have to vacate the premises.
Finally check with local investors. There are always people out there who will buy your house from you for a profit. You can find them in your local newspaper under the real estate classifieds. They normally have ads that say "we buy houses". This may not always be profitable to you. It will remove the problem though, and save you from having a black foreclosure mark on your record for life. A lot of times you can walk away with some cash in your pocket too.
Whatever you do - you have to MOVE FAST and act now. A bank can foreclose in a very short amount of time. Once a house is foreclosed, then you have lost every claim to any money that you have put into that property (although in some states there is a redemption period in which you can still pay off the loan and get the property back).
2007-08-26 15:23:01 · answer #2 · answered by Christopher B 6 · 0⤊ 0⤋
Call the lender and ask them to allow you to make a payment and bring the account current, then ask that they spread your arrearages out over 6-12 months. Then come next month you make your regular payment plus what ever the percent of the arrearage comes to.
If this is not possible to make the payments don't waste everyones time.
Somewhere I once read they have to give you the payment plan and it is a little know fact!
There are no miracle groups who will pay all your past payments etc. It is up to you to save your home even if it means 2 or three jobs.
2007-08-25 20:43:39 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You need a plan and some expert guideance.
Try calling HomeOwnership Preservation Foundation, a free, nonprofit organization dedicated to helping people avoid foreclosure.
They'll help you put together a plan, which will include talking to your lender - but they will give you the right questions to ask your lender, so you don't have to punt.
Toll free: 1888-995-4673
Good luck and best wishes
2007-08-25 20:41:13 · answer #4 · answered by venicefloridarealtor 4 · 0⤊ 0⤋
The only way to stop a foreclosure is to communicate with them and set up a plan..if you have been ignoring their calls and mail you have already made your first mistake, and if you wait too far into the process, it becomes unstoppable.
CALL THEM!
2007-08-25 21:19:18 · answer #5 · answered by Expert8675309 7 · 0⤊ 2⤋
talk to your lender and get another job.
2007-08-26 08:41:05 · answer #6 · answered by Anonymous · 0⤊ 0⤋
the best thing to do is to become a gay hooker. you'll make money really quick.
2007-08-25 20:43:39 · answer #7 · answered by stevemincer 3 · 0⤊ 4⤋