How can I avoid Foreclosure?

Question

IF you can help with any advice other than "pay your mortgage" that would be great!
-I'm out of job, and have a 7month old baby can't pay my mortgage or bills anymore, but, dont want it to hit my credit cause im going to need to rent!

Please help!

I have no equity in the home. im 100%, and two realtors turned us down, and said they can't help! I don't know what else to do! I called the lender and they said they will send a hardship letter for me to fill out! But even so, doesnt that mean that we will loose the house still? In a couple month?

Im in CA.

Answer 1

Move now and start over renting.

Answer 2

Have you spoken with your lender about refinancing? Is there any equity in your home to make this a possibility? Are you on disability or unemployment? If you are either or even if you're not (apply!), then go to your local Social Service Dept and see what king of help (financial, finding a rental, food stamps, pay your utilities) they can give you, because they can and will if you show financial hardship. If you are unable to refinance into a more affordable loan, you need to get with a good Realtor asap and consider short selling your home. A short sale is when you sell the home for less than what is owed on it. You would give authorization for your Realtor to communicate directly with your lender (taking you out of the loop), and negotiate with them to get your home sold. On your end, you would be required to complete an application much like a loan app, along worth a letter of hardship, stating your financial status. Of course , if you missed any mortgage payments it is actually in your favor at this point: the lender will see that you are unable to continue making those payments. You said you don't want to hurt your credit, well, this is the least painful way to do it without going into bankruptcy or foreclosure. It will show you settled on your credit report, but what any creditor will look at is how you have been doing AFTER the mark on your report. So if you can maintain a steady source of income and pay (the rest of) your bills on time from that point on, you will be alright. An explanation to your potential landlords always helps as well, when you submit a tnenat app. Just write a short letter explaining why you are now renting (the combination of lost job/new baby/mortgage payments?) make copies of it, and hand it in with every app you fill. Good luck, wish you the best.

Answer 3

Are you in default or foreclosure? If you're in default and there is equity in your home, refinancing MIGHT be possible. With the current mortgage market it's harder and harder to get financing. Your best option, assuming there is equity, is to find someone to buy the home that will give you a little bit of money to start over, a foreclosure buyout basically. If you're in California I can help you do this with no money out of your pocket.

Answer 4

You have to sell the house now and you need to find a job and let a family member watch your child or use a daycare
you should just rent until you can get more income

Answer 5

first of all, to avoid foreclosure, you should planned beforehand what to do if in case you will be in that situation. but in youre present situation right now, i think the best thing you can do is to sell something valuable , so you can pay your mortgage. then find a job.

Answer 6

You're in a real tough spot - but there really aren't other answers than "pay your bills". I know it's not that easy - but there aren't really other solutions. Even if you file for bankrupcy, if you can't pay your house payment, you have to give up the house.

Good luck.

Answer 7

Call this number 888-995 HELP. It's a counseling service approved by HUD. Best of luck!