or couldn't afford to pay it now that the rates are so high? What would you recommend someone doing or what have you yourself done to avoid getting foreclosed?
2007-09-10 12:00:47 · 5 answers · asked by Ultrabrite 1 in Business & Finance ➔ Renting & Real Estate
you can try the new program Bush approved.
FHASecure Mortgage....there are certain guidelines you need to meet. I would still try to apply for the regular FHA program.
they allow up to 97.75% rate/term refinancing and up to 95% cash out refinancing.
2007-09-10 12:05:12 · answer #1 · answered by Anonymous · 1⤊ 0⤋
If you are having difficulties now you need to first call your lender and tell them what is happening and why. Bush want's the lender's to work with you if you've made your payments on time up til now. The second thing you can do is call this number 888-995-HELP it is a counseling service approved by HUD to help homeowners during this crisis. Do yourself a huge favor and call tomorrow! Don't be embarrassed, alot of folks are going through this. What will save you is calling tomorrow!
2007-09-10 19:57:45 · answer #2 · answered by Alterfemego 7 · 0⤊ 0⤋
Contact your lender immediately and try to negotiate a lower interest rate or refinance. Get a second or third job to keep up the payments until you can sell it. If you have no other choice you could do a short sale but you will still have to pay taxes on the "short" amount. The IRS views this a income. It will ruin your credit and possibly bankrupt you if you let it go to foreclosure.
2007-09-10 19:07:00 · answer #3 · answered by Suzy 5 · 1⤊ 1⤋
I would go ahead and try to list the home as soon as possible...this isn't a time to get greedy about the equity..get what you can and when you purchase something else, get a fixed rate.
There are too many people who are sitting on these ARM rates and the rates are GOING to go up...people are deluding themselves if they think they will go down.
Just like insurance companies, when mortgage companies take a major hit (with record foreclosures), someone has to pay for it.
2007-09-10 19:50:36 · answer #4 · answered by Expert8675309 7 · 0⤊ 0⤋
Ask the lender to refi to a 30 yr fixed .
With all the foreclosures hitting the books ,
Maybe they will not want to add another one .
If they refuse a refi to a fixed , start saving your $$ for moving and shop for an apt before the foreclosure hits the credit agencies .
And make sure you can afford the apt , because you may not qualify for another for quite awhile .
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2007-09-10 19:08:47 · answer #5 · answered by kate 7 · 0⤊ 0⤋