My home loan is ARM and due to go up in November. The equity on this home is zero so I can't refinance. I already spoke with my lender. Are there any other options before it goes to foreclosure? I already know we can't afford the increase in pmts.
2007-09-27 07:43:25 · 4 answers · asked by fern 2 in Business & Finance ➔ Renting & Real Estate
Shop around for other lenders. You might want to try Lenox Financial, lnxloans.com.
Avoid foreclosure at all costs. The ramifications to your credit are significant.
Another option is to contact the people at HouseBuyerNetwork.com to see if they have a quick sale agent in your area or an investor skilled in short sales. Their service is free to you.
Contact a tax professional prior to making any final decisions.
Good Luck!
2007-09-27 07:58:37 · answer #1 · answered by Christiane 3 · 0⤊ 0⤋
the problem is that usually the HOLDER of the mortgage will hire a inadequate appraiser to appraise your house.
they want you to pay the higher interest rate, and dont care two cents about their borrowers.
you should try to refinance with another lender..and see if you can qualify for FHA
2007-09-27 07:47:41 · answer #2 · answered by Anonymous · 0⤊ 0⤋
consider SELL AND LEASE BACK. You would sell the home, and rent it from the buyer. Not the greatest choice but at least you would continue to live there.
2007-09-27 07:48:36 · answer #3 · answered by Mike 7 · 0⤊ 0⤋
You can sell.
2007-09-27 10:55:03 · answer #4 · answered by rlloydevans 4 · 0⤊ 0⤋