Currently in default, are there any refinancing options?

Question

Currently 5 months behind on mortgage payments. Just received Act 91 Notice. What are my best options?

Current mortgage balance is $262,597.00. Our home was appraised for $365,000.00 seven months ago.

I could cure the default by paying the past due amount of $10,741.30. Does anyone have any suggestions?

Answer 1

My question is even if the mortgage has went up the money that was there for the previous lower payment, what happened to it? Could of made partial payments and not been in as bad a mess as you are now. Something I wonder about all these people stating they are months behind. Even if they could not make the full payment after an increase, what did they do with the money that would of made the payment before the ARM increase? Most state have not made a payment in X amount of months. If that is the case sorry to say deserve to lose their house, because they have not even tried to make the payment or at least a partial, but instead looking for a bailout, which is not going to happen

Answer 2

What you need to do is renegotiate the terms of your mortgage to avoid forclosure. Ask for a mortgage workout plan. You need to call the lender's customer service department and ask specifically for a workout agreement. The bank does not really want to take your house because the actual selling of real estate is a tedious, unpleasant task for a bank. They want you to catch up on the payments.

Answer 3

I suggest you go on www.activerain.com. Look for a Realtor that handles short sales. You need to do this immediately! There is very few options available to you in that level of default.

Also, you might want to reach out to Real Estate investors in your area. I don't know the equity situation for your home.

Whatever you do, do it fast!

Answer 4

default of what?? that may help in answering your question