Force of Foreclosure?
Question:
Answer:
Tanya -- a default probably means that she got a document called "Notice of Default" In most states, that means that she has 120 days from that day until her house, and her equity will be lost.
If she isn't medically ill, she must be heartsick. Don't let her give up! She probably lost her job or had some other setback. If she can get that fixed, good for her. If not, then she needs to sell before it is too late.
I, as a long time Real estate agent have tried to stop foreclosures. It is very, very hard, and I have not been too successful, but I know someone who can help.
Please email me off list and I will get you the emails and phone numbers for you or your mom to call in Portland, Oregon. John and Kim have stopped foreclosures in Oregon, Washington, California, Florida, and Illinois.
The average house in California increased in value by 20% last year. That means that if your mom gives up, she could lose many thousands of dollars.
Please write me or we can make an appointment and talk with Yahoo voice.
Leigh M
Portland, Oregon
http://www.LeighMaynard.com
I believe it's a little too late for that now. When she realized that this was going to happen (say 5 or 6 months ago) that would have been the time to ask for help.
However, she could speak with the company that holds her mortgage to see if they can help her in any way. I work a financial institution and we DO try to help our clients. We DO NOT like to reposes vehicles or foreclose on homes. We'd rather work with the client to make things happen for them. Unfortunately since she's already defaulted I doubt that they'll be willing to help but it doesn't hurt to ask. The worst they can say is "It's too late for that now."
HI, CAN U TELL ME HOW MUCH IS THE MONTHLY PAYMENTS UR MOM PAYS?
AM ASKING, COZ SOME TIMES THE BANK DEPENDING ON THE TYPE OF MORTGAGE SHE HAS SHE CAN MAY BE BORROW OUT OF WHAT THE HOUSE IS WORTH TOTALLLY FOR RE FINANCING ANS USE THE HOUSE AS COLLATTERAL FOR THE LOAN AND SHE DOESNT HAVE TO LEAVE IT TO THE BANK.ALL THEY WILL DO IS JUST TO SELL IT TO RECOVER HER OWED BALANCE TO THEM AND SHE HAS NO PLACE AFTER THAT.
The question is why did she default on the loan? Was the payments too high, was she sick? Depending on what occurred, she would be able to refinance out of a foreclosure, however if she defaulted because of the payments being too high, then refinancing out would not work, since your interest rate and payment would increase. How much would it increase...depends on the company that you refinanced out. I just refinanced a client out of a foreclosure. It defaulted because she was going through a divorce and no one was willing to pay for the mortgage until the courts decided who kept the house. It can be done...you jus have to research the companies to ensure that they are giving you the best deal. Hope this helps...
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