I am in Foreclosure and my home is worth $30k less than i bought for. My auction date is set for April 9th.?
Question:
Krissy
209-380-1004
Answer:
Ouch, doesn't sound like a winning combination at all. In terms of solutions or ways to avoid foreclosure, though, here's a few that you can try.
The first thing you need to do is stop your sheriff sale of the property. You need a reasonable solution before being able to do that, though. So if you can find a buyer, even for a short sale, then the lender may be willing to postpone the sheriff sale.
If you have a friend/family member to sell the property to, that is one option. It's more difficult now to qualify for a loan with no down payment and no closing costs, so your friend/family member should have some cash to use to apply to the mortgage.
In the event that doesn't work, you can try to find a private investor to sell the property to. They are always looking for properties like yours (upside down in equity), because they can try to negotiate a short sale on the house, where the lender will allow a sale for less than what you owe right now.
Once you have a buyer, though, you can submit the sales contract and other necessary information to EMC Mortgage and ask them to stop the sheriff sale. That usually works, surprising as it sounds. But if you present a reasonable solution that will pay off EMC and stop foreclosure, they may be willing to give you the time you need to complete the sale.
But in terms of refinancing, working out a payment plan, or filing bankruptcy, it seems like you've tried all those options or they aren't applicable right now to your situation. So getting the time to sell is probably the best option.
Good luck.
ForeclosureFish
http://www.foreclosurefish.com/...
looks like you learned a hard lesson. if you agreed to a 2500 monthly payment you must make good money but the fact that your interest rate is so spitting high shows that you got no credit. didn't you learn anything from your chapter 13?? either catch it up or let it go and pay them the rest of the money as fast as you can - of course they will sue you too.
Hi,
I help people like you on a daily basis. With the auction being two weeks away, there is really no time to do anything. If you can find a buyer for your place, the lender might give you an extension to short sale it. A short sale is selling your property for less than what it is worth. You don't pay anything at closing and you avoid a foreclosure on your records. The lender benefits by not having to foreclose on the property.
Also, call your bankruptcy attorney to see if you can add this property to your bankruptcy claim.
Good luck
try to sell it for what ever you can get (short sale ) before the auction. owing a neg amount on your credit is better than a foreclosure on your credit, and look into how you got here, there are laws in place to stop predatory lending practices , maybe you are a victim, who told you you could afford what you have done. there are millions going threw the same ordeal you are
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