I need information on stopping a foreclosure. Can anyone help me- and no sarcastic answers please!?
Question:
If you can not pay what is due on your mortgage, the only way to stop a foreclosure is to file bankruptcy. However this is just temporary. The lender will get a "relief from stay" and do the foreclosure. All the bankruptcy did is buy a little time.
There is no simple answer as every situation is different. I can offer the following tips:
1. Contact the lender and try to work something out. There are several types of assistance that the lender can offer. They include forebearance (the temporary suspension or reduction of payments); modification (essentially writing a new loan contract); and reinstatement (where the past due amounts are paid immediately and the loan is reinstated). If the loan is an FHA, she should also contact HUD for assistance.
2. Contact a HUD approved housing counselor. They can help her to get out of default.http://www.hud.gov/offices/hsg/sfh/hcc/h...
3. If none of the above work, try to sell the house before it is foreclosed.
4. File a chapter 13 bankruptcy which will allow her to pay the current payments plus cure the deficiency.
5. Re-finance.
6. Give the mortgage company a deed-in-lieu of foreclosure.
Those are the only options that I know of to effectively deal with foreclosure. Hope one of them works for her.
I really feel for you, as a parent. There are many investors out there that could help. (It would surprise me if there isn't). While some real estate investors are looking for a good deal, they could also help your daughter finanical status in a big way. Remember there are always ways to make buying a home work, while it may not always be the traditional way. If you get in touch with a real estate investor, I know they would be willing to work with you. You negotiate, negotiate, negotiate to make it work for both parties. Something will work out. I know it. Check out www.ibuyhomes.com or www.ibuyhomes.ca
Good luck and keep in touch!
Hope this can help:
Six Steps to Avoiding Foreclosure
http://finance.yahoo.com/expert/article/...
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ON THE INTERNET.
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PEOPLE LIKE HER AND TAKE HER MONEY.
TALK TO YOUR BANK OR LENDER.
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