Foreclosure?
Question:
Answer:
Foreclosure is the legal process the lender takes to get the property back due to none payment.
Don't forget that you have some options such as refinance fo a better loan, or ask the lender to give you some extra time for you to put the property on the market and sell it, get your profit and go on with your life. A forclosere will be extremely damaging to your credit.
I'm sure someone will be able to really get into details on this subject, but I've heard foreclosure is one of the worst financial issues you can have, you'd be better off not paying a car or water bill than to go through a foreclosure. Sorry to hear about it.
Wow. I feel for ya.
My mortgage lady told me it was always best to contact the mortgage company directly and be upfront with them. They are more interested in helping you than you think.
They don't want you to foreclose as it is bad for them also.
you don't want to do that to your credit either.
There are some people that offer money to distressed homeowners before they go into foreclosure to take over the property and keep the equity for themselvse that you paid into it already. Be careful though as many are scammers. Don't sign anything without consulting an attorney- there are free legal services available to low income people in just about every state. Here in Illinois we have Prairie Legal Services and others that want to help.
Contact your mortgage lender.
Is your mortgage going up because of the usual- taxes and homeowner's insurance going up? or is it going up because of a shady loan?
I'd sell whatever you can or take on an extra job if you have to- see if you can get food stamps or utility bill assistance to help you free up cash to pay the increase. Try your church or a local church if you don't have one and see if they will help. A lot of them will- you just have to ask. Don't be ashamed and don't be scared. There are a lot of good people that want to help you out they just need to know you exist and that you need help and THAT is up to you.
Trust in God and know it will be okay.
good luck and God bless.
Hello, you do not want a forclosure. Please read the below links they will help you tremendously! At the very least get the bank to agree to a short sale! explained in the links.
Good luck feel free to email me if you wish.
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