Who can help someone with low credit (400-500's) that's running the risk of foreclosure on two homes?
Question:
Answer:
Sounds like it is time to sell.
Call each mortgage company and get a forebearance which will place the next 1-3 payments on the back end of your mortgage (you won't have to pay for the next 1 - 3 months). This will give you some extra cash to bring your other debts into line during this time.best bet is to put the money you would have used on the mortgage into a savings account and hold it.as I will explain below
Next, if you do not need both homes, then sell one of them.the one with the most equity.... It is most likely that you have equity in both....your homes most likely appreciated in value since you purchased them.. The only way to find out is have a realtor give you an appraisal to find out what kind of money you will have after sale and payoff of that mortgage minus fees/commissions.
Take the money from the sale and the money you saved during the forebearance to a refinance on the home you are keeping.place the money either in escrow (this will give you a cushion should you have payment trouble) or the best bet as a paydown of principal.
Now, your single home will be cheaper and you will have saved your credit.
You need a financial adviser. They dont charge to assess the situation and can probably give you options.
http://www.suzeorman.com/index.cfm...
It really wouldn't hurt to give this a try. She is the best!
Good luck and fortune...
You are going to have to help yourself.
With that low a score and facing foreclosure already, no bank I know of will loan someone additional money to bail them out unless there is massive equity in the homes and you borrow against that.
Your best bet would be to sell those homes (although the re-sale market is not good right now) for at least what you owe on them. Sell them and start over from scratch. Good luck.
I would think your options are limited to the guy on the other side of the Pearly Gates.
Good luck.
It's time to start the process of repairing your credit. Usually companies charge hundreds of dollars to simply pull your credit and send correctly worded dispute letters—this is the key…..people will tell you that you can do this yourself for free but the truth of the matter is that the credit bureaus will throw your letters away or simply reject them. There is an easy to use online kit that will deliver the results you want available for just $19.95 at the source website. A similar kit is being sold via infomercials and radio talk shows for seventy dollars more but they try to solicit you repeatedly for other services after the fact.
It depends what you need help with. No mortgage company is going to help you with a refinance, unless you have a lot of income and equity in the properties and are willing to pay a very high interest rate.
An attorney could possibly help you with filing bankruptcy to get on some sort of payment plan to get back on track with the houses and your other debts. You could also work with the mortgage companies directly to put together a payment plan; they have departments there that would help you work on that.
A private investor could help you with selling the properties at a short sale, and at least being able to stop the foreclosure process. And a Realtor could help you list the properties for sale, if you wanted to try and get the full market value for them and had some time to have them listed on the market.
If you're just looking for financial advice and education, there are hundreds of websites out there that offer free information. Just search for whatever you're looking for and go from there.
Good luck.
ForeclosureFish
http://www.foreclosurefish.com/...
More Related Questions & Answers...