How to save my house from foreclosure?
Question:
Answer:
A lot of factors involved, get yourself a professional credit counselor, but watch out for scam artistes. See:
http://www.ftc.gov/bcp/conline/pubs/cred...
I went through this several years ago, although I am not an expert by any means. This is just from personal experience. A LOT depends on what state the home is in. Also, CALL THEM before you end up in court. Mortgage companies are more willing to work with people now that there are so many foreclosures. Personally, I had to dip into my tax deferred retirement account to bring myself up to date. Good luck!
Contact your lender(s) and find out what other options they might have for you.
or
If you have equity:
1) You can try to try to refinance your existing loan(s).
2) Sell the house and try to cash out or break even.
first - keep in contact with your mortgage holder.see if you can work with them
if not...here is a link that will tell you the laws and timelines for each state.
http://www.foreclosures.com/pages/state_...
good luck :)
You have three choices. I am assuming that you do not have enough equity to take some money out and make your payments.
1. Come up with the back payments and get current on the mortgage.
2. Go to your lender and ask for a hardship. They may allow you to repay the owed money over the course of the loan and allow you to start making your payments now or in a few monthes.
3. Short sale the home immediately. It will allow you to get out of the home owing the least you can. This will take a good realtor and negotiator to get it done in time, and get you a good deal.
You need to talk to your lender NOW. You should have talked with them at the time you were missing your first payment. You would be surprised, but most lenders are willing to work with you to get your loan paid. If you have a temporary cash flow problems, they can sometimes suspend payments for a few months, or at least work out a reasonable repayment schedule. They don't want to spend the money to foreclose on you and more than you want it to happen. Call them today to see what your options are. FYI - I worked in a foreclosure department at one time, I know first hand.
Do you know somebody you could sell the property to and rent it back to you?
If you are already three months past due, and received a foreclosure notice, your options are more limited than if you had done it earlier. Here is what you can do now:
If you can now make the monthly payments, but cannot make up the back payments:
1) Contact the lender and see if you can renegotiate the mortgage. Lenders are normally reluctant to do this if you are already 3 months past, you'd have to make a case that you went through a rough streak but the problems are settled if they can cut you a break. They could, if they are of a mind to, forgive one or two of the payments, or maybe renegotiate a different set of provisions to get you over the hard part (interest only payments for a year, extend the loan by 5 years to cut payments, etc) Again, one month late that is something they will usually talk about, three months late they pretty much assume they have to foreclose.
2) Bring in an investor or relative who will make up the back payments for part ownership in the house.
3) Try to get another loan to make up the difference, although these circumstances would mean some very high interest rates.
If you still can't make payments:
1) Sell the house
2) SIgn the house over to the bank as a Deed in Lieu of Foreclosure
3) Declare bankruptcy
Call 888-995 Help, this is a counseling service approved by HUD/FHA
Here a good article i found about keeping you from being foreclosed
http://www.badcreditresources.com/articl...
More Related Questions & Answers...