Verge of foreclosure... need help on reversing this.?

Question:

In March 2005 we moved into our home. At that time we were w/ our starting finance company -- which was great. Then the loan was sold (the 1st part of our mortgage) to CountryWide. In April 2005 my husband was diagnosed with epilepsy and thus lost his job because of it. Had enough savings to get through a few months of mortgage payments and in Sept the savings ran out which was going to be used for taxes but this money was not due until June, unfortunately due to the circumstances we were forced to use this for Mortgage payments. Attempted to make payments for the last 9 months but they refuse them stating all of what is due or nothing and let it build up. We rec'd a foreclosure notice in the mail in Jan. 2006. The Foreclosure finalization is 8/30/06. I have put in complaints with the FTC and the state Consumer Credit Agencies hoping to get answers to this predatory Lender. Any other ideas? Are there any real estate lawyers out there that can help? We need to reverse this asap!

Answer:
Contact ACORN immediately. They are a non-profit organization that includes in it's mission to help, act as a homeowner advocate to ensure lenders act fairly and legally when it comes to this whole process.

Here is the link to their offices by state. Call the one as close to your city/county as possible: http://acorn.org/index.php?id=2593...

Here is the link to ACORN's home page: http://acorn.org/index.php?id=2716...

Prepare and organize all of your notes, receipts, call logs, correspondence and make time to meet with them as soon as possible.

Also, contact non-profit entities, starting with your local United Way, and your local HUD office. they have contingency plans to help families facing foreclosure. Sometimes there are funds available to help buy you time to prepare to...List your home for sale.and with a well-known and national firm. If you are fortunate enough to find the assistance, you can always cancel the listing.

Be realistic. Make a list of all of your expenditures and take that and your receipts to the nearest HUD-approved credit couseling agency. Find ways to stretch your income. For example, there are non-profits out there that oversee shared housing/roomate programs for many cities/municipalities across the U.S. They do the background checks and match up host families and tenants. If you have children and a daycare expenxe, perhaps you can do a trade with a college student looking for a chance to tutor and sit in exchange for housing. Maybe even a nursing student.

But be realistic and start the sales process for your home. You can always take the proceeds and get something more within your revised budget. You don't want a foreclosure on your credit. This will make it nearly impossible for you to purchase a home/apt/condo anytime soon. Worse case scenario, you wait too late to list and take less than owed, and the lender then either looks to recoop the difference directly from you or writes it off and gives you an earned income statement for the difference that you then have to claim as earned income on your taxes for this year.

Please think long and hard and crunch the real numbers (start today making a list of where EVERY dollar goes, regardless) if you are even remotely considering refinancing as a solution. From what you wrote, refinancing will only set you up for a harder fall and cost you even more money...especially upfront...and this is money you need to prepare to relocate.

Call ACORN, the HUD-approved credit counseling agency and your local United Way; and they can better analyze your situation explain all your options to you and direct you on a best-case scenario path. My heart goes out to you but the time is now to act. Delaying makes things worse and wittles away your options.

God Bless you and your family.

Sell your house immediately or rent it out NOW! If you don't, you will lose the house and have bankruptcy on your record.

List your house for sale ASAP

As far as I know the property can't listed twice.

So if you have it for sale they can't, and you have a place to stay until it sells and you have control and whatever equity is in the house.

I hate to say it but you have to sell. Most mortgage companies are not nice about people having late payments and they usually want it all or nothing at all. You have to sell before it forecloses. Once it it in a foreclosed state you will not be able to sell and it gets worse.

first of all, the mortgage company DOES have the right to refuse your payments, unless it is the full amount in one lump sum.

second of all, if you have an attorney, then let them do their job.

i hate to say it, but unless your attorney filing a suit will tie up the foreclosure process, then you're going to lose your house, and it will wreck your credit.

surrender the deed in leiu of foreclosure. this way, you can get out, and the mortgage company can sell it to recoup their losses. also, be advised that if the mortgage company sells the home for less than the mortgage balance you owe on it, then they can issue a deficiency judgement against you for the difference.

WORK WITH YOUR ATTORNEY!!

Verge of foreclosure... need help on reversing this.?

Hot Topic