3 months behind on morgage. bank is starting foreclosure. i want to keep my home, whats the first step?
Question:
Answer:
You have three options, refinance the home to pay off the current lender, get help from someone to get current with your payments or sell to a friend or family member and pay them the mortgage payments. The bank is going to if they haven't already give you a sell date so you need to start now and do something or you will lose the home and possible any equity you may have. Its not the end of the world you do have options. I hope this helps you but if you need help email me tadgeman@yahoo.com.
Borrow money from a friend or relative.
you should have watched oprah this last week she had all the answers.
Are you able to get a loan?a line of credit is the best for interest rates, talk to your mortgage company or a finacial advisor. can any relatives help you?
um, pay your mortgage?
file banckruptcy now truse me or chapter 14
It all depends on how much equity you have in the house. If you have less than 70% loan to value, you could do a hard money loan to bring your house payments current, after your loan is current you could refinance both loans. The interest rate will be high on the hard money loan probably around 12%. Contact me if you are in California, I may be able to help you.
There are private investers that have different plans/programs, other than the hard money lenders. If you can't find someone, relatives or hand money lenders, to help you, feel free to e-mail me at commercialguru@gmail.com
Contact Blanks Financial Group they can help you if your hardship is over and you can continue to make your monthly payments.
Here are the 8 options in a foreclosure:
1. Reinstatement: Come up with the money to make the loan current.
2. Redemption: Pay the loan off in full.
3. Deed in lieu of foreclosure: Surrender the deed to the lender. This will have a less impact on your credit.
4. Legal delay: If you can prove that the amount owed is incorrect, you can delay the foreclosure.
5. File bankruptcy: This will delay the foreclosure, but at the end you can lose the property and ruin your credit. Seek a lawyer if you want to discuss this option.
6. Renegotiate with the lender: call the lender and renegotiate the loan. Maybe they can either refinance you or hold off on accepting payments for a short period of time.
7. Sell the property: Sell the property to either an investor or a buyer.
8. Do nothing: eventually get foreclosed on and evicted. Unfortunately, the majority fall into this category.
If you're in Southern California, let me know and I'll see what I can do for you. I specialize in this field and will discuss your options whether or not if you have equity.
Regards
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