I am behind in my morgatgage with really bad credit no one will refiance me i am going into foreclosure?
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It is unlikely refinancing would put you into a more tenable situation, anyway. Credit score down, rolling thirty and sixty day mortgage lates, tax liens, you need to take money out to pay them, so your balance is larger, and your rate is unlikely to be as low as what you have. Higher rate times higher balance is higher payment.
1) Find some new source of income, or,
2) Find a way to spend less money until you get ahead, or
3) Bite the bullet and sell. Not good, I know. But better than going through foreclosure! At least once it's done, the bad things happening to your credit are over and you can start to rebuild.
Before you let the property go to forclosure, SELL IT! Dont loose the equity in your home. Pay off your debt with the proceeds, have your credit cleaned up, then buy another home. www.exitvalerorealty.com/rgibs...
can you get a room mate to help pay the bills or get a part time job till you get caught up on them.
If you really can't refinance, why don't you sell it before they foreclose? Do you have enough equity to benefit from that?
If possible- get a second job or some source of additional income.
If this is not possible. Please pay your house payment, and taxes. If you can't afford to pay everything. The house is NOT the payment to let go -- even if you loose your House you must live somewhere.
Eliminate all extravagance from your budget. AND, by the Way -- DO Budget your spending - don't just spend money (even to pay bills) - plan your money disbursement.
If you are a believer - Trust in God. If you are not a believer - Seek God. God does care.
Oh my, you're in a bit of a tough bind, aren't you?
First things first... Do NOT go into foreclosure. It will RUIN your already bad credit. Can you get a second job until things are back in order? Would getting a roommate allow you to afford your additional back payments?
If the answer is no to the above questions, talk to a real estate agent that specializes in your area. Find out what your home is worth and put it on the market quickly.
The previously-booming real estate market and all of the enticing interest-only home loans are really coming back to bite many people in the butt. Try to think logically and you'll be able to work your way out of this.
The NUMBER ONE thing to remember is to BE RESPONSIBLE. Knowing that you owe money, don't go out to dinner, drinking, charge up your credit cards, etc... if you want to get yourself out of this foreclosure and bad credit bind, you're going to have to use a LOT of self-discipline. Once your back taxes are taken care of, then it's time to deal with the bad credit. Credit cards are GOOD to have because they help build your credit... the TRICK to them is, DON'T BUY IT IF YOU CAN'T PAY IT OFF THAT MONTH! When your debt is paid off, start a savings account. If your employer will allow you, have money taken directly from your paycheck and put into the account before it even gets to your hands. If you're the kind of person that will blow money if you have it, turn off statement notifications from the bank so you're not so tempted to spend it... get them quarterly or yearly if possible, just to keep track of it.
Once you get this far, you'll be set. Just be responsible about it all. Don't let your house go to foreclosure, it'll be more devastating than anything else. Good luck! Keep your head up!
You are not alone. Do not despair. There are many people who will find themselves in the same situation in the coming years. History called it "The Great Depression". History repeates itself. For some reason we chose to ignore it. We just don't learn. My advise is to it sell now. I am not talking about listing and waiting for a bid. Sell it now!. Keep the Cash! My grandfather a trader on the New York Stock Excahange, 1929 saw it coming. Cashed out before it came.
If you have been in that house for several years, you probably have enough equity that you can sell it for profit. That ought to let you avoid foreclosure and walk away with something.
The tricky part is that housing market is slowing down. Hope you can unload quickly.
If you have enough equity in your home, depending on where you are at you can get a hard money loan. Some states you will find they will lend up to 80% of your value. Most states are only 70% If you have enough equity you can get a hard money loan to catch up on debt, build your credit, and get back on track. This will only work if you stick to a game plan to actually do the above. With hard money there is no credit requirement, income, or job history.
www.dreamloanusa.com
Ask a family member, boss, or friend to borrow enough money to cover the next 3 months of payments on your house. It's not like it's charity. You agree to pay them back out of the proceeds of the sale of your house. Put your house for sale, and sell it for the full value of the house. Don't let it go into foreclosure. You will lose a lot more by letting it go there, and then selling your home for a lot less.
You can get what they call a "Foreclosure Bail-Out" loan. Normally it's just enough to bring you up to speed on your behind payments, approx 20,000.00 or so. The interest on this particular loan is REALLY REALLY HIGH. Lets say roughly between 15-18% however it gets the job done or at least buys you a couple of more months to sell. Call Pacific West Mortgage at 877-455-9569 and they can help.
I can possibly refinance you i need more info please reply
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