My house is in foreclosure froman owner financing deal what can i do?
Question:
Answer:
The only way out is to refinance.However, I am assuming you had a hard time getting a loan, or you wouldn't be getting owner financing.
Assuming he secured the loan with a deed to the property, he is in his legal right to start the foreclosure process. At this point, either see if you can sell the place or get refinanced to pay him off.
If you're in Southern California, I can help you out.
Regards
Were you making payments to him and he was supposed to make the payments to the bank?? If you are on title and can work with the bank than ask for a forbearance agreement where they will discuss what you can afford and allow you to make partial payments until you are caught up. If you default on a forbearance agreement you are screwed but, have they file NOD?
Contact an attorney right away and explain your situation. He or she can file an injuction with the courts to stop the foreclosure, and send a letter to your owner stating that since he found it acceptable to be late before, he should find it to be acceptable now. Also, find out if there is room for negotiation on the size of payments you are making for your house. Explain to him that your present position doesn't allow you to make the same large payment, and will he consider refinancing? Good luck sweetie, and know that it takes a while for him to get you through foreclosure too. You do have options, but first, please talk to an attorney.
You may be able to find a mortgage broker that can help you with a foreclosure bailout loan if the note holder will not work with you. I will warn you that foreclosure bailout loans have very high interest rates and fees, but it may be your only option. Also, you will need plenty of equity in your home for this to be feasible.
You should move out, it's not fair to the previous owner that you're not able to stick to the original agreement. If you can't make the payments, I would own up to my personal failure and moveout.
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