Are any of the companies that claim to stop foreclosure legit?
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If you don't have the mean to pay you are going to lose it anyway even if you do get a hard money loan they or going to end up taking it, you should file bankruptcy now, it better to start over building credit with a home then trying to rent with bankruptcy or foreclosure in you credit no one will rent you a dog house. Bankruptcy is not the end of the world you would be suprised at how much faster you can recover and start to rebuild your credit. Sometime thing happen and you have to do what you have to big company do it all the time.
The only sure way I have seen to stop foreclosure is by filing for protection under the U.S. Bankruptcy Code. If you are in this position, you should consult with an attorney practicing in this area of the law.
You can stop a foreclosure also by refinancing and getting a new mortgage. This is a "Hard Money" loan but several lenders offer this buy out. They usually require you to have 70% LTV and atleast a 500 Credit score.
Yes! They will stop your foreclosure but they most likely want all of your remaining equity--if any. Otherwise, they will try to get a short sale approved with the bank so they can buy your house for a cheaper price. They will try to get the deed on your house in order to save you the 7 to 10 years of bad luck associated with a bankruptcy and or foreclosure on your credit report. The best way to handle this situation is to list your home with a broker and hire a Short sale pro to work with them. A short sale is essentially- a sale that brings less than full payment to the bank. The short sale Pro negotiates with the bank to get them to accept less than is owed as full payment. You may not make any money on the sale of your home in this situation but your credit is saved. Yes, the late payments that have already happened remain on your credit report but you get to walk away from the situation with only a few scratches. There are very few people out there-including attorneys that are successful in getting short sales approved. I know of a guy that does this service with realtors all over the country. When you list the house--you have to list it with a 6% commission--The short sale pro takes 1% of the sale and the real estate brokers get 2.5% each for their work. The short sale expert I am referring to is Hugh Rogan. I would be happy to refer you to him and a realtor who knows how to handle this type of situation. All of the costs associated with this are paid by the bank--not you. If you just try to sell the house with a realtor but without a short sale pro---it probably won't work out well. Bankruptcy and or foreclosure are inevitable along with the long term consequences of these on your credit report. Feel free to e-mail me @Luann09@hotmail.com. I am a licensed Realtor in the state of CT but I can find help on this anywhere in the country.
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