Refinace with pending foreclosure?
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Depends on what the 15% amount is. After just paying $7,500 that will be lost money if you don't. Why won't the bank work with you especially after paying that kind of payment? Have you asked them and explained your situation, they will usually try to work it out. What are the specific $ figures, owed, value, etc..
What state are you in?
Usually to get out of a foreclosure or NOD you need to work with a hard money lender. Although, guidlines for a hard money lender are usually around a max 70% LTV, sometimes a 75% LTV. So in essence you need to have at least 25% in equity. Now I do know of some companies out there that do some creative financing and use other methods to help you keep your home. Any questions about those comapanies or for any contact information, feel free to email me.
Hi - you stated pending forclosure, did you received a NOD "Notice of Default". If you are current now, that will help. If your middle credit score is 500 or higher, there may be help for you - ok - Some companies I work for will allow up to 150 - 180 days late, bit the rates are not pretty. Since they will consider it as a forclosure..If I can help you, e-mail me thru here. If I put my name and/or e-mail on here, than some may consider that as advertisement. Look forward to talking with you.
It sounds as if the home may be weighing you down at this point. If you paid money to the lender, then I'm assuming that you got on one of their repayment plans. We've negotiated a lot of repayment plans, and the lender always wants to have 50% down and a payment and a half until the arrearages are paid. I'm guessing this is what they offered you?
If it is, then you can always renegotiate the repayment plan once you've stalled the foreclosure. Depending on your hardship, the lender has the option to offer loan modification, partial claim, and other plans to help you keep the house. But typically, the loss mititgator is a glorified bill collector and they get bonus'd on how quickly they can get you to pay - obviously your welfare isn't their main concern.
If you truly want to save the house, you'll need to go through your finances with a fine tooth comb and see what can be cut out of the budget. While credit cards are important, you may consider focusing all your financials on the mortgage and not the other bills. Consider what is vital and pay on those items first.
You mentioned paying a higher interest rate, but if you're having issues now, you may not be able to handle a bigger payment. At this point, you might want to consider speaking with a bankruptcy attoney in order to get relief from the other debt. Its important that if you do go that route that you not include the house in the bankrupcty!
also, bankruptcy can definitely kill your credit, so please consider it very very carefully.
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