How do i reverse a foreclosure?
Question:
Answer:
The bank would much prefer you to make your payments compared to taking on a property. Talk to them. A lot of times they can work out a deal.
Make your payments
Call the lender and ask them what it will take to bring up the back payments that are due. Not fun at Christmas but you need to protect your equity position.
Best to you.
Possible Solutions Include:
- The first answers is obivous catch up on all payments, late charges, etc.
- If you have equity, sell the property on the open market. Selling is better than foreclosure. Price it to sell and don't mess around.
- Sell part interest in the property to an investor. Have them catch you up on all the back payments, and give them a partial interest in the property.
- Talk to the bank and try to work out some terms that you both can agree to.
- If you have equity, talk to the bank about convert ing the mortgage to a "Reverse Mortgage".
- If you have equity, get a home equity line to catch up on payments. The rate will be evil however, because of your bad credit.
- Get a second or third or fourth job NOW for extra income! Tell the bank about it and catch up on payments.
- Beg or borrow from family or friends to catch up on payments.
Good luck!
Contact your lender now. Explain your situation. If it looks like you can't continue to make your your payments (on any terms), contact a real estate professional and start to market your home. Be sure to price your home right. This is the number one reason homes don't sell. Most people who get behind in payments tend to believe they will not loose their home and procastinate and then do loose their home and their equity. Take action now. Time works against you in this situation.
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