Anyone know anything about foreclosure?
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Answer:
I'm surprised that the mortgage co. is even talking to you. I would think that they would force you to communicate with the Attorney who is handling the sale.
I think in order to stop a foreclosure sale, you would have to pay all money owed, including any fees associated with the foreclosure proceeding. They should have sent you information about this amount.
You have plenty of time to look into alternatives to letting it go to auction. Will you be able to get the money together before the sale date? Is the situation that put you here temporary, or are you just over your head? Is it possible to sell the home? You may not get what you owe, but it may be better than a foreclosure. Talk to a local realtor and see if they are familiar with any buyers who specialize in short sales. You may be able to make a quick cash sale easily before the foreclosure auction. The realtor can help you with the requirements.
I was just foreclosed on a month ago and they told me I had to come up with 4500 and they would stop the foreclosure. I told them i could only come up with 4000 they took the 4K and the foreclosure stopped. Just get a receipt!
1.Gather every last piece of paper and run (don't walk) to a well known and reputable attorney.
2.Consider selling the house yourself for the debt coverage only. A foreclosure on you credit report will mean that you will be renting for a long time, and paying HIGH interest rates to everyone.
3. Keep on top of everyone, stay in FULL communication with all parties. In these situations, it is easy to bury your head in the sand, but you will only HURT yourself if you do that. Beg for forgiveness, and put HOURS into amending the situation. Explore all options.
4. Keep your chin up. Tackle this head on, and it could be a temporary situation.
I believe you've answered you're own question. It boils down to the basics of A] Do you like were you are living now? YES} Pay the $3000 but also be prepared to maintain your mortgage payments and be prepared for higher interest rate.
NO}Than move before April 18th but with that comes a minimum of 7 years of credit ratings that command the highest interest rates on any and everything you buy car,house,loan, etc.
Either way you're inbetween a rock and a hard place. It's up to you to decide.
An agreement in writing is enforceable if agreed by all parties and signed by all parties. Reduce what they told you to a letter to them, registered return receipt that states that it is your understanding "state what they said" tell them that if that is true you agree and provide an area for them to sign the letter and return it to you. Then go see an attorney.
Here are some links that might help you in your knowledge research
Foreclosure requirement by HUD guaranteed loans: http://www.hudclips.org/sub_nonhud/cgi/n...
For sure go and visit this site
National Home Recovery Program for foreclosures http://www.nhrp.com/
Steps that can be taken to prevent foreclosures: http://www.consumerlaw.org/initiatives/s...
Dreams Foreclosed – Scams about foreclosures – A pamphlet: http://www.consumerlaw.org/news/foreclos...
Mortgage law an Overview: http://www.law.cornell.edu/wex/index.php...
And as I mentioned you need to contact an attorney. In case you can not afford one go to this site
Free legal aid search for all states: http://www.lawhelp.org/
Buena Suerte
I am not that expert in foreclosures, but you should do everything possible to stop the foreclosure. This will go in your credit report and it will hurt your credit score for years to come. I believe there are some good advices here, I do not have much to ad.
Do not let your house go on foreclosure.
Stop the foreclosure process and put your house for sale.
Hire an Real Estate Agent expert on foreclosure to help you with this process.
Even if you do not make a lot of money off of the house, you still might get some money, this wont hurt your credit report that bad, and on the future when you get your finances together you will be able to buy something but with not outrageous interest rates.
Good Luck
It is a tough situation and you are not alone, look at all the family farms that went under since the mid 70's, it is a shame that mostly the rich can get low interest loans, this should be considered a scam, cause it seems like it is intended to push the small guy out on the street, you would think that lenders would like to help out people that have been loyal to them, instead they treat you like dirt. Sometimes every once in a while things come up that you don't plan for and they will not even try to help a person.
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