Jan
15
One Of My Properties Is Going Under Foreclosure Because Of Nonpayment. What Can I Do?
Byi am six months behind. The lenders already told me it is under foreclosure. is there anything i can do to avoid this.? please help
i am six months behind. The lenders already told me it is under foreclosure. is there anything i can do to avoid this.? please help
13 Comments
January 15th, 2010 at 2:44 pm
How many properties do you own? Can you take any equity from them to cover your late payments and fees?
You are risking a lot by letting one property go into foreclosure. This is because you have significant assets and after foreclosure you will owe the bank the difference between the loan amount and the value of the property when sold.
See a pro you can trust. Start with a mortgage broker.
January 15th, 2010 at 8:14 pm
Find a “short sale” specialist that wil negotiate with your bank to allow you to sale your home for less than the payoff and forgive the remaining balance. Make sure that it is a legitimate realtor and not some fly by night scam artist. Ask for references, AND NEVER PAY ANYONE UPFRONT. A lot of “investors” will offer to do a “subject to” to prevent your foreclosure where you sign your title over to them, sometimes make payments to them and they catch up the mortgage. This is a win-lose situation with you on the losing side because you continue to have the mortgage in your name but give up all your property rights.
January 16th, 2010 at 12:28 am
You can, of course, pay the full amount of your arrearage and avoid foreclosure. If this is an investment property, they’re probably not going to work with you in any other fashion.
You need to fulfill the financial obligations of the contract which you signed when you bought the property.
January 16th, 2010 at 6:34 am
If your property has any equity in it the bank will give you a loan.You need to have an appraisal done,if the appraisal is higher than the current base value of the property,the differance is the size of the loan you can apply for.And you will get it. Example:Home value 100,000
Appraised 115,000
Size of loan=15,000
Or you could look for a loan shark to save your home
Or you could sign a contract with somebody who has the money to save your home and is willing to do it at an interest rate and on a time frame that says you pay back the money in this amount of time or you lose the home to them
January 16th, 2010 at 7:20 am
YOu can contact the sheriff’s office and ask for paperwork to redeem the property. You will have to pay the balance on the mortgage, late payments, and possibly any costs incurred by the current lender to file the forclosure proceedings, and the sheriff for this time.
Otherwise, I suggest you contact 888-995 HELP to see if they can provide assistance and guidance.
January 16th, 2010 at 9:27 am
Sounds like too late to save the property. Probably little or no equity right? Contact your bank and talk to them ’bout a Deed in lieu of Foreclosure. Short sale? Last resort is a foreclosure. Talk to an atty and know your rights. Good luck.
January 16th, 2010 at 10:08 am
offer to make a half payment, make some sort of deal to ask for the last six months payments to be added to the end of your loan. See if you can get a loan from another bank to help you out.
January 16th, 2010 at 3:58 pm
make the payments to bring it up to date.
however, you will owe the balance of the mortgage and the IRS will make you pay taxes on the loss of the bank.
You can’t just walk away.
January 16th, 2010 at 6:42 pm
Yes there is help available, but I would need some more specifics from you. Do you have a sale date yet? Lenders do not want to take back homes, it ties up their money or better put “lending power”
January 17th, 2010 at 12:22 am
Probably not now. You should have been talking to your lender six months ago.
January 17th, 2010 at 6:54 am
Pay them!
or sit on your front yard with a 30 pack and a shotgun, no bankers going to foreclose you then
January 17th, 2010 at 10:36 am
go to an apartment for a few years or so and save up
January 17th, 2010 at 10:50 am
loan from bank and paid off or kiss your house goodbye find apt