Archive for Avoid Foreclosure
Can I Sell My House To My Mom For Half Of What I Owe On It?
Posted by: | CommentsI owe $432,000 on my house. A couple of the houses in my neighborhood sold for half of what was owed on them mainly because owners had lost their jobs and wanted to avoid foreclosure. I’m going through the same but I want to stay in my house. Can my mom buy it from me for half of what I owe on it that way I can still stay in the home and pay her the rent?
Can I Avoid Forecloser?
Posted by: | CommentsI bought a home four years ago through owner financing, also called seller financing. I have fallen behind five or six payments but now owe only two payments of $510. I can make the last two payments this month; however, the seller has notified me by mail that he is “accelerating” the note, and the case is to go to court on June 2. My question is, can I simply make the last two payments, which will make me current, and avoid foreclosure. I’d hate to lose the house, even though we moved into another home last August. I’d hate to lose all the equity in the first home. I’d also hate to have the foreclosure appear on my credit report. Is there anyway out of this mess? I live in south texas and texas laws apply but I don’t know where to look online to see if I have any rights.
Is It Possible To Help A Friend In Foreclosure And Become Part Owner?
Posted by: | CommentsI have a friend in Corona, CA who is yet another statistic in the subprime home financnig fiasco. He purchased his home for $525,000 2 years ago, and it is now worth about $400,000 and still potentially falling. He plans to walk away.
I am looking to buy a home. I have about $20,000 I can use. Is there any way I could use that and refi with him, and we both own the house? To kind of help bail him out and avoid foreclosure? A benefit to both the bank and us. Although that would also seem like a short sale to himself…Maybe only the bank can answer that but maybe an experienced banker is on here and knows the insides of current home financing situations.
Thanks
My family and I moved into this house in May, it was supposed to be an “assignment of title” for us to buy. This “management” company said we can move in, pay $2000 in monthly payments to get the deed in our name, and we would then take over the mortgage. We’ve been making payments each month (into a bank account) that was supposed to cover the mortgage, homeowners insurance, and $80 each month towards the assignment of title fee. We did get receipts.
Well, we’ve been having problems communicating with them since August and just a couple of days ago got a letter in the mail from a lawyer which informed us the house is going into foreclosure in less then two weeks and with 4 small children we are under extreme stress right now. We’ve been trying unsuccessfully for months to contact the person whose name is still on the house with no luck, but managed to find him by locating a relative. We were able to meet up yesterday.Comparing notes with him, we found out that both us and the owner have been giving this “management” company money but they have never made a single payment to the mortgage company!
Both us and the owner want to file a lawsuit against this company, but in the meantime we have no place to go and no money saved up to pay 1st months rent and deposit to move somewhere else. Could there be a way to avoid foreclosure and get the mortgage in our name? Would it be possible for the owner of the house to file an injunction to stop foreclosure, and if so how can we do that?
Selling Your House Question/foreclosure?
Posted by: | CommentsCurrently my boyfriends house is for sale and has been for nearly a year. He really wants/need to sell it so he was thinking of taking the price down to around $100,000 or a little under. It is currently listed at 137 something I believe. Say someone buys it, where does that money go from the sale, him or the bank or what? This is to avoid foreclosure so he was thinking that if he sells it way under what it’s worth if the money from the sale could be used to still pay the monthly payments off the loan all the while trying to not get foreclosed on. Sorry if that was confusing but I really couldnt find the right wording. Thanks to anyone who responds