Avoid Foreclosure Monroe » Avoid

Can I File Bankruptcy To Avoid Forclosure And End My Mortgage?

admin — Fri, 26 Feb 2010 14:01:53 +0000

As a last last result is it possible? I can no longer pay for my mortgage. I have been trying to sell my home and I will next try a deed in lieu , should it fail I will have less options. i want to know all teh options besides foreclosure. And please dont tell me to stay in my home. I need real answers from realtors or people who have been in my shoes.

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Can I Avoid Forecloser?

admin — Thu, 25 Feb 2010 14:06:53 +0000

I 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.

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Are There Any Government Sponsored Programs To Avoid Property Foreclosures?

admin — Fri, 08 Jan 2010 14:02:23 +0000

Yes, but only for the banks. They offer the banks incentives to modify your mortgage to a point. However, if you simply bought more house than you can reasonably afford, these programs are not meant to benefit you. Someone making $50,000 will not be entitled to stay in their $500,000 house that they financed with a “liar loan”. Ask your specific lender for details

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How Do I Avoid Losing My Home To Foreclosure?

admin — Mon, 04 Jan 2010 14:03:30 +0000

Renegotiate a lower payment, or lower interest rate that would lower the payment.
Try to defer a couple payments (some lenders allow this)
Find a private lender (someone that has enough money to buy out the mortgage and then you just pay them back under whatever terms they set up with you)
Get a part time job to help make payments
Get someone to rent your basement or a room or suite (this would still be your principal residence, you’ve just got a ‘roommate’ now as well).
Create a budget and really analyze where you money is going and ways to free up cashflow.

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Once The Bank Starts Foreclosure On Your House Is There Anyway To Avoid It And Get The House Back?

admin — Sun, 03 Jan 2010 14:04:54 +0000

Sure. I assume that the foreclosure sale hasn’t taken place yet. The first way to avoid a foreclosure is to talk to the bank. Most banks don’t want to foreclose, and will negotiate a forbearance or a new payment schedule if it is halfway reasonable and if they think you are willing and able to perform. Call the bank and offer to negotiate. Second, some states (e.g., California) have rules that allow you to cancel the foreclosure sale and reinstate the loan if you cure the default and pay the lender’s expenses at some time prior to the scheduled foreclosure sale. You did not say where you live, so I don’t know whether you live in a jurisdiction that has reinstatement rules. Call a lawyer on this one. Third, all states will cancel the foreclosure sale if you pay off the loan before the sale. This option is often unavailable, since you would not have defaulted if you had that kind of credit. I strongly recommend option #1.

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At What Point Should I Consider An Attorney To Avoid Foreclosure?

admin — Fri, 01 Jan 2010 14:01:04 +0000

My lender, Wells Fargo Home Mortgage, has bumbled and fumbled with my situation for over 4 months. I send faxes with paycheck stubs, personal financial information, etc. ….twice they “lost” everything, repeatedly transfer me from department to department, and I am still attempting to set up a repayment plan with them.
They have refused any payment I have tried to make at this point, saying it would be simply not be accepted and sent back. I’m pretty sure all of this is intentional as my home has tripled in value since I bought it 5 years ago…they’d love to have it.
Additionally they have more than doubled what I owe them in fees and they keep adding.
If I secure an attorney to settle a repayment, how does that work?
Obviously I’m not in good enough financial shape to pay an attorney above and beyond the amount extra I owe my lender and I do want to stay in my house.

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Why Do I Keep Getting ‘how To Avoid Foreclosure” Notices?

admin — Thu, 31 Dec 2009 14:23:18 +0000

Due to some unforeseen financial issues, I was behind on my mortgage payments – for 8-1 and 9-1. In August, I contacted someone from the lending company, he emailed me (I still have the email), that said skip that month’s payment and make a payment and a half until I am caught up. I upheld that for September and am planning on doing that for October, as well. That person even took my September payment and a half over the phone. This notice I received today says if I don’t pay 2 payments plus late charges I could lose my home! I can see by the amount that my Sept. payment was not even added. I have the bank statement to prove it. Any ideas on what I should do??! Thank you so much.

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Should I Refinance Loan To Avoid Foreclosure When Payment Resets?

admin — Wed, 30 Dec 2009 14:09:24 +0000

Situation:
-Purchased new home built less than 2yrs. ago in Pittsburg,Ca.
-loan amount for 400k after 20%down payment.
-loan program is a 5/1 option arm,interest rate fixed for 5yrs. @8.25%.
-i’m only paying minimum payment from the 3 payment options.The minimum payment is a negative amortization.
-start rate is 2%…so the monthly payment is very low but the interest is compounding at 8.25% to the balance of the loan.
-FICO score is 729
-renters has given 30 day notice.
-loan balance is now 430k and same home is selling for less due type of loan and recession.I know it’s gonna take some time before home values start to incline on the graphs.I just want to be prepared during the housing market healing process.
Based on this information can someone give me any helpful advice.It’s my first rental property and i want to do this right,Economy sucks right now and i’m not gonna be a victim from it.I worked very hard to get this far and being a single parent w/ two daughters makes it more challenging.Thanks to those who respond.

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Why Does Timmay And Obama Want Loans Modified To Avoid Foreclosure When A Majority That Were Have Failed?

admin — Tue, 29 Dec 2009 14:05:42 +0000

http://www.bloomberg.com/apps/news?pid=n…

Almost 53 percent of borrowers whose loans were modified in the first quarter were more than 30 days overdue by the third quarter, John Dugan, head of the Treasury Department’s Office of the Comptroller of the Currency, said today at a housing conference in Washington.
Timmay and Barack want to send the “swat” teams in to get these loans modified. Why do it when a majority of them will fail again anyway?

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Help! How Do I Avoid Foreclosure On My Home?

admin — Mon, 28 Dec 2009 14:01:28 +0000

We recently started a new business and things have been extremely slow so we’ve had virtually no income. We’ve been living off of credit cards and been unable to pay our mortgages(we have 2). I have now received letters of intent to foreclose if we do not come up with the money in the next 10 days. I am wondering what my options are. Should I just throw in the towel and let them take the house? I know my credit is shot but if it’s in my name only, would my husband’s credit still be ok? I just had a baby and we have a 4 year old. I think if we had enough time we could get the business generating enough income but I’m out of time. I don’t know what to do!

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