Anthony C
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Do a quick sell below MARKET Value, that way you keep a good percentage of the equity. The bank already has charged you interest all of those years and if Bankruptcy is the concern and it goes to proceedings you will lose EVERYTHING. |
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spider food
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File either Chapter 7 or 13 if you can make the house payments, and your utility bills.
Chapter 7 will remove all of your debt including the debt if you decide to allow the house to go through foreclosure. With Chapter 7 all debts are cleared. If you can afford your house payments, you will be required to make up the back amounts to keep the home. All Credit Card debt under chapter 7 goes away. If you have a car you can dump back to the bank and free up some money. A chapter 7 will also disolve that debt. Avoid Chapter 13 if possible, it will haunt you for 5 years and in the long run, it most likely will not help you.. You will pay everything back such as on a car and credit cards.
You can file the bankruptcy yourself. Get the forms off the internet and take a quick class online or over the phone in managing debt (required but useless) get the paper work in and stop the foreclosure.
I am not an attorney, but an Engineer that has been through this, I hope the best for you.
Spider food |
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KELLY
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There are second chance lenders out there. There are also lenders that will lend over 100%. I would call around....quickly to avoid foreclosure. Also... having been in the business and knowing that the last thing ANY lender wants to do is foreclose, I have to ask, have you tried to do a workout with your lender to save your house. Some kind of payment plan or refinance to keep them from foreclosing? You would be surprised at what they are willing to do if you just ask for the help. Depending on the size of the lender they should have a special department that handles this. It is worth it to ask.
I know you said short of bankruptcy but a chapter 13 would save your house from foreclosure if you get desperate. It would give you time to catch up what you are behind without fear of losing the house. You have up until the sale date to file to stop the foreclosure.
Best wishes to you and your family! Hang in there!! |
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Deedee
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Have you talked with your mortgage company? We went thru this, and there was a foreclosure dept. at our mortgage company, and they were quick to help. It is in their best interest as well as yours, for them to work with you. They were able to move 2 of our payments and place them on the end of the loan. I still ended up using a portion of my 401k to catch it up, and stay caught up, until we got thru our rough patch. We revamped our budget, and tightened it up. I packed lunch every day, rather than eating out. I also got a second job, and had 3 garage sales, and sold an old car we really didn't have to have, and were paying ins. on it. The reason we got behind was due to being behind in everything - all because of an emergency surg. and missed work. If they won't do this, talk with a mortgage broker and see what types of refi. loans are avail. My credit rating was in the toilet, but I recently got another loan - the interest rate was just a bit higher. You may be able to use your equity thru your own mortgage company, too. Good luck! |
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Heather D
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My suggestion would be to do a "short sale." I have read several of the comments that have been posted and would like to tell some of these people that although it would be absolutely wonderful to pay off your debt and be done unfortunately you wouldn't be in a foreclosure state if you could do that.......dumb-asses! Also, you can call your mortgage company and find out if they can help but in our case our mortgage company didn't do CRAP! Well wait they did do something, they called us five times a day telling us we needed to get this paid, which added more stress. Anyway, due to medical expenses from my father who was dieing of cancer, we did a "short sale". I am sure it isn't your ideal way of a bad situation but it may be your best. |
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Fun N Sun
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If you file bankruptcy that does not mean you will lose your home. To stop a foreclosure you can either catch up on your mortgage payments or find someone to refinance you. By the way, a foreclosure on your credit report is no better then a bankruptcy filing. |
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Pam G
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I would call CountryWide Mortgage Lenders. There should be a telephone number listed locally in your telephone book. Right now they are offering a NO COST REFI with NO FEES! It is a fantastic offer. |
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shadow
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If you are 62+ you can do a Reverse Mortgage. There are no income, credit or medical requirements to qualify (from our lenders- I can't say if thats universal). The funds would go to pay off the existing mortgage(s) and you would have no new monthly payments. |
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drp2505
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Unless you get a loan from a family member to catch yourself up, bankruptcy may be your only option. It may be the best thing for you, considering your credit score can't go down much more, and it will help you get your debt back on track. Good luck! |
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cmira4
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You cannot get a decent refinancing with such a low credit score. Additionallty, bankruptcy does not relieve you of your mortgage payments.
It looks like you will lose your house no matter. Unless you contact a "foreclosure specialist" who will buy your house by arranging a "short sale" with the mortgage banker, that is buying it for a lot less than what is owed on it. This specialist can do it, and even have some money for you at closing. |
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Pepper
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Talk to the mortgage company about re-finance. They may help you or at least work with you. |
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Steve P
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Have you considered paying the back payments in order to stop the foreclosure? Seems obvious that if you need to pay back payments, you need to get a second or third job.
Have you asked the mortgagor for a forbearance? Have you tried selling everything in a garage sale? |
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CGordo
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Contact the mortgage company. Perhaps you can work out a forbearance agreement but that usually involves coming up with at least a part of what you owe.
Do you have a friend that would lend you the money? And perhaps they would take a note back. In other words, they would have like a second trust on the house. |
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Cindy
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Why not bankruptcy? It will immediately stall the foreclosure. YOu cannot refinance. So there is no other option. Unlikely that house will be sold in the next couple of weeks. So the only solution I see is bankruptcy. |
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Champ
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Contact your mortgage company, the worst thing that you can do is not contact them. They maybe willing to put the past due amount on the back end of the loan. But you will never know if you don't make the first inital contact. |
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Laverne D
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Your only recourse is to pay the debt. |
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resume_reply_chris
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WHY DID YOU WAIT UNTIL FORCLOSURE TO TRY AND "SAVE" your home??? Pay your bills. If you have 15% equity in your home, your mortgage company shouldv'e helped you out of it with a refinance. Unfortunetly you will have a much higher rate and will pay twice as much in closing costs! I would contact a realator and short-sell it asap before it is repo'd and the bank makes all of the $$$! |
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