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csanper2k5 | Home forclosure? |
My friends own a home and their payment is really high and house prices have dropped, their real estate agent is helping them make a huge mistake!! She is going to get them into a new home with a smaller monthly payment and told them that because they owe more than what they would get for their home if they would sell it that they should let the bank forclose on the home, after they are already in their new home. Can anyone please give me any advise to pass along to my friends or a web site that can help explain what can happen? Thank you
Additional Details
They have not missed any payments they just want a lower monthly payment, but can not refinance cause house prices have dropped. so they are looking at houses that cost less. I don,t have all the details on how she is able to get them the other home but they do Quailfy. I think they are going to make it look like if they are going to sell their existing home to get the new one and then the bank ends up taking the old home cause they have not made any payment on it and it has not been sold |
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Andrew Christison
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I am a mortgage broker and I currently have clients thinking about doing the same thing. It is a bad idea.
If they purchase a new home, and they qualify, and thier previous home goes into foreclosure that will not only destroy thier credit for 7 years it is horribly irresponsible to do. The options that they have in my eyes is A) Continue paying until appreciation comes back B) try and sell thier house to a family member with outstanding credit and good income to get a lower monthly payment C) try and refinance into a loan that can go to 115% or 125% and fight it out, D) get a roomate to help pay or try and rent out the whole house (even if there's a little negative cashflow) and then purchase another home or even go back to renting or E) work with a realtor to try and negotiate it into a short sale and then purchase another house (if that wouldn't put them in the hole) and rent for a while.
The decision that they are trying to make is nearly a crime, irresponsible and immature. Personal resposibility is what our nation is founded off of; if they did make a mistake they should try and solve it, not run away.
Have them talk to a mortgage broker or 3 in thier community or state and see if they have ANY options before jumping off of this bridge. |
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Blue October
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Federal Hotline set up for people just like this
NATIONAL FORECLOSURE HOTLINE 1-888-995-4673
they will assist you with options...
good luck ♥ |
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Hopeful Home Solutions
 |
In addition to some of the other answers above, they could refinance with their existing lender (or another lender, but the existing one should probably be able to do a loan modification, which is less costly than a refi) for a longer term and hopefully reduce their monthly payment. Assuming they are in a 30-year fixed (or worse, an ARM) right now, they can potentially do a loan modification with their lender or a refi with another lender and convert to a 40-year fixed, even based upon a lower appraisal value. Their lender should easily be able to tell them how much their monthly payment would be by converting to to a 40-year fixed. They should shop it around also!
Most banks are very amenable now to discussing options other than foreclosure. Talk to their Loss Mitigation Department. Most importantly they shouldn't give up!
And anyone who thinks letting the bank take any house is either ignorant or not looking out for the person's best interest. There truly are always options, some are just creative.
The second best suggestion would be a short sale. Talk to a real estate investor that does a lot of short sales in your area. What state are your friends in? If they are in NY, feel free to email me and I can point you in the right direction. |
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kthor101
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what the Realtor is doing is illegal advised, Iwould contact the Department of real estate,the local board and local realtor office to file a complaint against this guy/gal ..
since you friend hasn't missed any payments, but price has dropped and not sure how much, maybe you can call lender and explain to them home is in danger of becoming a victim of foreclosures in the very near future, and request if they can
re-finance under the much lower market value (normally i would advice people a short refinancing but since they haven't missed any payment it aint short-refinancing, but closed enough) they have to convince with proof that home value in area has dropped and how much it will cost the bank to foreclosed on home..etc... |
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r b
 |
If they can't afford their current house how are they gonna be approved for two homes at the same time? Banks are really weary about approving risky loans now so I don't even think they could get a second home |
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Yamadog
 |
sounds complicated. go http://www.foreclosure.com/ and see what's up |
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Dante G
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Although it is possible for them to get into another home if they have the credit and at time of application can show that the market rent can support or at least assist with the first mortgage , The real question is what are the options when you have a property you are looking to sell and your balance is more than the current value? If you can't rent it and you need to get rid of it your only option is a short sale or a deed in lieu. Look up those terms on google and contact the bank to negotiate terms. Tell your friends good luck. I've been there. |
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Lori K
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I don't see how she can get a 2nd loan approved if they intend on keeping the first loan until after new mortgage comes through. No company in their right minds would loan it to them, especially as they are having problems with the first mortgage. It sounds like the real estate agent is running some kind of scam on them. Especially since, even if the home is foreclosed on and sold, they will still be liable for the difference in the loan amount versus what it sells for.
*******EDIT*******
Bank fraud, then. 3-10 |
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aweety69
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Actually, I'm not surprised the agent told them to do this. A lot of ppl are foreclosing on their houses because they either can't keep up w/the payments, lose a job or the property taxes go up. Unfort. my brother has had to let the bank take back his house or he would have had to come up with $40,000 just to keep it and after losing his job, he couldn't afford to do that. This unfort. is his 2nd time doing this and his credit is now so bad he'll probably never buy another and he seems to be ok w/renting. In his situation, I can see why he allowed the foreclosure but in financial terms, it's not something I'd ever allow myself to get into. This kind of bad credit follows you, and it's hard to get loans, credit cards or apply for other mortgages, unless your able to pull yourself out and pay off what you owe (and who can do that easily).
I don't know of any sites but I'm sure you could google the subject your asking about. You could also call up some other real estate agents and inquire if what your friends' agent is doing is a financial mistake or one that really can't be avoided.
You're a good friend for looking out for their best interest. I hope the best for them. :) |
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feisal c
 |
I'm a mortgage broker of 10+years and basically here are the only two options
A) They bare down (due to the bad market this year) and do what ever possible to make those payments and wait until the property gains value (which, at the present time, really might depend on which market it is in) and then sell.
Or,
B) Let it go to foreclosure (although, they wouldn't be able to buy in 7+years) |
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pearlmel
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its sounds like the agent is jsut trying to make money even if they are able to buy a new home the one they are in will show on the credit report and will be factored into debt to income.
when they get in the new home and get foreclosed on now the bank will come looking for the money theyare out!!!!
bad bad bad idea |
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