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Additional Details
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Betty R | How do I save my home from Foreclosure when I already have a Sheriffs sale date,and nobody will refinance us s |
Since April 06 our adjustable rate mortgage has gone from 7%up to 11.5% which has forced us into Foreclosure.We love our home VERY much but are going to lose it.CAN ANYBODY HELP US? PLEASE PLEASE PLEASE PLEASE |
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cloothe
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Sell your house before it forecloses. Even if you get no more than the loan amount and walk away with no money, you are much better off than if you allow the lender to foreclose. Your credit will not be ruined, as it would from a foreclosure.
Do you have any friends who (alone or together) could afford to buy your house or could qualify for a new loan? Sell it to them for the amount of your loan, and then let them turn around and re-sell to get their money back. Maybe they could even make a profit. If you have no such friends, go to a real estate agent and see what you can get in an emergeny sale like this. Only allow the foreclosure if you cannot sell under any conditions.
You are in a tough situation here, and you need to act immediately. Every day--every hour--is working against you. Get moving today and you have a chance to come out of this okay. Good luck!! |
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newmexicorealestateforms
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Short of a forbearance agreement with the lender, I'm afraid that the only thing left, if you are in a court approved foreclosure, is to attempt to acquire the property at or after foreclosure based on your mortgage and state redemption rights. |
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orchid
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I'm not trying to be cruel but how did you let it get as far as foreclosure? You had to completely stop making payments for months in order for that to happen. I understand a fastly adjusting mortgage rate is a burden but I can't understand why you stopped payments althogether and didn't try to work out something with the mortgage company? I assume you have a lawyer if not get one quick and see what can be done, but I think short of making the back payments in a lump sum you're going to be out of luck. The other piece of advice is to 1) stay away from adjustable rate mortgages in the future unless they have a cap on how often they can adjust in a year. 2) You'd be better off in the future (and it'll be awhile before you can qualify again - a foreclosure is a horrific black mark on your credit) to take a fixed rate, even if it's slightly higher than the ARM. ARMs always seem to screw you in the end.
Sorry you're in such a predicament. |
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TOMARUSH
|
We Buy Houses!
Thomas Rushing
Executive Manager
Golden Lily Properties
(866) 800-1002
www.GoldenLily.net |
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dajuan_n_only
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There are several options but I will need more detail about your situation give me at call at 866 530 7300 ext 7305 Jenold Freeman |
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just me
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Wow. I feel for you. We almost got a no money down deal a few years ago. I have heard so many horror stories.
I would call a lawyer. |
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steve s
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What state do you live in?? Also how much equity is in the home. If you have 35-40% equity in the home that would include taxes and insurance for escrow then I might be able to help you. Otherwise, call your lender and try to make a deal with them. Also call the Sheriffs department and see if they have a program that can help you stay out of foreclosure. Don't wait until the last and final moment to do anything. I do have a lender that will do foreclosure bailouts but you must have 35-45% equity in your home like I have stated before. The rate isn't pretty either. But for 1 year and you pay on time, build back your credit and then refinance into a much better program.
I don't understand why you waited until the adjustable started to adjust. Where was the mortgage broker who put you into the adjustable? I always try to refinance my past clients out of the adjustable a month before it is due. |
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tomvoli
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If it is in California there are investors that will either buy the house outright, or put the loan in their name to help bail you out (in this case they can go all the way to 85 - 90% of the value of the home...not just 70% as most other solutions will cap at). This method does require that the investor be added to the title and is removed once you are able to qualify for the loan yourself.
The key to qualifying for this is to validate why the foreclosure and what has been done to correct the income situation. If you can't afford the house its as simple as SELL IT. However, if the foreclosure is due to accident/illness (or any temporary issue) that has been resolved etc. this is a perfect candidate and worthy of the help.
If this is in another state you may want to consult an attorney who will have various methods for delaying / preventing the sale (such as BK).
This is never an easy fix, nor is it EVER cheap. Once the foresclosure attorneys sink their teeth into it...the fees start absorbing equity. Make your move fast and good luck.
Tom Voli
tom.voli@gtofinancial.com |
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dgearring
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I routinely advise conversion of adjustable rate mortgages prior to the first adjustment date -- www.FixMyBrokenARM.com. Definitely need more info concerning value of property and $ total of mortgages. If your mortgages total 64% or less than the value of property, then help can still be had. Barring that, you may want to seek legal advice and/or consider Chapter 13 protection. |
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Frank Castle
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I can buy your house and sell it back to you. |
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Smart Girl
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do what Screech did! Sell t-shirts with your picture and autograph! |
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