My house is in foreclosure, what legally can I do if I dont have the money to pay up front?

I have a sale date of june 5 the loan company is giving me the run around back and forth about a loan modification but never can give me figures. I am trying to keep my home and re-establish my payment just dont have the money up front have tried to borrow with no luck.

If your sale date is june 4, most law offices are closed sat and sunday. you also need lots of paperwork and do credit counseling before you can even file. you really need to call a lawyer to see if they will even take your case at such late notice. you get notice around a month before it is sold. a bankruptcy will stop it for now but you will be required to make payments starting the next month if you want to keep house.

You have the right to redeem yourself by paying the money you owe back, during the whole foreclosure ordeal. If you don't have the money, you don't get to keep your home.

I'm sorry about your troubles. Good luck.

Since you have gone through the whole notice-of-default (NOD) period and are now well into the notice-of-sale (NOTS) period, your options are limited.

If your loan company giving you the run around is the same one foreclosing, they can always delay the sale. If they are sincere about a loan mod. and it looks like it might come together if not for the time crunch, then this is your best bet.

From the tone of your post it seems unlikely. In that case you have virtually no time left to reinstate your existing financing and are down to redemption - a fancy way of saying you must payoff your lender in full. That is usually, principal, back interest, and all the default fees accumulated, ie: big bucks.

If you have substantial equity it might (theoretically) be possible to find an investor now. More likely is that it goes to the court house steps. Sorry, but this is a many months long process and you are almost at the end. :-(

They are probably not anxious to modify loan if you have let it get to this point. You should have been in contact and discussing the situation with the lender well before this point. You could try to refinance with another lender, but that will take time and it sounds like you may have tried that route. Your lender sounds as though they would rather foreclose and not deal wih you anymore. Short of borrowing the needed funds from a relative, I don't know what to tell you. Usually there is a redemption period after the sale (I think 30 days in Illinois). Possibly you could find a new loan in that time.

Be ready to file a Ch. 13 BK on June 4 if worst comes to worst. Know where the bankruptcy court is and have the first two pages of the petition ready. After you file, ask the clerk for a "Stay Order." That will get you a repayment plan through the BK court. There may be other options before that, but if you have a sale date you are pretty far along in the process.

Here is what I have on my 360 page about avoiding foreclosure.

How do I avoid Foreclosure

There are several programs available from most mortgage lenders to try to help you over a tough period. The bottom line is, you have to contact your mortgage company and tell them your situation. Here are the programs that I know about:

Forebearance. During a period of illness or temporary job loss your mortgage company may agree to suspend payments for a period of time. Interest will continue to accrue and your mortgage will be extended to make up the amounts you do not pay.

Loan Modification. You essentially rewrite the terms of your mortgage with the lender. Often this involves taking past due payments and rolling them into a new mortgage with new terms. It allows you to get caught up and not worry about making double payments to play catch up.

The following is from the HUD website (which only applies to FHA insured mortgages but many lenders follow the same guidelines for conventional mortgages also):

Special Forbearance. Your lender may be able to arrange a repayment plan based on your financial situation and may even provide for a temporary reduction or suspension of your payments. You may qualify for this if you have recently experienced a reduction in income or an increase in living expenses. You must furnish information to your lender to show that you would be able to meet the requirements of the new payment plan.

Mortgage Modification. You may be able to refinance the debt and/or extend the term of your mortgage loan. This may help you catch up by reducing the monthly payments to a more affordable level. You may qualify if you have recovered from a financial problem and can afford the new payment amount.

Partial Claim. Your lender may be able to work with you to obtain a one-time payment from the FHA-Insurance fund to bring your mortgage current.

You may qualify if:
your loan is at least 4 months delinquent but no more than 12 months delinquent;
you are able to begin making full mortgage payments.

When your lender files a Partial Claim, the U.S. Department of Housing and Urban Development will pay your lender the amount necessary to bring your mortgage current. You must execute a Promissory Note, and a Lien will be placed on your property until the Promissory Note is paid in full.

The Promissory Note is interest-free and is due when you pay off the first mortgage or when you sell the property.

Pre-foreclosure sale. This will allow you to avoid foreclosure by selling your property for an amount less than the amount necessary to pay off your mortgage loan.

You may qualify if:
the loan is at least 2 months delinquent;
you are able to sell your house within 3 to 5 months; and
a new appraisal (that your lender will obtain) shows that the value of your home meets HUD program guidelines.

Deed-in-lieu of foreclosure. As a last resort, you may be able to voluntarily "give back" your property to the lender. This won't save your house, but it is not as damaging to your credit rating as a foreclosure.

You may qualify if:
you are in default and don't qualify for any of the other options; your attempts at selling the house before foreclosure were unsuccessful; and you don't have another FHA mortgage in default.

You may also be able to refinance your home if you are not too far into the foreclosure process.

I hope this helps, good luck.

mail a i.o.u my aunt did this ounce

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