Foreclosure

[Anonymous]

Can you rent out a room maybe for a little while that might help

in the short term if you know somebody that needs a place...

I have had several friends that did that to boost themselves up

and 1 even rented the whole house out too save it, first last and deposit

goes a long way too saving your interests there are many scenarios so look at them all

but definately talk too the lender first...

[Anonymous]

CASH, I have been through foreclosure. It accured in Florida. I was advised by my attorney to return it to the mortage company.(sorry there is a word for this--something like surrender of property) In other words They did not need to pay an attorney or foreclose. I signed papers & they gave me a statment PIF balance $0.  NO neg. report on my CR

Always call your bank & see if they can help you. A good bank or mortgage co. will try & help. If you can not wotk it out,find a good attorney,one that handles mortgages, not just any attorney.

Do not give up.

I wish you luck

Message Edited by HappyDays on 07-23-2007 06:29 PM

[Jacque383]

Hi,

Listen, don’t panic… Where foreclosure is concerned, you and your lender are on the same side. Lenders want your money and the interest that comes with it, not your house. The key is to contact the lender before your debt gets the better of you. I’ve seen lenders do all kinds of things with people in foreclosure and there are ways out of it…

1. Talk to them about a repayment plan….A lot of times if it’s a short-term setback (especially medical emergencies) most lenders will give you some breathing room by agreeing to let you pay off your missed payment over 2 or 3 months.

2. Try to do a loan modification….Your lender can adjust the terms of your loan. Usually by providing a longer amortization period, lowering interest and rolling the back due amount into the loan to bring you current.

3. Depending upon what you owe versus what the house is worth you can also talk to them about a short sale. This is where the lender allows you to the sell the house for less than the outstanding balance, takes the proceeds and forgives the remaining debt.

4. Another option is to refi with a “hard money” loan. Trust me you won’t like the high interest rates and fees, but it can buy you time to sell your home and avoid foreclosure…

5. Last but not least…you’re not that far behind…You can also do a lease/option on your home…The proceeds you get can repay what’s owed. You set the terms to cashout for 1 year, 2 years or even 5 years… They make the payments for you and then some…(You’ll want to get at minimum at least 6 months or more of payments to set aside in reserves just in case…). Often you can get more than what the home is worth and higher payments by offering Lease/Options…There is a risk with this as you have to keep up your end of the bargain by using the funds to make the payment…

Anyway, there are options out there…You just need to be proactive and not let this go on any longer…Make some calls, then make some decisions.  

Message Edited by Jacque383 on 07-23-2007 06:36 PM

Message Edited by Jacque383 on 07-23-2007 08:06 PM

Message Edited by Jacque383 on 07-23-2007 08:07 PM

Message Edited by Jacque383 on 07-23-2007 08:07 PM

Message Edited by Jacque383 on 07-23-2007 08:08 PM

Message Edited by Jacque383 on 07-23-2007 08:09 PM

[Anonymous]

Hey all,

Did you all notice the post by SFAngelgirl .  Keep her in your prayers, she is in foreclosure and her boyfriend passed away. 

In our hearts, SFAngelgirl....

Eve

Message Edited by myhearts07 on 07-23-2007 07:04 PM

Message Edited by myhearts07 on 07-23-2007 07:04 PM

[Jacque383]

SFAngelGirl,

My condolences, I am so sorry for your loss.  I can't even begin to imagine what you must be going through. Countrywide, Beneficial and a few others are some of the most difficult to deal with once it gets past a certain point in foreclosure.  I'm actually surprised they have been unwilling to work with so many people in foreclosure. If you look at the foreclosure website, Countrywide is loaded down with them. Foreclosure doesn't happen overnight, so depending upon where you're at in the process you shouldn't leave until you absolutely have to leave. If you decide to go the bankruptcy route, it will halt the foreclosure in process for a short time. Maybe enough to recoup and make some decisions.

Anyway, I'm so sorry for the loss of your boyfriend. No one can account for an unexpected death. I've been through losses in my life, and the ups and downs involved can be the most difficult. I saw a quote once, I wish I knew who wrote it; it helped me by adopting the attitude expressed in the quote....The quote was "Don't cry because it's over, smile because it happened." 

You hang in there...even if it's only 5 minutes at a time.

Best of luck to you.

Message Edited by Jacque383 on 07-23-2007 07:57 PM

Message Edited by Jacque383 on 07-23-2007 07:57 PM

[Anonymous]

Thank you all for all your advices. My prayers are with you SFAngel. To give you all an update, I have filed for Chapter 13 Bankruptcy, only because I want to keep my house. The irony is that the BK was filed on 7/07/07 and I had 6 consumer loans, 6 credit cards, and 6 pay day loans. 666 to be wiped out on 777.

My creditors hearing is scheduled for the end of August. I will post in a few months to share with everyone my BK experience.

So far, at first I was relieved, then depressed and ashamed. Now, I'm just waiting for my court appearance. There's a lot of anxiety and sleepless nights. It's not cheap to file, the attorneys' fees is approx. $5k and the Trustee's fee is 10% of my monthly payment which will be approx $5,400. Both fees comes out of my monthly payment. I have an IRS lien which is included, the Trustee will pay down the principal as the interest will stop accruing. My total payout will be $54k in 5 years. I will be broke in the next 5 years, but will keep my house. Thus my name CASHONLY. If I don't have it, I won't spend it. This is a great forum. So many caring people to share their experience and lend their voices. Thank you.

[Anonymous]

Please don't feel ashamed of bankruptcy. It is there to help people like you. If anyone new is reading this thread, here's something I learned today. There are some mortgage lenders who are using predatory practices to obtain homes through foreclosure. Not in the case in this thread, but especially in Pennsylvania there is a group of mortgage lenders who prey on homeowners with substantial equity in their homes. They sign these people up for refinancing and then if they miss one payment, they declare them in default and attempt to get their homes through foreclosure proceedings. So, it's not necessarily true that missing one month isn't such a big deal. The important thing is to know who you are dealing with, especially if you've owned your home for some time and have substantial equity. Another tactic these predatory lenders use is something called mortgage servicers, who deliberately apply payments late to an account in order to incur service fees. The service fees are deducted from the next month's payment, and that makes the next month's payment "short" -- eventually leading to default and foreclosure. Be very careful when making mortgage payments that the payments are timely applied -- check your bank statement online to make sure that payment are being applied properly.

[Anonymous]

I keep hearing from "people" that lenders are being very flexible right now about keeping people in their homes.  But I have yet to meet anyone actually in trouble that confirms this. I have a 760 FICO score and just missed my first mortgage payment.  My home value has dropped about 80K from what I paid for it 2+ years ago and so it is worth less than what is owed (I only put 20K down).  I'm going under, I sent all the paperwork to the lender over a month ago to see how they might work with me, but they are so overwhelmed that they don't get back to you until you are 90 days deliq, and then my credit will be trashed anyway.  If I stay until the foreclosure comes through, I might have enough cash to carry me for loosing all my credit.

So will my credit card companies pull my credit cards even if I have never been late on anything else, but my new credit score will be in the toilet?

[Anonymous]

So what happens now. I will soon be in your boat?  Were you paying your other bills?  Did you credit company pull your credit cards?

kim