Urgent Help Needed! Trying To Avoid Loss Of Home

[Revelate]

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@Anonymous wrote:
Hi Revelate, that seems like a great idea, especially considering I have no mortgage on the property, own it outright. The problem is that technically it is in a state of foreclosure. Would a lender still give a HELOC against a property in foreclosure?

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Not sure how it'd be in a state of foreclosure, you don't owe anything on the house.  Owing back property taxes is different.

Ask around of some lenders would be my suggestion.

Leveraging the equity is probably the smart thing frankly if you need a pile of cash and you're losing the house potentially if you don't... you may need to put something in escrow namely you don't get to touch X money and it goes directly to the tax agency, but should be solveable.

[Anonymous]

Real estate tax liens on a house lead to foreclosure. On paper the escrow idea makes perfect sense to me, just not sure how comfortable a lender would be with that arrangement, but seems the only way forward is to ask so I will. Thanks.

[Anonymous]

There are several semi hard money lenders that will do light docs and low scores if they get first position and you have tons of equity.

One was the First National Bank of  I can't recall.   I would  contact a morgage broker as they may have several sources.   

I would also contact a real estate attorney as he might be able to get the city/county to work out a payment plan.  Worst case is haveing to file a chapter 13.   In most states you have a redemption time frame even if the city/county does take it to sale again ask an attorney about the laws in your state.     Best of luck.     

[K-in-Boston]

@Anonymous  Welcome to the forums.  I have locked the thread to further replies as your issue has been resolved, and I have also restored every one of your posts.  As a matter of practice, threads will not generally be removed from myFICO unless there has been a TOS violation.  Members of the community took time to respond to your questions and with all of your posts reading "pls delete" it is difficult to follow.