Avoiding Foreclosure

[Simplyme]

Share your tips for avoiding foreclosure here. Some tips I can share are:

Repayment Plan- Ask your lender about a repayment plan. If you have missed a payment or two but are able to pay current your lender may allow you to add an extra $100 -$200 to your monthly payment to pay off the missed payments.

Modifying Terms of Loan- If you have a mortgage which is an adjustable loan your lender may be willing to freeze the interest rate before it increases or adjust it to something that is more easily manageable for you.

[magma]

To represent to the new lender that things are AOK with the old properties and compel/induce the lender to make a new loan on a property with the express intention that after you get that loan the old properties are going to be either Shorted or just plain Walk Away is really, really a problem.....like loan fraud. We are not tolerating it and when we catch it and believe me sooner or later we will, well......we are not to happy with the situation. There is a SAR report filed and that can be very detrimental to anyone in the industry...that is a Suspicious Activity Report that is filed with the Treasury Department. The Feds can often and will more and more become involved in these matters as it is now the "new" thing....

It is considered confirmed material misrepresentation and they will act on it, so I do not advise that anyone consider doing it.

Do they catch everyone, no, but they are looking for it now as it has become epidemic and we are rather PO'd about it. So, do I like what the lenders did on these loans, no I do not, but can we continue to allow the excesses of the past that got us here? I have declined so many of these loans that were build on smoke and mirrors...and rightfully so it appears...we can not let this mind set continue, our credit markets are completely in disarray, we are verging on total recession and we are going there to the glee of the rest of the world with our high and mighty position that we have taken for so long....

So I do not support or advise the continuation of the issues that got us here in the first place.

[DianaR]

What about mortgage companies that refuse partial payments? How does someone start working things out when the company is really hard core like this?

[anthonyrodrigues]

Originally Posted by DianaR

What about mortgage companies that refuse partial payments? How does someone start working things out when the company is really hard core like this?

Can you tell us that does mortgage companies entertains the partial payments?

[abhelle15]

Originally Posted by anthonyrodrigues

Can you tell us that does mortgage companies entertains the partial payments?

There are actually companies that will work with you for free to buy your
mortgage away from your mortgage company and avoid your foreclosure.
I would advise looking into this first. Try [url=http://www.speedyrealestate.info]
Good luck!

[elvenrunelord]

Banks need to keep people in homes more than ever now. It is a buyers market and I would strongly suggest you go to your bank and demand new terms or threaten a walk away from the loan. No one should have to pay as much as double what a property will be worth by the end of the loan. This would not have happened if these real estate manipulators had not gotten away with their scam for years on end, inflating the prices of property way beyond its real value.
Go to your bank ask for a fixed interest rate of 6% or lower and 15% off the current value of the home. After all that is about all it will be worth in the next ten years.

[socalkid]

Talk to your lender! I can tell you that banks do not want to own real estate and go through the foreclosure process! Many people have this feeling that they just want to stick their head in the sand and hope that the problem will go away! It wont go away and only get worse. Call your lender and talk about your options. Try to modify or work something out to stay in your home. In the last 30 days, banks have become much more receptive and they appear to be working with borrowers to do loan modifications.

[Darcy]

Hi Socalkid ,
I certainly agree with you. Nice information that you have shared with us.
Thank you very much for sharing your information.
It was really very helpful for me.
Thanks..