You could ask your bank if they are …
September 10th, 2010 - ByPosted in
Comment posted How Can I Avoid Foreclosure On My Home? by Matt.
You could ask your bank if they are willing to do a short sale.
A short sale is a sale of real estate in which the proceeds from the sale do not cover the balance owed on a loan or loans on a property. Lenders accept a discounted payoff on the loan and allow the sale to close escrow. The lender will agree to discount the loan due to an economic hardship on the part of the mortgagor, and the homeowner will sell the mortgaged property for less than the outstanding balance of the loan, turn over the proceeds to the lender, most often in full satisfaction of the debt. A short sale is accomplished through negotiation with a bank’s loss mitigation or workout department on the part of the real estate professional, but the lender has the right to approve or disapprove any proposed sale. Main factors contributing to the lender’s decision are the borrower’s financial situation and the current state of the real estate market.
Matt also commented
- if you cannot make payments then no.
it will be a relief once it is over. - Have you ever considered robbing a bank ?
- check out this link: http://tinyurl.com/ye4wetz then go to the right coner of the website and click on (Free Foreclosure Lists) you can get everything you wish to know concerning your problem. good luck.
- You could file for bankruptcy, but this will only delay the inevitable if you don’t start making payments.
- There are a lot of FREE government resources that you can use, including help lines and professional counseling. Check this site:
http://www.loanforeclosureinfo.com/index.htm
and look at the Government Resources page. Best of luck to you!
Recent comments by Matt
- What Does Pld: Notice Of Filing Commitment For Owners Policy Of Title Insurance Mean In A Foreclosure Docket?
Sounds like they have a buyer and are working on the title insurance and the committment it needs to be issued. - I Was Told That My Rental Is In Foreclosure And I Need To Find Out For Sure Where Do I Get The Information?
Your property manager is obviously not licensed because they do not know what they are talking about!!
Even if the house is in foreclosure, you still MUST legally pay the rent! You must pay until the day you move out or the day the owner no longer owns it.
You can check local court records to see if anything has been filed, but that is all you can access. The lender will not talk to you. - I Was Told That My Rental Is In Foreclosure And I Need To Find Out For Sure Where Do I Get The Information?
Legally you need to pay the rent. Your property manager needs to be in jail.
The bank that takes over your house will tell you when they have possession, at which time you stop paying rent and move out.
Being “in foreclosure” doesn’t mean much, and there is no action you need to take at this time.
You will have to ask the owners what is going on, the bank will not tell you the status, it is not any of your business. - How Long After You Stop Paying Mortgage Do They Put Your House In Foreclosure?
Average 3 to 4 months, but some people are 6 months past due. - How Long After You Stop Paying Mortgage Do They Put Your House In Foreclosure?
Usually about 6 months
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7 Responses to “You could ask your bank if they are …”
October 21st, 2009 at 2:46 pm
You could ask your bank if they are willing to do a short sale.
A short sale is a sale of real estate in which the proceeds from the sale do not cover the balance owed on a loan or loans on a property. Lenders accept a discounted payoff on the loan and allow the sale to close escrow. The lender will agree to discount the loan due to an economic hardship on the part of the mortgagor, and the homeowner will sell the mortgaged property for less than the outstanding balance of the loan, turn over the proceeds to the lender, most often in full satisfaction of the debt. A short sale is accomplished through negotiation with a bank’s loss mitigation or workout department on the part of the real estate professional, but the lender has the right to approve or disapprove any proposed sale. Main factors contributing to the lender’s decision are the borrower’s financial situation and the current state of the real estate market.
October 21st, 2009 at 7:49 pm
Many banks/lenders have many programs available to you that you might be able to take advantage of.
The thing about taking advantage of these programs is you must call your current lender and find out what these programs and options are.
You might be offered a forbearance agreement, where you may keep your home and the back payment are added to the rear of your mortgage.
Some have programs where the mortgage will be modified and might be able to reduce the mortgage to the current value of the property.
The key is that you must call your lender/bank to explain your present financial situation.
In order for the bank/lender to work something out or modify your mortgage you must be able to prove that you are able to make the new payments or whatever is worked out between you and your mortgage lender.
I hope this has been of some benefit to you, good luck.
“FIGHT ON”
October 22nd, 2009 at 1:42 am
There are a lot of FREE government resources that you can use, including help lines and professional counseling. Check this site:
http://www.loanforeclosureinfo.com/index.htm
and look at the Government Resources page. Best of luck to you!
October 22nd, 2009 at 3:00 am
You could file for bankruptcy, but this will only delay the inevitable if you don’t start making payments.
October 22nd, 2009 at 9:07 am
check out this link: http://tinyurl.com/ye4wetz then go to the right coner of the website and click on (Free Foreclosure Lists) you can get everything you wish to know concerning your problem. good luck.
October 22nd, 2009 at 12:31 pm
Have you ever considered robbing a bank ?
October 22nd, 2009 at 2:21 pm
if you cannot make payments then no.
it will be a relief once it is over.