Want To Avoid Foreclosure !!! Help?
December 17th, 2009 - ByPosted in Avoid Foreclosure
I have a townhome in Miami and need to sell it since Countrywide has increased the payments from 2,500 to 3,400. I just cant pay this property and now I have to sell it ASAP. I havent been able to pay for over 4 months and now that I finally have a buyer Countrywide is sending a payoff of over $326k when it was suppose to be $295k!!! They want to charge me penalties and other stuff but I am trying to avoid a foreclosure .. why cant they work with me here and waive some of the penalties or costs ??? Somebody help me … any advice?
6 Responses to “Want To Avoid Foreclosure !!! Help?”
December 17th, 2009 at 4:08 pm
1. speak to an attorney.
2. tell countrywide that they’re idiots.
3. tell them that they would rather get pennies at the doorsteps of the courthouse….than actually get paid right now!
you need to talk to a manager..and explained that they will lose more than you will. you have a buyer right now who is willing to offer 295k…..they might get 150-200 at the courthouse. that’s moronic!
December 17th, 2009 at 9:12 pm
Contact an agent or someone who is familiar with a short sale option. Consult your tax advisor regarding the tax implications prior to making any final decision.
Good Luck!
December 18th, 2009 at 12:39 am
countrywide was one of the big boys with the subprime lending problems recently…. looks like you’re in the same boat.
December 18th, 2009 at 6:25 am
Go to a different financial institution and have them pay off the old loan for less interest.They can sometimes negotiate for a lower payoff. Then you can start fresh rather than getting a second mortgage.
December 18th, 2009 at 11:25 am
first how and why did they don that did you have a arm loan
I would try to refi thru another lender for a lower interest rate asap might be to late now shouldve donw that 3 montha ago especially if you could have refi thru fha loan buyout ???? but your home may not qualify for that rent it with option to buy ask for 1st payment last payment 1 month security then make payment arragements with country wide then either get the renters to buy it from you or now you have time to sell it at your price or aleast fair market value but now what is the home worth what does it appraise for there is a web site agency that helps people out in this position is a federal agency call attorney general office in florida i believe tallahasse
here are some links i pray this woks for you
http://www.hud.gov/foreclosure/index.cfm
http://www.fha.gov/foreclosure/index.cfm
You should be aware of special rights which you may have! In January of 2001 The U.S. Department of Housing and Urban Development (HUD) issued guidelines mandating that all borrowers with FHA loans that fall under HUD regulations be informed of their rights to mortgage loan work out programs. See HUD ML2002-12. The Veteran’s Adminstration (VA) also has a great many entitlements that can keep a Veteran out of foreclosure. You may be entitled to federally mandated FHA/HUD or VA loss mitigation assistance from your lender to stop foreclosure by:
Reducing your interest rate
Extending the time to pay back of your loan
Putting your past due payments in to the balance of your loan
Putting the past due payments on to the end of your loan
hope this works
December 18th, 2009 at 2:54 pm
This is where your real estate agent can help you. You want to do something called a “short sale.” This means the bank settles for less then what you owe. You see, they don’t want to foreclose on you. If they foreclose, they’ll be lucky to get 75% of what you owe. With a short sale, they can at least get 90%.
Ask your real estate how to go about doing this since the formula is different in every state. They should know and if they don’t, tell them to find someone who does. Afterall, they want to make their commission. They should have to earn it.
Hope this helps.
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