My Son Is In Sales And Been Really Hurting Lately. He Is In Danger Of Foreclosure. What Can He Do To Stop It?
February 25th, 2010 - ByPosted in Stopping Foreclsoure
My son has been a car salesman for years and made a good living. With the economic problems, he has really been hurting! Now he is behind on his mortgage and has received a 7 day letter from his mortgage holder. He has already used up his savings. Is there some gov’t program or intervention that can save his home?
5 Responses to “My Son Is In Sales And Been Really Hurting Lately. He Is In Danger Of Foreclosure. What Can He Do To Stop It?”
February 25th, 2010 at 2:02 pm
You could lend him the money. Otherwise he needs to go to court and ask them to show the deed. If they cannot produce the deed, he gets to stay until they find it. If they have it, he needs to leave the home
February 25th, 2010 at 2:40 pm
He should talk to his lenders, and ask if they can work with him. It’s always better to talk to them and try to work out a deal, as foreclosure is usually the last thing that a lender wants, especially for real estate. It costs the lender a ton of money to do this. That means that they have yet another empty house to deal with. The value of a property can drop drastically when this happens, and they often would rather have someone in the house and behind on the payments than have it sit empty, and let the value plummet.
February 25th, 2010 at 3:32 pm
The options he has are to:
Refinance if he has equity
Talk with lender about a loan modification
Talk with lender about short sale
Talk with lender about deed in lieu of foreclosure
Bring payments up to date
There is no savior here. We are all on our own, and most of us have already lost our homes. I am sorry there isn’t better information. He could try calling 888-995 Hope
February 25th, 2010 at 3:40 pm
There is help out there depending on where you live. I know that in the Phoenix AZ area there are “Community Action Programs” that offer assistance for things like rent, mortgage, utilities etc. There may be similar programs elsewhere in the country but you’d have to search them out.
February 25th, 2010 at 10:12 pm
If he past due 3 or more months he is in jeopardy of foreclosure. A short sale would be less damaging on credit.
He needs some income so he can talk to lender about a loan modification. Without income a modification will not help.
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