What Can I Do To Stop Foreclosure?
November 20th, 2009 - ByPosted in Stopping Foreclsoure
My girlfriend is about to lose her house because she can’t afford it after refinancing. We’re running out of time. The house is a nice house in Orlando, but the market is no good for sellers. Should she let it be foreclosed on? What about filing bankruptcy? Her credit isn’t very good anyway.
8 Responses to “What Can I Do To Stop Foreclosure?”
November 20th, 2009 at 9:50 pm
Filing bankruptcy will only prolong the inevitable. You should trying and do a short sale without recourse.
November 21st, 2009 at 12:24 am
Sell some rocks.
November 21st, 2009 at 4:51 am
consult realestate lawyers on ur actions.
suggest she start packing thou.
bankrutcy isn’t the correct answer.
she needs to go to dave ramsey.com to find a good common sense answer.
November 21st, 2009 at 4:53 am
Talk to the mortgage company about changing the term of her mortgage, doing a short sale or deed in lieu of foreclosure. Be aware of all you options and seek advise from an attorney before you do anything. There are many options that you have. Good Luck!
November 21st, 2009 at 8:09 am
There are a lot of options to stop the foreclosure. It’ll just depend on what her circumstances are, and if she can get some extra time from the lender to work on a solution. Here are the more commonly used ways to end the foreclosure process:
1. Save up money and get current again.
2. Work with the lender to establish a repayment plan.
3. Work with the lender to modify the mortgage.
4. Refinance with a traditional or hard money lender
5. Get a partial claim from the FHA.
6. Sell to an investor and lease the property back.
7. File bankruptcy to stop foreclosure.
8. Sell for less than what is owed (short sale).
9. Sell outright.
10. Offer the bank a deed in lieu of foreclosure.
11. Give up and walk away if nothing else works.
Hope that gives you some ideas to start researching.
ForeclosureFish
November 21st, 2009 at 12:46 pm
Soooo…. She bought a house she couldn’t afford and now she’s going to have to lose it because she didn’t plan appropriately.
You do realize that people like her are why our economy is in the hole under the outhouse, don’t you?
November 21st, 2009 at 3:03 pm
Man, I’ve been there..so sorry she has to go through that. What saved me from foreclosure was dropping the price. Keep dropping it until it gets sold. Eventually you will have somone come along, most likely an investor of some sort. Yes, she will probably lose alot of money on the house, but it’s much better than having a bankruptcy or foreclosure on her credit for seven years. Also, consider listing the house “For Sale by Owner.” That will save you a ton on agent listing fees. Work on getting the house “curb appeal.” Paint it, make sure the lawn is kept up nice, the inside of the home is immaculate, etc. Google on the internet “how to get my home to sell faster.” You will have loads of info to look at to help sell the house faster. Good luck with everything!
November 21st, 2009 at 7:47 pm
Hi J.R.C.,
There might be something that you can do to save your home go to http://www.hopenow.com. HOPE NOW is a non profit cooperative effort between counselors, investors, and lenders to maximize outreach efforts to homeowners in distress.
They are non profit third party intermediary that will negotiate with your lender in your behalf to freeze your interest rate to its original rate.
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