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  • Facing Foreclosure - there are options

    6 posts, 6 voices, 665 views, started Sep 30, 2008

    Posted on Tuesday, September 30, 2008 by Gloria Alice Dipiiro

    •  



    • Aquamarine
      Offline

      Many people are finding themselves in a situation they have never been in before. Good, honest, hard working People who are unable to pay their mortgage payment, or are depleting all of their life savings, and/or retirement accounts to stay afloat.  

      Many of us have never even been late on the mortgage and now some of us are faced with a terrible dilemma. It may be one of the toughest decisions you will ever be faced with: to let the house go in order to survive and care for the family.

      I want you to know there are options for you and people who can help you.  

      Did you know that you may be able to modify your loan? Or freeze your arm? You may be eligible for the new FHA program outlined in the HR3221 Housing and Economic Recovery Act of 2008. You may be able to sell your house for less than you owe, avoiding foreclosure.

      Unfortunately, the family home, the long time "safe" asset is no longer there to provide a home equity line of credit or sell off and use the proceeds for immediate financial needs.

      There is usually a hardship that will set off the inability to keep up. For some there has been a shortage of work in the family, less hours or a job loss all together. Perhaps a divorce and now the big asset is not worth what it should be. What if your spouse became ill and not only is he not working. Now so many of us are upside down and owe more than our home is worth.  

      For many Homeowners it does not seem fair. Please understand... you are not alone in this struggle. There are hundreds of thousands American Homeowners in the same situation. The good news is there are options you can look into.  

      My intention find out what options you MAY have and post it here for you.  

      The first step could be finding out if your loan can be modified in some way.  

      If that is not a viable solution, You can explore the possibility of a short sale. This is not nearly as bad as a foreclosure and you will be able to buy a home much sooner than if you go straight to foreclosure.  

      Some banks are starting to get the big picture and are working with homeowners. Each bank is different and they are changing internal policies almost daily.  

      There are investment groups that will buy your home and work with the bank at no cost to you.  

      You may find that you will try various things and still end up in foreclosure. At least if that happens you know you will have given your very best effort to avoid it.
      Together we can outline a plan of action and help each other.
      If you know someone that has a question about this please post it



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        • 0 votes vote up vote up

          Cindyjo wrote Sep 30, 2008
        • If you think you may be heading for foreclosure it is well worth your effort to try to do a short sale.  Be sure to get in touch with a qualified Realtor to help you with this.  A Short Sale will still affect your credit but not as badly as a Foreclosure or Deed in Lieu of Foreclosure.  Sometimes you can get a "paid as agreed" letter from the lender as part of the short sale negotiation.  

          The real advantage to a short sale is your ability to purchase another home sooner.  With a Short Sale you can generally purchase another home in about two years.  With a Foreclosure it is at least five years.  Be sure to consult an accountant because there are tax consequences with both a short sale and a foreclosure.  There are also certain situations where the debt may not be discharged.    

          I am here to help.  For information on help in your area, please contact me at:  

          Cindy Robinson, Short Sale Specialist
          & Certified Negotiation Expert
          High Profile Realty
          Scottsdale, Arizona

          480-338-9978
          [Link Removed]


          Cindyjo, Your links have been removed, please consider upgrading to premium membership.



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        • 0 votes vote up vote up

          Maria Louise Van Deuson wrote Oct 3, 2008
        • We own 5 houses (4 are investment properties) and tried to sell them all recently for what we owe with no luck. We are just tired of being a landlord, and deadbeat tenants who stiff us, have to go to court to evict them etc. We have now rented 3 of them below the mortgage payment amount! We are both looking for work.

          I own 1 of the houses, and will be meeting a short-sale expert next week. I have perfect credit and have never even had a 30 day late! I owe more on my house than it’s worth (the story of many where I live). I can’t get a tenant to pay enough to cover the mortgage payment, the economy sucks and all of our savings is now gone...

          My husband owns 4 of the houses, and spoke to the mortgage holder (same company on all 4) and they have allowed him to stop paying his mortgage until January!!!!!!!!!

          Many, many, many institutions WILL work with you to try and save you from foreclosure.

          Call your mortgage company and try to work it out.



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        • 0 votes vote up vote up

          Rosie1966 wrote Oct 4, 2008
        • The Federal Housing Administration now offers an FHA Secure loan which is geared specifically for homeowners who have an Adjustable Rate Morgage (ARM) on their primary residence that is adjusting and causing the payment to go up beyond what the homeowner can pay. I’m surprised how many people don’t know about this program, and how few lenders offer it.  You can go to www.FHA.gov to find out more about this program or ask me I’d be happy to help you.  

          Rosemary Kendall
          Bank of America Mortgage
          Senior Mortgage Loan Officer
          253.671.4378
          www.rosemarykendall.com



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        • 0 votes vote up vote up

          Gloria Alice Dipiiro wrote Oct 6, 2008
        • Thank you so much Ladies for your wonderful info... This is great help for many. Any up dates on this please let us know

          Many blessings Georgia



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        • 0 votes vote up vote up

          Mztracy wrote Apr 23, 2009
        • As for the new plan! Only 2% of the country qualify at this time.

          It is only good for your first mortgage. You cannot refinance and add your 1st and second together if that puts you in the 80-100% ratio. ONLY for your first.

          We tried to combine our loans 2 days ago, and nope we do not quailify!! WTF!! We cannot even refi only our first with cash out to pay the 2nd. NOT in the rules of the plan.

          So, even though we have never been late on either loan through the same bank, we cannot refi as we are in the 90% range.  

          The guy on the phone said they are hoping for ‘new rules’ soon to be able to help out people like us that are doing ok, but on the edge thanks to lowering home values. And for people with good vredit, who want to keep it that way!!

          Again, he and another bank I called, said the same thing!!

          Chase and WFB ohhhh



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