Please Help!
I have been in bankruptcy for 2 years and I still owe about 20000.00. I have a mortgage on my home for about 116000.00 the house is appraised at 180000.00. We are 5 months behind on our mortgage and have been served default papers. What can we do? If we had the bankruptcy paid we could better afford to pay the mortgage. We got behind due to illness in the family and my husband losing his parttime job. Is there any one that will help us refianace or should we just give it back. I don't want to lose my home~
In the first place, don't ever give the house back to the bank. There are investors out there like US!! that will purchase your house, possibly get you some money, and keep a foreclosure off your credit. I don't know where you are located, but most any one of us can help you.
As far as refinancing, I don't know who would help if the income is not there to support the loan.
We would need more specifics about your situation. You can email me at **Please See My Profile**
A strategy worth pursuing is called a loan forbearance. The loss mitigation department of your mortgage company may make arrangements with you to pay some of the back payments now and the balance within a certain time period. A typical example – You owe $9,000 in back payments, attorneys’ fees, etc. Your mortgage company may accept $4,500 now and $750 per month for the next 6 months. Of course you would have to resume making your normal monthly payments. A loan modification is a permanent change to your mortgage that may lower your payments and the delinquent payments may be added to the mortgage balance. A loan modification or forbearance is easier to arrange prior to the mortgage company filing a foreclosure lawsuit. Some lenders will not consider this after filing, but it’s worth trying.
You have up to and including the morning of the auction to catch up your payments. Perhaps you could borrow from friends or family, credit cards or retirement program? You may be able to arrange a second mortgage to catch up the back payments and fees. Check in the Yellow Pages under "Mortgages". There are a number of companies listed that claim they can help in these situations
This is probably the most under utilized option available to you. The fact is selling your home will give you the most money in your pocket. The market is very active and we’ve all experienced significant appreciation in the past few years. Your home may be worth a lot more than you think!
If you have recently been served with a foreclosure lawsuit you still have enough time to sell your home which will provide you and your family the greatest amount of money to help provide a fresh start for you and your family.
Don’t procrastinate; explore all the options available to you. If saving your house seems unlikely, you should call me as soon as possible! Placing you home on the market a few weeks or a month from now may not give us enough time to find the buyer, arrange financing, and schedule the closing. Because of the time sensitive nature of your situation, this is not a time to go it alone as a "for sale by owner" or list your home with a friend or friend of a friend.
The ability to keep your mortgage company and their attorney fully informed of the progress of the sales transaction from beginning to end.
The negotiating skill necessary to arrange a postponement of the auction with a valid purchase agreement.
The ability to deal with your mortgage companies loss mitigation department to arrange a discount of your mortgage amount if necessary.
The ability to overcome objections if your home is in need of repairs or updating.
Selling your home will allow you to recapture the most equity in your home, in addition to saving your credit. Even if you are considering other options at this time, give me a call. I will be glad to give you a free market analysis of your home. Of course there’s no obligation and all information is strictly confidential.
You have probably been swarmed by investors calling you and knocking on your door. If not yet, you soon will be. A Word of Caution, some investors are very aggressive and unethical. Some investors will tell you that "You only have one or two weeks before the auction and your furniture and possessions will be placed on the sidewalk or street." This scare tactic is usually accompanied by a ridiculously low offer. The fact is you have several months before that could happen, but this is not a time to sit back and relax but for you to pursue one of the options available to you that makes the most sense for you and your family.
Don’t be rushed or scared into giving up your hard earned equity. If a quick sale of your home is your goal, talk with several reputable investors.
[ Edited by JohnMichael on Date 08/15/2004 ]
You should be talking to your banko atty - my guess is you need to convert your 13 to a chap 7 and get out of the debt that you are paying off. But you'll have to find a way to bring your home current before you convert.
It will cost you, but you should be able to make it happen if you get going right away and use the resources available to you: Your atty, and have him/her suggest a great loan broker to get you a refi loan.
Then all you have to do is look in the mirror and determine why you are in this position again, and why it will be different next time.
good luck,
steve
I am located in Bennettsville, SC. I want to try and save our home. I would like to refinance and include what we owe on bankruptcy. That would be about 138000.00. The house is appraised at $180,000.00. If we could find somebody to refinance I have thought about a balloon payment to try and get the payments as low as we can until we could get our credit straight and could get a better interest rate. Is this possible?
To Tyler 1991 -
The details you gave are too sketchy. My recommendation is to consult a bankruptcy attorney and see what best - chapter 7 or chapter 13. Chapter 7 is the elimination of consumer debt. Two years out of Chap 7 allows you to refinance into a low interest FHA mortgage.
Chapter 13 is a restructuring of debt payments including your mortgage. After being in chapter 13 and making timely payments allows you to refinance into a low interest FHA mortgage. You can email me to further clarification **Please See My Profile**
What I want to do is refinance our the mortgage we have now and include what we owe bankruptcy. The total amount we would have to refiance for is $138000.00. The house is valued at $180,000.00. If we could pay off our chapter 13 bankruptcy that would free up $600.00 a month. Is there anyone that would refinance this if we are in default and in bankruptcy?