Lisbeth.reye…, Home Buyer in New York, NY

Foreclosure on 2nd house in NC. What are my options? What can I do? Other house where we live is in NY and I fear they will take it away.

Asked by Lisbeth.reyes90, New York, NY Sun Dec 30, 2012

We had relatives living in the house in NC but they could not pay the rent and now my credit is getting worse and we have only 15 days to pay off a large portion of it.

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Answers

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What exactly is a forebearance agreement? What exactly would that do if the house is already in foreclosure? We are making payments on time for the house in NY. The house in NC is already in the department of Foreclosure and we have received notices from the lawyers. The problem is the tenants living the house are unable to pay and we had asked for lower interest rates. However during this process the house was sent to the foreclosure dept. Could the option of short sale still be an available if we are able to delay foreclosure? Thank you so much for your answers Scott and Tim.
0 votes Thank Flag Link Sun Dec 30, 2012
Scott, NC is a non-recourse state so I am not sure the lender can come after an owner after foreclosure with a lien.
0 votes Thank Flag Link Sun Dec 30, 2012
Where it is a rental your options are limited as if it was your principal residence. You should start buy calling your bank, ask for the home retention department, NOT collections and ask what they can do to help. Ask about a forebearance agreement which could hold off foreclsoure, your other choice is to sell it and if you owe more than it is worth ask about a short sale. As far as your home, they can not just take it if that mortgage is up to date. they can place a lien on it though for any balance after a foreclosure on the NC home.
0 votes Thank Flag Link Sun Dec 30, 2012
We don't have much information to go on. Asking the lender for an extension might offset the foreclosure process, but to what end? Are you making payments on the NY home? If so you should be ok there.
0 votes Thank Flag Link Sun Dec 30, 2012
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