Pete, Home Owner in 23453

I am a retired Navy vet and I am facing immediate forclosure by my second mortgage co. are there any programs that will help?

Asked by Pete, 23453 Sun Nov 20, 2011

The sale date is Nov.25 I was out of town helping to get my mother on hospice of all things when the notice arrived. now I only have a week to stop this. Does anyone know where a vet can get a loan to pay the back due amount or should I concider bankrupcy just to keep my home.

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Answers

7
Hi Pete,

As mentioned in responses below, get an attorney to work on your behalf. Banks speak the language of money and security against financial risk. The banks usually just want their money, a good explanation of why you're behind on payments, and a promise to make timely payments moving forward. The bank may allow you to re-instate the loan by paying back payments, late penalties and interest, and pre-foreclosure expenses. This way you can keep your house--if that's what you want.

Also, banks will usually respond favorably to requests to put a hold on the foreclosure if you initiate a short-sale process with the bank's loss-mitigation department. Among other things, this will require the home listed for sale on the Multiple Listing Service (MLS).

Bankruptcy may be another alternative for you to consider, which is often more favorable than a foreclosure and potential judgement on your credit profile.

Call an attorney to review your options and call me if he recommends a short sale. I have plenty experience getting short-sale homes sold with minimal hassle to you while you find a new place to live.

Feel free to call me any time with real estate questions or service requests. My mobile number is 757-268-5123. You may also click on the link below to review my profile and professional services.

All the best, Joe McAvoy
0 votes Thank Flag Link Mon Nov 21, 2011
Pete,

I am a retired Navy Veteran and I agree with the others about calling an attorney first thing Monday. Also each Mortgage Company should have a VA negotiator; if not you can call the regional office for help. When you deal with your lender you must ask for the loss mitigation department vice collections. Also VA is a deed of Trust state. If you have your trustees information that would tell excatly when the sell will take place. Call the attorney first though.
0 votes Thank Flag Link Sun Nov 20, 2011
If you can qualify for a bankruptcy, you should give it a try, to stall the process while you figure this out.

For them to be foreclosing, you must be fairly far behind. Regardless, if you would like a "no obligation"
Q&A with me and my (star negotiator) partner, give us a call and we'll set up a time to meet to review all your options.

Best of luck with whatever you choose to do.

http://www.757mortgageblues.com

Glenn Russell, Broker
Coastal Group, Inc. Realtors
4634 Haygood Road
Virginia Beach, VA 23455
Cell: 757 - 641-7400
Ph: 757 - 233-9595 ext. 4
Fax: 757 - 233-9696
mailto:Glenn.Russell@verizon.Net
http://GlennRussell.com
Web Reference: http://757mortgageblues.com
0 votes Thank Flag Link Sun Nov 20, 2011
I know you are stressed. As from your earlier question, contact me and I will get you connected with my attorney and we can see if they will stop and allow us to do a short sale. It is worth a shot.

Kevin Monette
757-735-2628
0 votes Thank Flag Link Sun Nov 20, 2011
Hi Pete, I saw your other post and that agent's suggestion to try a lawyer. So sorry it has gotten to this late stage for you. Getting a loan, if secured by your house, depends on whether you have the equity to do that. Few people these days do have equity. Plus if you have been missing payments, any bank would be reluctant to lend more. Your best bet would be a loan modification, but processing those are lengthy and uncertain.
But to gain more time you MIGHT consider contacting your local rep and asking for their help, while you do look into a loan modification with your mortgagee. I am attaching a website where you can find your local elected officials, plus you can try calling senators for VA, too. Best of luck, KK German, Wainwright Real Estate
0 votes Thank Flag Link Sun Nov 20, 2011
Have you tried contacting the 2nd Lienholder and negotiating with them?

If you are behind on your 2nd, but not your 1st; you should be able to swing this.

Good luck and may God bless
0 votes Thank Flag Link Sun Nov 20, 2011
Pete;
Call an attorney first thing Monday morning. He/She can advise you on what you need to do to stop the sale. Don't delay!! If you need a referral to a real estate attorney you can call me at 343-9095 or email me at pamelahunt@williamewood.com

Pamela Hunt
Realtor, Licensed in Virginia
Short Sale and Foreclosure Resource
William E. Wood & Associates
0 votes Thank Flag Link Sun Nov 20, 2011
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