Foreclosure in Daytona Beach>Question Details

Timothy Moore, Both Buyer and Seller in Daytona Beach, FL

I have a mortgage and home equity loan on my home and can not afford to pay them due to circumstances . We

Asked by Timothy Moore, Daytona Beach, FL Wed Aug 13, 2008

are 3 months behind and feel like we are drowning Help

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8
Another alternative to a short sale would be a short refinance, in which the lenders accept a reduced pay off in favor of a new loan provided by a new lender.

Additionally, FHA has two programs geared towards foreclosure bailout and upside-down home owners.
2 votes Thank Flag Link Wed Aug 13, 2008
I would suggest calling your lender to see if you can work out a solution with them. Most companies would rather work with you than see you face foreclosure or a short sale. If that does not work you may want to contact a real estate agent and discuss short sales with them. Being that you are 3 months behind, more than likely you would qualify.
1 vote Thank Flag Link Wed Aug 13, 2008
Hey Mark, I see that you think only the person who asks the question, reads these posts. Let me explain what it means to search for similar issues that you might be interested in.

Try it sometime. It will save you alot of time and typing. get it?
0 votes Thank Flag Link Wed Feb 24, 2010
Hey, Charlie, I see you are new to this. Did you note that this question is a year and a half old now? Always check the date asked first.
0 votes Thank Flag Link Tue Feb 9, 2010
You need to negotiate a short sale. If the bank won't let you, then just stop paying and wait for the foreclosure process. The bank took on risks when they loaned you the money. Those risks have come to bite them. its part of business I wouldn't feel bad about.. As you should try to live within your means and find a smaller place. You will be able to buy a house again when the prices stabilize.
0 votes Thank Flag Link Tue Feb 9, 2010
I'll join the consensus and reccomend that you discuss this matter with the lenders. There are loads of people in similar situations and there is a way out. A "short-sale" may be the answer or a loan modification plan could work out also. Most lenders will help you find a solution.
0 votes Thank Flag Link Wed Aug 13, 2008
I suggest speaking with your lender first and see what they offer that could possibly keep you in your house. If you need to sell, I BUY REAL ESTATE and specialize in Short Sales. My company will contact your lender and handle all the negotiations and the actual purchase. If you decide to short sale, my company will be more than happy to assist you. Feel free to contact me anytime if you would like to get more information.

Best Wishes,

Will Robles
888.605.9190 ext. 1
will@firstcasasolutions.com
0 votes Thank Flag Link Wed Aug 13, 2008
Timothy,

Have you been in touch with your mortgage company? Many companies have instituted programs to help home owners get back on track by taking the payments that are in arrears and tacking them to the back end of the mortgage and basically allowing you to start with a clean slate.

Your other option is to prepare to faciliate what's called a short sale. You will need to contact your mortgage holders and advise them of your circumstances. They will require hardship information and financials to facilitate the bank's acceptance of your claim that you can't pay the loan(s) and your desire to complete a short sale.

If you choose that route, be sure to work with a professional who has experience in that area. It's important to work with someone who knows how to deal with the mortgage company and can market and price your property properly to get the sale accomplished.

I specialize in the greater Daytona area and do have experience in this area. I'd be happy to help you through this process and/or answer any questions you have.

You can reach me at 386-871-3185 or via email at RealtorCaryn@aol.com or Caryn@CarynCares.com.

Best of luck and know you're not alone in your circumstances.

Caryn
0 votes Thank Flag Link Wed Aug 13, 2008
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