I feel for you, and I am sorry about your situation. If foreclosure proceedings have *not* begun, then contact your lender right now â€“ immediately â€“ today - and talk to them about possibly moving the past 3-4 months mortgage payments (or however far youâ€™re behind in payments) to the end of your mortgage. The lender doesnâ€™t want your home â€“ they want you to keep it and in todayâ€™s market, they are very willing to work with you. Bascially, you want to ask them for a â€œmortgage modification.â€
However, if youâ€™ve been receiving letters of intent to foreclosure over several months, and youâ€™ve been ignoring those letters out of fear, then your next step really depends on what stage the foreclosure proceedings are at. You should still contact your lender, but they may tell you to contact the attorney thatâ€™s handling the foreclosure.
Iâ€™m curious to know at what stage of foreclosure are you at but in the meantime, call your lender right now!
Frank Biganski, Realtor ABR
I am a property analyst, I dont think you should have to refinance or go into more debt, you should be saving money and keep your mortgage
give me a call 972 360 7687 Carissa, if you want to lower your rate we can negotiate for you for free and see what services to provide, just in case call me or check out our website crescendomodgroup.com
and talk to someone NOT just trying to make money, who understands
and keep your head up and do research, there are alot of options out there from the government, obama plan etc.
Helping people save their homes, one family at a time
Refinancing won't help (sorry Loan Officers), the only way to save your house it to get to the underlying root cause of why you are in foreclosure. The one exception to this is the ARM that has adjusted to an unafordable payment. In this case the problem that you are facing is that more than likely you owe more than the house is worth (but maybe not) and your credit is pretty well trashed from the late payments. The chances of refinancing out of this are slim to none. The sobering truth may be that you need to sell to save what little equity you have left - if you have any.
If you are there because you bought a house you can't afford, there will be nothing that you can do except to postpone the pain. My advice is to sell now and get out from under the pressure.
Failing those scenarios, there might be hope for you. To save yourself you will need to get to the bottom of the things. Work on cutting your budget as tight as you can. Eating out, cable and other items are luxuries and should be the first to go. After that I would look at your car payments, cars are too often a status symbol. If you have car payments sell the cars and get yourself some cheap garage sale type cars. I would rather sell a car at a $2,000-$3,000K loss and make those payments (talk to the bank who holds the loan about an unsecured loan on the car) and drive a crappy car than lose the house. If after doing all of this you still don't have enough to make ends meet, you have an income crisis. Time to start talking about you and/or your husband taking on additional work.
Do yourself a favor and go to your local library and check out a copy of a book called "The Total Money Makeover" by Dave Ramsey, or if you can't get it there you can always buy it at:
Best of luck and feel free to post back to the forumn if you need any clarifications.
I like Joel's answer. It sounds like good advice from someone who has been through something similar. Obviously you are in need of money. If the bank did work with you, you still must focus on how to make your payments on time in the future. If your home were a large home, you might find someone to move in and help you with the payment. Refinance might be a stretch and would require money to pursuade the bank to give you a new loan under new terms. Once a homeowner is in the foreclosure quicksand it is very difficult to climb out (with this property). Consider your options and what might make things easier on the family. Contact a local realtor who can assist you with getting some some answers about foreclosures and information on short sales. Good Luck.
Wishing u the very best .. Joe