Foreclosure in 60586>Question Details

valeriekinman, Home Owner in Plainfield, IL

any ideas to help me stay longer in this home to save money if i cant modify.?

Asked by valeriekinman, Plainfield, IL Wed Jan 2, 2013

Im now in foreclosure status, I have not been served yet I got a minimum wage job working 20 hours a week. close by. better than nothing. bad news my car broke down ad seling to junkyard so now i need a car. i sue my sons car for awhile we of america rep tells me no sale date yet. i went lawyer and he show me guidelines. get served go court and about 6 months minimum to go. I try buy time apply modification but need to work more hours. one step at a time. im sure in month or 2 i should be work over 32 hrs a week. the impression i get from boa rep is boa invester FHA will set a tentative date for sale of my home. then they take me to court and the court must approve it. im confused . as far as the broom clean at sale date fha loans only pay 1,000. the stove is mine, i bought it, not leaving it. the garbage stove when home new, broke after ab out 3 or 4 years so i bought a nice one. and no way im leaving it here. furnace work, hot water tank 50 gallons, replaced twice, ac

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Valerie, If you are not eligible for a HAMP modification then you are probably eligible for a short sale program. You would have to apply for the program and submit paperwork As long as you are working with the mortgage company and trying to sell the home, the foreclosure proceedings MAY be delayed. Many real estate agents claim to be "Short Sale" or "Foreclosure" experts, but only a few of us really have success in getting the deal done. Financially you are much better going through the short sale than allowing a foreclosure or deed in lieu. A short sale has much less impact on your credit score and will give you better chance in the future of getting another home loan. A foreclosure or deed-in-lieu will stay on your credit report for 7 years and you will always have to disclose that you were foreclosed on when you apply for a new mortgage. I would be glad to discuss the 10 different options you have when facing foreclosure with you face to face. I am local in the Plainfield area and can meet with you at your convenience. I can be reached at 815-791-7467
0 votes Thank Flag Link Mon Mar 25, 2013
I'm sorry to hear about your situation.

As John said, you may have equity and be able to sell your home prior to the foreclosure taking place. If you were not able to modify your mortgage you may qualify for a Short Sale.

I would recommend you contact an Agent to give you some ideas regarding your situation.

Good luck!
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0 votes Thank Flag Link Sat Jan 5, 2013
no equity, 167k due, bought for 140k put 20k down payment, i dont think i can sell for over 140 o 150. i need an office job, my life is a mess. workn 7 11 now minimum wage,
Flag Sat Jan 5, 2013
Do you have equity in the home? Could it be sold for more than what is owed? I would be happy to take a look at the home to give you an idea of value. I can also give you ideas of the time frame for foreclosure and how to extend the time line.
0 votes Thank Flag Link Wed Jan 2, 2013
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