Foreclosure in 87105>Question Details

Bj, Home Buyer in Albuquerque, NM

we have a small business that has suffered during the past year. It has been difficult to show stability in

Asked by Bj, Albuquerque, NM Wed Jan 28, 2009

our income. We owe close to $6,000. in past due payments. we do have some equity in the home. Is it possible to save our home?

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David Stafford’s answer
It is usually possible, but depends on a number of variables. How many months behind are you? It typically takes about 4 to 6 mos for the foreclosure process in NM, though that depends on the aggressiveness of your lender. Have you received a notice of lis pendens? That will be your first formal public notice that they are proceeding with foreclosure. The most important thing you can do is open a dialogue with your lender. Do not stick your head in the sand and hope it will go away. It varies from lender to lender, but many are willing to modify loans now - negotiate new and better terms for your loan. Alternatively, if you are willing to sell, many lenders are willing to take the proceeds from a legitimate sale (lenders almost always require real estate broker involvement) as full satisfaction, even if it is less than what is still owed. How long have you owned your house? If more than 4 years, you likely have some equity and may be able to sell and even make enough money help find a new place for you and your family. In either sale case, you need to price aggressively to sell quickly. If a notice of lis pendens has been recorded, you have likely received a large number of letters from investors. Some of these can actually help, but you must be very careful of these options as there are a number of scams out there and, regrettably, many unscrupulous "investors". Be extremely cautious and get professional help on your side if dealing with any of these folks. My answer is getting longwinded, but the most important thing I can say (again) is that you need to have frequent open communications with your lender to resolve this. You might also want to get an experienced local real estate professional involved as a consultant in order to help determine which of these options is best for you. Best of luck to you BJ!
0 votes Thank Flag Link Wed Jan 28, 2009
The first thing you need to be doing is staying in contact with your lender. There are lenders who are working with home owners in order to keep your home. The main thing is keeping in contact with them and letting you know your situation. Have you asked your lender if they would approve a short sale, where the lender would accept less than what you owe? If so, you can sell it before it goes into foreclosure. The banks do not want the home. They would rather take a small loss than a greater loss which a foreclosure may cause. Email me if you have any more questions.
0 votes Thank Flag Link Wed Jan 28, 2009
Contact your lender determine what you can do working in concert with them save your home. Many lenders are kind off these circumstance truly dont want a foreclosure. Start now before its to late.
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0 votes Thank Flag Link Wed Jan 28, 2009
Dear Bj
I suggest you call your lein holder. They are trying to work with borrowers lately. On the other hand, if you don't talk to them, you will lose your home.
Web Reference: http://www.GildaBaxter.com
0 votes Thank Flag Link Wed Jan 28, 2009
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