Foreclosure in 20874>Question Details

Hans, Other/Just Looking in Washington, DC

If an owner in MD already default about 3 months without make a mortgage payment, and lender already filed

Asked by Hans, Washington, DC Thu Apr 10, 2008

for foreclosure.
what could stop the lender to continue with the process.

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Answers

5
You can negotiate through the existing home owner through a Short Sales or directly with the lender. Either way the lender is happy to get an offer.
1 vote Thank Flag Link Fri Aug 22, 2008
Hans:
Most banks are willing to negotaiate with you and do a loan modification if they see you have interest in keeping your home.
Contact them and they should help you.
The attorney's, when they get involved. . will only follow orders from the bank.. .essentially a foreclosure can be stopped until the last moment

Hope this helps
0 votes Thank Flag Link Fri Aug 22, 2008
Hans, different banks have different approach and guidelines to stop their process. However, is best to get advice from your own bank, or contact the Attorney who is handling this case and negotiate a solution.

Banks will do anything to avoid foreclosures! It will cost them approx. 15% to go to process. Therefore, you always can negotiate and you do not find out, unit you try!

R,

Reza
Web Reference: http://www.20878Homes.com
0 votes Thank Flag Link Mon Apr 14, 2008
The most important thing to do is to communicate with the lender. I found some great information for you. Go to the favorite links page of my website. It will take you to the Maryland Bar Association site. Good luck. Have you tried to sell your house via a short sale? You can also find information of short sales on my site.
0 votes Thank Flag Link Thu Apr 10, 2008
Several things: After the borrower contacts the lender, the lender may be willing to work out some restructuring of your mortgage. However, the borrower should contact the lender as soon as possible. Waiting three months is way too long.

Selling the property. If there's equity in the property, and you can price the property at or below market value, you should be able to sell. If there's substantial equity in the property, you can sell to an investor, who typically will be able to buy in 10 days or less. (Note: If you're within 20 days of foreclosure, that last one does not apply. Instead, you'd have to contact a foreclosure consultant--which you really should do anyway--and the foreclosure consultant will provide the names of some investors who might purchase the property.)

I'm not a lawyer--so check with a lawyer--but I believe that filing for bankruptcy can delay foreclosure. However, if you fail to comply with the payment terms of the bankruptcy, that opens up your home to foreclosure again.

Hope that helps.
0 votes Thank Flag Link Thu Apr 10, 2008
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
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