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Jess, Home Seller in kissimee

how can avoid foreclusure on my home?

Asked by Jess, kissimee Sun Nov 25, 2007

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5
Jess -
You should take a look at this previous post - http://www.trulia.com/voices/Financing/My_mortgage_adjusted_…

Christopher in particular has some great answers.
In short, contact your mortgage company first thing tomorrow and talk to a "higher up" there.
If need be, you can ask for the loss mitigation department.

Good luck to you!
Web Reference: http://www.leeadkins.net
0 votes Thank Flag Link Mon Nov 26, 2007
The best advice I can give you is to talk to an attorney, dont' wait, do it now, Forecloures are coming up in a week and a half. If you can't save the home, you may be able to do a "Deed in Lieu of foreclosure".
I'm sorry for your situation, and I hope everything will go well for you.
0 votes Thank Flag Link Sun Nov 25, 2007
Jess....

Keep your payments current. If you are falling behind please contact your lender to work out a payment plan or renegotiate with them. Selling could be another option if you have equity. If there is no equity maybe a short sale. Here is a link to avoiding foreclosure. http://hud.gov/foreclosure/index.cfm

Good luck
Web Reference: http://pamwinterbauer.com
0 votes Thank Flag Link Sun Nov 25, 2007
Pam Winterba…, Real Estate Pro in San Ramon, CA
MVP'08
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Hi Jess:

I read your other questions and I am so sorry for your situation. Sounds to me that you are trying to negotiate with your lender, but you are not able to refinance (did your property value fall?) and the rate is going to adjust soon?

Here is a link to HUD on how to avoid foreclosure,

http://www.hud.gov/foreclosure/index.cfm

Link to loss mitigation http://www.fha.gov/foreclosure/index.cfm

Link to FHA Secure program http://www.fha.gov/about/fhasfact.cfm

Some of your options are renegotiate the loan with the lender (however, this can be difficult if you have a teaser rate, the rate adjusts, housing value goes down due to the market or negative amortization, etc), get a second job, rent out part of your house to help with the payment, ask for personal loan (but how long will that last?), arrange for a short sale before foreclosure kicks in, etc.

Be sure to consult with a tax attorney, and real estate agent that's familiar with short sale. Does not sound like you have a lot of options nor time.

Good luck!
Sylvia
0 votes Thank Flag Link Sun Nov 25, 2007
Sylvia Barry,…, Real Estate Pro in Novato, CA
MVP'08
Contact
It may not be possible. I don't know your situation ,but If you contact your mortgage company and let them know your situation and that your home is on the market they should work with you . They would rather see you either find a way to keep your home or sell it than have to forclose on it. That is expensive for them.
0 votes Thank Flag Link Sun Nov 25, 2007
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