My house is in foreclosure. My credit has taken a huge hit. Initially the lender would not work with me,

Asked by Millie, Phoenix, AZ Wed Dec 17, 2008

but now a lender told me that they will re-do my loan. He says all I need is a 450 credit score, they appraise the house, the loan will be at 90% of the house value and that's it. I can't ever get a second on it, if I sell it before 7 years, they get all the equity, if after 7 years it's 50/50 split on the equity.

I asked an acquaintance of mine, who is a lender with Nova and she says she hasn't heard of this kind of loan.

I need to know asap since the new sale date is scheduled for 12/22/08.

Can you help me?

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Vicki Masell…, Agent, Duluth, GA
Wed Dec 17, 2008
If your home is already formally in foreclosure and due to go to auction on Dec 22nd, then your options are very limited this late in the game. Definitely seek advice from a real estate attorney.

It sounds as though you have attempted to speak with an alternative lender. Try speaking to a larger mortgage lender or bank to get another opinion of the terms of the refi you've been given. In addition to assisting our clients with short sales, we also help homeowners by getting their loan reinstated. Don't know if you have fully explored this option yet with your present loan servicer. If not, you really should try to do a loan modification/work-out with them first before attempting to refi with another company.
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Daniel, , Baton Rouge, LA
Wed Dec 17, 2008
they got you!

Congress should act to prevent this and thousands of loans like this.... Pure extortion!
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Scott Godzyk, Agent, Manchester, NH
Wed Dec 17, 2008
It doesnt sound like a very good offer, your best bet is to contact your current bank and ask for a loan modification or ask for a forebearance agreement. these are your best options to save your house. call your lender and ask for the home retention department. good luck with working things out and i wouldnt pay that other lender anything, could be nother scammer trying to take the last of your cash
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