We bought a house 23 yrs ago 7yrs left on payment value was 74k today valued at 48k bank will not work with me no equity on the house they want to

Asked by Syrus, Dallas, TX Mon Dec 21, 2009

forclose on me can I save the house? any fogiveness plan? can i go to court, I had to move from the house for personal resoan and rent the house.

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Becky Carr, , Dallas County, TX
Wed Jul 28, 2010
It would be a shame to lose a house that only has 7 years left on the loan. My advice would be to NOT LET THIS HAPPEN no matter what you have to do to stop it....Get an extra job, sacrifice other bills just so that you can get this loan paid. A mortgage company in this economy will not foreclose on your home with one or two payments behind (generally speaking). But if you get 3 behind, you are in danger and will receive the dreaded default letter telling you that they must have a certain amount of money by a certain date or else they will start foreclosure proceedings. IF you pay JUST ONE of the payments owed, it will stop this process until you are 3 payments behind again. But what you don't want to do is to go beyond the 3 month limit. Once you are 3 months behind AND owe the 4th month, you are in real trouble that will be hard to recover from before they foreclose.

If you want to keep the house, pay the past-due payments and try to get it current if possible...even if it's by paying a payment now and another one in 2 weeks, etc. Don't lose your house when it's so close to being paid. BUT, if you want to sell and get out from under it and you don't mind a credit score hit for 3 years, you can do a short sale by listing with a good REALTOR who knows how to market and work a short sale. The debt can be recorded as "settled" rather than a FORECLOSURE and you will be free of the debt.

I am certified foreclosure and short sale resource and affordable housing specialist and I can help you with this short sale. If you are interested, please contact me at beckyc@coldwellbanker.com or 214-918-1686 and I will be happy to go over the details with you.


Becky Carr
Coldwell Banker APEX
0 votes
Shirley Shep…, Agent, Dallas, TX
Mon Mar 15, 2010
It depends on the lender and the current balance of the home.
There are new short sell rules that would be helpful to you-- you may reach me at shirleyshepherd@kw.com and I will be glad to explain all of this to youl]
Good luck
0 votes
Rebekah Owen,…, Agent, San Jose, CA
Fri Jan 29, 2010

Where's the house and why are you in default?

To do a loan mod you need to be in it.

Not sure what you are trying to "save" if you don't live in it and you don't have equity and you're not making payments.

You may be able to work out a short sale with the bank but I'd need more information and also the reason why your in default and the reason the bank gave for not " working with you".


Rebekah Owen, MBA
Managing Broker
650-492-5958 214-257-0193
CA#00994952. TX#0555675

Skype Me at:Rebekah_o
0 votes
Ronda Allen, Agent, Plano, TX
Thu Jan 28, 2010
The only reason the bank would want to foreclose on you is if you have quit making payments. You say it was rented. Were you not using the rent to pay the mortgage? Who valued the house at $48k? There appears to be more to this situation than we are privy to in your comments. Wish you would come out to trulia.com again and give a little more information, or call my office at 972-816-4369 and let's discuss confidentially. There are many people in the exact same boat, and depending on how far into the process you are, there may still be options open to you.

Have a blessed day!

Ronda Allen, Realtor and C.P.M.
CEO of comingsoonhomes.com
RE/MAX Dallas Suburbs
0 votes
Helen Karuba, Agent, Dallas, TX
Tue Dec 22, 2009
There are several issues to look at here, and every situation is different. Basically, in order to have a lender work with you on reducing or forgiving payments etc you need to show "hardship". That comes in many forms but sadly, loss of equity /market decline is not one of them. What would be included are things like illness, divorce, under-employment, no employment etc. And then, lenders will work with you on your primary residence. Since you have already moved out several years ago and are renting the house, it may be considered investment property now. Don't know just depends on your situaiton and your lender. At any rate, the place to start is a full discussion with your lender and an attorney to determine your alternatives and how each will affect you. Remember, they really do not want to take the home back. Having said that, the next issue is always how to pay an attorney!

So ... http://www.tdhca.state.tx.us/homeownership/foreclosure/ is great place to look for assistance. This is the Texas Department of Housing and Community Affairs. Their phone number is 1-888-995-HOPE (4673). They are a great resource for you.

Best of luck and feel free to call if I can be of any further assistance. You are NOT the only one in this sitation right now and there ARE RESOURCES for you. You just have to know where to look.

Helen Karuba
0 votes
Bruce Ericks…, Agent, Dallas, TX
Mon Dec 21, 2009
There are many different ways to approch your problem. What path to take will depend on your lender, the current status of your loan, and your willingness to work on the problem.

One place to start with your research would be http://www.makinghomeaffordable.com.

Becasue of your possible equity please watch out for scams. You are a perfect target for the unethical investors who will have a great solution for you.

If I can be of assistance please do not hesitate to call me.

Bruce Erickson
Cell 214-213-6382
0 votes
Janet Choate, , Dallas, TX
Mon Dec 21, 2009
Hello home seller, You have to get the bank to talk to you. Talk to a lender that has helped people with this situation. One that I know is Chris Choate with Diversified Loans. His contact info is cell: 817-505-6302 and email:, Chris@DiversifiedLoans.com
Thanks, Janet, Realtor 469-964-0371
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