my house is in foreclosure can i sill save my house

Asked by Judy, 11729 Thu Feb 3, 2011

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Bastytp2, Home Buyer, Deer Park, NY
Wed Jan 27, 2016
living in this house and thought we buying by the owners, but some change on the line.....there was change of power of an Anthony and the one in change stop paying the mortgage on the house and now is foreclosure.......We agree by the owners to fix the house and bye from them......we've spend close to $50.000.00 AND NOW THE HOUSE IS FORECLOSER.......PLS I TRULLY NEED YOUR HELP, HAS BEEN A NIGHTMARE DAY IN AND DAY OUT......HELPLESS ONE BENNETT
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Lizadiai, Home Buyer, Deer Park, NY
Tue Aug 18, 2015
The sooner you call your mortgage company or the Fannie Mae Mortgage Help Network, the more options that may be available to help you avoid foreclosure. Be sure to review all possible options so you can have an informed discussion with your mortgage company.
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Robbie Vaughn, Agent, Mineola, NY
Thu Feb 3, 2011
I quickly took the information from our site in an effort to help Judy out. However, your point is duly noted. Thanks!.
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Robin Silver…, Mortgage Broker Or Lender, Garden City, NY
Thu Feb 3, 2011
Robbie, that is good information you gave, but the promo at the end is against community guidelines.
Judy, I am sorry you are in this position. If you have money to make a payment, and it is just that the payment you are supposed to make is beyond your means because of any change of circumstances, you may be able to get the bank to agree to modify your loan and work something out. There are no lenders any more that do foreclosure bail-outs. You area is one of those that already has quite a number of foreclosed homes on the market, so there is nothing beneficial about your lender trying to add to the inventory if you can make them some kind of payment.
Good luck.
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Robbie Vaughn, Agent, Mineola, NY
Thu Feb 3, 2011
Avoiding Foreclosure and Foreclosure Rescue Scams

Gather records relating to your home:

* Purchase and sale agreement

* Mortgage application

* Closing documents

* Property tax bills

* Property insurance information

* Letters you receive from and copies of letters you mail to the bank


* Contact your mortgage servicer at the first sign of trouble

* Speak with your bank’s delinquent loan or loss mitigation specialist

* Explain your situation

* Ask for a mortgage workout package

* Keep a phone log that shows the date and time of your call, who you spoke to, the person’s phone number, and what was said

* Follow up your phone call with a letter and keep a copy for yourself

* Send all letters by certified mail and keep the receipt

Know your options

There are many ways the bank can help you if you fall behind on your mortgage. Which one you choose/need and what the bank allows will depend on your individual situation.

Reinstatement: You give the bank all of the back payments you owe and start making your regular monthly payment. With a partial reinstatement you pay at least one-half of the back-payments first and agree to a repayment plan for the rest of what you owe.

Repayment Plan: You make the regular mortgage payment plus an additional amount toward the back-payments until you are caught up (usually no longer than 12 months). If the bank sets up a repayment plan for you, make sure it is reasonable. Do not agree to a plan that will not work for you.

Forbearance: The bank agrees that for a limited period of time it will accept a lower monthly payment or no monthly payment. At the end of the forbearance agreement you must bring the account current.

Modification: The bank agrees to change one or more terms of the mortgage. Possible changes include: reducing the interest rate; extending the term of the mortgage; and adding the arrears to the unpaid principal balance of your loan.

Short Sale: The bank may let you sell the home even if you owe more than the property is worth and agree to accept the lesser amount as payment in full. You must have a buyer and a signed purchase and sale agreement. Anyone else who has a lien on the property and the private mortgage insurer, if there is one, must also agree to the short sale.

Refinance: You take out a new mortgage to pay off the old mortgage. Sometimes it makes sense to refinance. You should contact a legitimate lender and proceed carefully. Beware of large fees and high interest rates.

Deed in Lieu: You cannot afford to keep the home and you give the house back to the bank. Do not ask for a deed in lieu when you have equity in the property or when a short sale is possible. The bank will not accept a deed in lieu if there are other mortgages or liens on the property.

Bankruptcy- Such as Chapter 13: This is a type of “reorganization” used by individuals to pay all or a portion of their debts over a period of years using their current income. The most important thing about a chapter 13 case is that it may allow you to keep your home if you can make the payments which the bankruptcy law requires to be made to your creditors.

Consider talking to a lawyer:

* If you cannot reach a solution with your bank

* If you disagree with the amount the bank says you owe

* If you wish to consider filing bankruptcy

Foreclosures are public

* Foreclosure notices appear in newspapers and court records

* Some people may try to take advantage of you by offering a “quick fix”

* Carefully review offers to refinance or consolidate your credit card debts with your mortgage as this may make matters worse

* Scrutinize “deals” with high interest rates and large fees

* It may not be wise to agree to sell your home to someone who claims they will lease it back to you

* Talk to a lawyer before you sign anything!!

*The above statements are merely suggestions and are not intended as legal advice. You should contact an attorney for legal advice regarding your particular situation.

As always, The Long Island Law Firm of VAUGHN & WEBER, PLLC is here to assist you. We are conveniently located in the heart of Nassau County, Long Island, at 217 Willis Avenue in Mineola, NY. Contact us at (516) 858-2620 to arrange a FREE foreclosure defense consultation with one of our foreclosure attorneys. We are your foreclosure defense lawyers!

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Douglas Meyer, Agent, Brooklyn, NY
Thu Feb 3, 2011
Yes, you can contact your lender and work something out if you're able to make payments. Payments at this point would be: deliquent monthly payments as well as penalties and legal fees incurred by the lender. Make the call. It's worth investigating.
-Douglas B. Meyer, Realtor
Bergen Basin Realty
718 763-4110
Web Reference:
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., , Lake Elsinore, CA
Thu Feb 3, 2011
You can try to save it. You should call the bank and ask for a loan modification. If you can't save it, you should consider doing a short sale to protect your credit.

We are a professional short sale service. We would be happy to explain the process to you. Our services are FREE to homeowners. I look forward to hearing from you.
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Thomas McGiv…, Agent, Farmingville, NY
Thu Feb 3, 2011
Calling your bank to ask about a "loan modification" will only be effective if you understand the basic principles of dealing with your bank - when to call. who to speak with, etc.

also - having information about the numbers on your home - what to say and how to say it, etc.

calling an attorney you don't know - who's not recommended - will probably get you a big attorney fee and that will be for postponing the inevitable - bankruptcy and then foreclosure.

I suggest you do speak with an attorney - but FOR LEGAL matters only.

Getting some basic information is key - and it's free. Heck, you can google "avoid foreclosure" - i suggest you visit the site that shows up in your search.

knowing the "ins and outs" of the "streets" is what will help you make future decisions.
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Eli Givoni-S…, , Boca Raton, FL
Thu Feb 3, 2011
You can try to save it. You should call the bank and ask for a loan modification. If you can't save it, you should consider doing a short sale to protect your credit.

We are a professional short sale service. We would be happy to explain the process to you. Our services are FREE to homeowners. We look forward to hearing from you.

Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states
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Anna M Brocco, Agent, Williston Park, NY
Thu Feb 3, 2011
At this point it's in your best interest to consult with an attorney who specializes in real estate, he/she can best advise as it relates to your specific situation--accurate advise can protect you from future problems...if you need attorney recommmendations, feel free to contact me directly.
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Thomas McGiv…, Agent, Farmingville, NY
Thu Feb 3, 2011
This depends on many different factors. "Saving your home" may not be an option - but you've got to know what the options are.

Feel free to call me - (631)831-9048. I am a real estate agent who specializes in foreclosure avoidance.

visit the web link as well.

I am a "short sale" specialist which implies I can sell your home but I also can talk with you and get a feel for what your options are to keep your home.

I look forward to hearing from you.

If you want - you can email me as well

Or drop me a private message on facebook -
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Spirit Messi…, Agent, Tucson, AZ
Thu Feb 3, 2011
There are people who specialize in this, give them a call. I would go that route vs advice from a forms board on something that is so important. Have you spoken with the bank or whomever is foreclosing? Many times they will work with the owner.
Best of luck.
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