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Asked by Sdbiggun, San Diego, CA Tue Sep 21, 2010

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Daniel Di Ma…, Agent, Chula Vista, CA
Tue Sep 21, 2010
Hey there,
I think a little more info is needed to figure out if you can in fact keep the home.
I wonder, did your lender tell you no work out was available?
If so, then there is little you can do to keep your home unless you can get your loan current.
Otherwise I suggest a deed in lieu or a short sale so you avoid foreclosure.
No need to make a bad situation worse.

Let me know if I can help you in any way.

Daniel Di Matteo
CENTURY 21 Award
Web Reference:
1 vote
Cory La Scala, Agent, San Diego, CA
Tue Sep 21, 2010
So much depends on what your monthly mortgage payments are, how much you owe your lender, if you have equity in your home, and the reason for non-payment. If you have a financial hardship, and can no longer pay the mortgage at all, you can do a short sale.

If you rent out some of the rooms, will you be able to make your mortgage payments?

You may have no choice but to do a short sale.

Good luck to you, let me know if I can be of any help to you.
0 votes
Tony Savage, , San Diego, CA
Tue Sep 21, 2010
Unfortunately your options are limited. You can either bring your mortgage current and keep it current or pursue a short sale. Your credit will not be hit as hard as it would if the bank foreclose on your home.

At this stage of the game renting out a room will not provide you with the funds you need to bring your mortgage current. look into the HAFA program, you will be able to stay in your home a bit longer and you will receive some cash once the transaction is complete.
0 votes
David, , La Jolla, CA
Tue Sep 21, 2010
are you asking if you can contunue to stay without paying or are you seeking to start paying again under a new loan?

I think its a fair question to ask.

I can also have someone buy the property from you.. save your credit and then start a lease with an option to buy. Here is the kicker... you miss 1 payment and you are out.

With not paying 19 months worth of payments, everyone will expect you to come up with a down payment. If you are not able to, it will be a tough sell to anyone who is willing to talk to you even a future landlord.

So even if you just saved $500/mo for 19 months, you would have at least enough for a small down.

Call my boy, Mark Schwartz for a free consulation on the HAFA or other creative solutions. 858-414-4602
Web Reference:
0 votes
Joey Rennick, , 91941
Tue Sep 21, 2010

If you want to permantly keep your home, then your options include:
* pay to get current on your mortgage, then continue with monthly payments
* Keep trying to find a reputable company to help modify your mortgage to a lower monthly payment that you can afford - even though you've already been rejected you can still keep trying!
* If it applies to you, then I like the suggestion below to rent out any extra rooms that you may have. Anything to increase your income.

To permanently keep ownership of your home, those are the only options that I know of.

If you cannot afford to do either option, then you could still buy yourself considerably more time buy taking control of the situation and doing a short sale. This is so much better than sitting around waiting for the bank to evict you. The new HAFA program will pay you up to $3,000 to short sale your home if you qualify, and it sounds like you do.

It's a long shot - but it is possible to find someone who will purchase your property through a short sale and then rent it back to you. While you would not retain ownership, you could still live there and rent.

Please email or call if you have more questions.

Joe Rennick
Whissel Realty
DRE Lic #01871454
0 votes
Neil Fjelles…, Other Pro, San Diego, CA
Tue Sep 21, 2010
If you need to be considered for the rental of another home please let us help. We are the most experienced property management company in San Diego. We have two offices exclusively serving the property management needs of independent rental owners, real estate investors and providing quality rental housing alternatives in over 60 San Diego area neighborhoods. Call now 619-286-7600 or 858-487-4004.
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0 votes
Brandon Long, Agent, San Diego, CA
Tue Sep 21, 2010
Please feel free to give me a call 619-990-3179 (Brandon Long).

I have some methods that could work for you.
0 votes
Joan Wilson, Agent, San Diego, CA
Tue Sep 21, 2010
If you can not do a workout with the lender, there is little you can do to keep your home, unless you can bring your mortgage current. Have you thought about renting out some of the bedrooms for awhile?

I would prepare for the worst and hope for the best. Which mortgage company are you working with? Keep asking for their help, and start paying what you can. I have known banks to change their minds.

Good luck!
Let me know if I can help you in any way!

Joan Wilson (Realtor, SRES, Ecobroker, Certified REO, HAFA, and Short Sale Specialist)

California Cool 4 Sale
Prudential California Realty
Direct Phone: 760-757-3468
800-975-7481 x 111
Fax: 760-946-7894
License # 01341483

Know Your Rights Home Affordable Foreclosure Alternatives (HAFA) Program

Co-author of “Should I Short Sale My Home?” Advice on what options are available.
Web Reference:  http://HAFAHAMP.NET
0 votes
Aubree Willi…, Agent, San Diego, CA
Tue Sep 21, 2010
Hey Sdbiggun, who is the bank? Were you declined because you have no income or because you make too much for them to modify you?

If not enough income, can you get somebody in there to help pay the rent? If you have other people in the household that are paying towards the mortgage, even if they aren't on the loan, they will use their income to qualify (like kids or a spouse or even a family member...). Or can you possibly rent out a couple of the rooms to get extra income, and then the lender may work out some type of temporary modification where you are basically caught up and they add the late payments to the balance.

You haven't provided enough info though to really help diagnose the problem or find the solution...if you're not comfortable putting all of those personal details on open internet, you can email me and I'll see what possible solutions you might have...

A greally great website to check out would be (it's not my website)- they have loan modification packets to help see if you even qualify. They're not free, but they're not expensive either. You can at least get a free consultation with them.

Aubree Kerrouch
Web Reference:
0 votes
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