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Foreclosure in Methuen : Real Estate Advice

  • All77
  • Local Info9
  • Home Buying21
  • Home Selling2
  • Market Conditions4

Activity 4
Fri Apr 8, 2016
Kpyxes asked:
Sun Nov 20, 2011
Dede Hanka answered:
If you want to stay in your home a sale lease back might be an option for you.
It’s a simple process. Complete a 3 page application
No upfront application fee. Home must be worth at least $200,000
If approved:
1. You will sell your home for what you owe. Then lease it back at a monthly payment 40-60% lower than your current mortgage payment. No need to move, stay in your home.
2. After the lease period ends, you can purchase your home at 90% of the current market value with owner financing!
Leave a message at 763-276-1338
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Wed Mar 31, 2010
Catherine Fiorello Aziz answered:
Hello, I forgot to add you may want to check the recent news about short refinancing - fyi.

Under the new Short Refinance program may qualify to lower your payments and keep your home. It does affect your credit, but I have information about rebuilding credit in less than 6 months if you want a read - let me know.

Here is a link for the DTI (debt to income) ratio info with a free calculator at the far bottom, though I have also attached it.

All the best,
... more
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Thu Oct 25, 2007
Jim Armstrong answered:
In Massachusetts you are looking at a minimum of around 4-5 months from your 1st missed payment until the bank auctions your home. In the meantime, contact the bank and see if you can work with them to keep your home. Banks do not want to foreclose on homes and most will do everything they can to avoid it (unless they think they are being lied to or taken advantage of - then watch out!). If the bank is unwilling to work with you, you may have to sell your home. Even if you owe more to the bank than it is currently worth in this market, you may still be able to get your bank to allow a "short sale". The bank will usually forgive the balance that you owe (though there may be some tax issues - talk with an accountant or tax attorney). You sound like a good canditate for a short sale - illness and job loss are compelling reason for a bank to allow it (gambling losses are not). It is usually better to let a third party handle the negotiations with the bank for you - either an attorney or a Realtor experience with short sales. You have an emotional tie with your home which can understandably interfer with the reality of the situation. Good luck. It is not an impossible situation you are in, just a tough one. ... more
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