If you're asking, "How can I delay my foreclosure?" you should watch this video.
In 1,700 bankruptcy cases that deal with foreclosure the bank can't produce the note. Legally, they should be able to prove to the court that you owe them money on your house.
According to fox news, some people have stalled the foreclosure process for a few weeks to several months---Helping buy you time to negotiate a lower payment plan with your bank.
Showing posts with label Short Sale. Show all posts
Showing posts with label Short Sale. Show all posts
Tuesday, November 24, 2009
Thursday, February 26, 2009
Stop Foreclosure--Consider a Short Sale
If you have fallen behind in your mortgage payments and the bank has started the foreclosure process---do something about it.
One option to consider is asking the bank about possibility of a Short Sale on your home.
Suppose that you purchased a $320,000 house in 2007 and got a $280,000 mortgage on the property. There's a chance that real-estate prices in some areas (California, Florida, Nevada, Arizona) have dropped by more than 25%---That means your house is now worth only $240,000. Even if you have made a years worth of mortgage payments, you still owe ~$280,000 on your house that is only worth $240,000!
Call up the bank, ask to speak to the loss mitigation department (This works best if you're a few months behind in your mortgage payments), explain to the loss mitigation department your financial difficulties, and ask to get their OK to pursue a short-sale. This means that the bank will let you find a buyer in the marketplace who will buy the house for a value less than the outstanding mortgage balance. (Say $225,000 in our example).
This means, (1) you don't get foreclosed on (2) The bank doesn't want to own properties--they want to own loans that are paying off---The bank is better off b/c they never take possession of the property (3) The new home buyer is happy b/c they get a home at a fair price.
Call up your bank---Ask for a Short Sale
One option to consider is asking the bank about possibility of a Short Sale on your home.
Suppose that you purchased a $320,000 house in 2007 and got a $280,000 mortgage on the property. There's a chance that real-estate prices in some areas (California, Florida, Nevada, Arizona) have dropped by more than 25%---That means your house is now worth only $240,000. Even if you have made a years worth of mortgage payments, you still owe ~$280,000 on your house that is only worth $240,000!
Call up the bank, ask to speak to the loss mitigation department (This works best if you're a few months behind in your mortgage payments), explain to the loss mitigation department your financial difficulties, and ask to get their OK to pursue a short-sale. This means that the bank will let you find a buyer in the marketplace who will buy the house for a value less than the outstanding mortgage balance. (Say $225,000 in our example).
This means, (1) you don't get foreclosed on (2) The bank doesn't want to own properties--they want to own loans that are paying off---The bank is better off b/c they never take possession of the property (3) The new home buyer is happy b/c they get a home at a fair price.
Call up your bank---Ask for a Short Sale
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