How do i get loan on a forclosure on my house?
Sep.01, 2009 in
Bankruptcy
My husband was very ill this summer he was off work for 4 months so we got behind on his mortgage now they gave us 30 days or forclose and he has lived here for 17 years, how do we get a loan on our going to be forclose home? Im out of options and not only that he files bankruptcy a year ago..help
What is a HELOC? and we only have 30 days so we probably couldn’t sell or home in that amount of time.
September 1st, 2009 at 4:34 am
You will have on your credit report that you missed at least 2 maybe 3 months on your mortgage. This will make it sort of dificult to get a HELOC, though you may try. The interest rate will be sorta high because of your missing those months of not making your mortgaqe payments.
You might try getting a 2nd mortgage if you have sufficient equity that might help you bring your payments current as well as pay off some credit card balances you might want to pay off as well as put some funds in a reserve account.
The other option is to refinance the loan completely to find out if you qualify for a new mortage and pay off your existing mortgage. You could write a letter of explanation about why you were behind.
To see if you qualify for any of the above options you should contact a "mortgage broker" immediately. You will find several listed in your local telephone book.
There are several things you will have to prove, but get all the documentations he request, he will fill out a loan application, run a credit report after which he can tell you which of the above you are qualified for. Do this today. It takes approximately 2-3 weeks o apply for and get a loan approved as well as docs signed etc. You must remember how it went the last time you got a mortgage on your home.
All there of the above options will depend on the fact that the reason that you were unable to pay your mortgage is now over and done with. In other words you husband is no longer ill and is back at work, since it appears as if he is he primary wage earner.
The other option I have, and it is based on the fact that your husband is back at work and is no longer ill.
Call you existing mortgage company, tell them you would like to have and exercise a forebearance ageement with them since the reason that caused your missing those payments no longer exist. They will require a payment along ith this agreement or before this agreement is completed.
This agreement will allow your mortgage company to add your payments that you missed as a second mortgage and spread the payments out over a year maybe 2 year period. You and your mortgage company as to agree on this time period. Now you will be making two payments to them. One for your back paments and the other for your normal mortgage payment.
This is the best option, unless you need additional money to pay off some debts or to use a reserves.
I hope this has been of some use to you, good luck.
"FIGHT ON"
September 1st, 2009 at 4:34 am
Could you get a HELOC?
Selling the home is another option.
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A HELOC is a home equity line of credit. It basically means that you can borrow against the equity in your home.
You have more than 30 days. They gave you 30 days notice before they start the procedure, and you can get your home out of foreclosure right until the last day of the process. Depending on where you are, you could be talking about months from now.
"It’s almost the last step and not a lot can be done at this stage." That is NOT true. I do closings and we handle the sale of homes in foreclosure all the time. Besides, you aren’t even actually in foreclosure yet. Don’t get discouraged. The options you have available depend mostly on how much equity you have in the home right now. HELOC’s have fast approvals. And depending on the real estate market in your area, you most likely can sell it before they can foreclose on it.
September 1st, 2009 at 4:34 am
HELOC link I found with GOOGLE.
Good Luck to you!!
September 1st, 2009 at 4:34 am
sorry. you’re nearly out of options. best one is sell the house. hope fully for balance plus moving expenses. i know it feels like cutting off your arm but it is only a house. what you and hubby are is a home. please visit daveramsey.com to learn commonsense money options.
getting out without foreclosure allows you to get another house later.
Oh foreclosure actually takes longer than 30 days. you can sell the house up to five minutes before the actual foreclosure sale at the county couryt house. they are using serious scare tactics on ya’ll . see dave ramsey.com
September 1st, 2009 at 4:34 am
Gosh, you didn’t have a disability clause on the loan? Have you talked to them , when he got sick to see if thjey could put some of the payments at the end. Is he able to make the payments now? If so, just go to them and see if they will make one more effort for you. Other than getting someone to co-sigh or borrowing the money from someone, I just don’t know. If he had paid for the disability on it you would be ok. It’s almost the last step and not a lot can be done at this stage. Once they foreclose unless you have a chunk of money and can proove that you have the means to pay and get back on track with this bank, he won’t be able to borrow because of the foreclosure. Sorry. Sometimes we have to cut our losses and just do the best we can and pray that we learn something from it and that it is happening for a reason and just keep on going. As long as he is ok then it doesn’t matter where you live. It may take a while but you can get it all back by planning and making sure all bills are paid, don’t buy anything you don’t absolutly have to have and don’t borrow for anything again until you have this off you and keep everything paid on time, no late payments. So, at the end of this you will have a good credit history and you will be able to try all this again, with disability insurance this time. It can be done. Me and my husband di it. Different circumstances but, had a lot of debt, lost job, moved and after 8 yrs of struggeling and not eating out or spending. We bought a fixer upper (rent with option) and have been working on it for 12 yrs now. we have a lot of sweat equity and I love it more because we did it ourselves. Good luck to you.
September 1st, 2009 at 4:34 am
It might be not too late. Contact your mortgage company / bank and see if you can negotiate anything. Ask them to advice you.
Refinance might be your best option. Shop for a good interest rate, and ask how much the fees are.
Another option, not the best option though, apply for a HELOC or ELOC
Check out eLoan http://www.eloan.com/s/show/home_equity_splash?user=ggl&mcode=gglkw4sxb for some additionally information.
And last, but not least visit this web site http://homesaversusa.com/ , maybe you find some answer here.
Good luck and I hope you can find a way to keep your home.
September 1st, 2009 at 4:34 am
There are ways of going around this. Of course it is necessary for you to save this property so you will have to resort to some legal loopholes. Ask your counsellor how it is done. My understanding is you cannot stop your house from going but you can negotiate to receive some money by creating caveat(s).
Your lawyer will explain to you how it is done. Of course it isn’t very ethical to resort to something like this but it a better bargaining tool than borrowing more money from relatives later.
If your husband has filed for bankruptcy then you cannot sell off the property if it is under his name. The Official Assignee will list it as ‘frozen’.
My advice to you is this: Shift home to a cheaper rented premise. And rent out this ailing property on a short term lease. This way, you’ll have some income in your hand. Try to sell anything in it which you don’t really need.
Sell off your car(s), Business(es), and any other assets which are not ‘frozen’. Become loan free and take a break from all this stress. Regain your strength and start all over again.
Get a job, change your lifestyle, give up all credit cards and cook at home. Change your children’s schools and colleges to cheaper alternatives. Let all the screams and yelling from your children die down. Give it some time. From then on, you control your own life.
Once your husband is back on his feet, he can find a job as well and live in a simple and peaceful frame of mind. When you do, you’ll realise that there are so many people who live such a simple and carefree life.
Never never take loans again.
September 1st, 2009 at 4:34 am
You can bail out of this mess and avoid having a foreclosure on your credit report by doing what I did: call the mortgage company and ask them if they will agree to a "short sale". This is basically where the mortgage company agrees to waive all the fees and panalties associated with your late payments, and will accept just what you owe on the house (the principal). If they say yes (or frankly, even if they say no), you have to find a buyer for your house, quick. There are several ways to do this, but the one that seems to be the quickest is to auction the house off, and I don’t mean on eBay. You can do this yourself or with the help of a licensed realtor who has experience with house auctioning. There needs to be some advertising (newspaper ad, flyers, signs), and a minimum price that the bidding will start at. The house will be sold AS IS, meaning, you aren’t going to do any repairs or upgrades. You have a one day inspection date set prior to the auction, for all interested persons to come in and basically look over the house from top to bottom. The day of the auction, all bids are placed, and hopefully, you will get at or above your asking price. The end result is not the optimum, which would have been to stay in your home of 17 years, but, the next best thing is not having a foreclosure on your credit report. Your husband’s bankruptcy is bad enough, and it’s not just his, it’s yours, too, by virtue of being married (the gift that keeps on giving, sometimes). Getting a HELOC or other loan is probably not likely due to that bankruptcy, but, it wouldn’t hurt to call around to local banks and ask. If the auction idea doesn’t seem like it would work for you, look in the newspaper under real estate ads and call any and all ads that say "WE BUY HOUSES". These people aren’t going to give you your asking price, so set a price that you can live with. The goal here is - no matter how you do it, SELL THE HOUSE ASAP. The mortgage company will not be showing up at your door in 30 days with a Sheriff, I can assure you, but, don’t waste a single day in getting something concrete done. I’m sorry this happened to you and your husband. Been there, and it sucks. Hang tough. You will survive this.
September 1st, 2009 at 4:34 am
I might be able to help you out of this situation , and create a win win situation for all party’s involved if conditions are right and you re lender is willing to work it out with you. Please contact me with some information at MLSMB_5@yahoo.com
approximate home value, location (not exact), remaining loan balance, what monthly payment you could afford, how much other debt are you carrying.
September 1st, 2009 at 4:34 am
I CAN REFER YOU TO A LENDER THAT WILL DO A REFINANCE ON A SITUATION LIKE THIS.EMAIL ME AND I WILL TELL YOU.ruthiesoffice07@yahoo.com.