Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Chris asks…

What options are available to avoid foreclosure?

I have a relative that can no longer pay for a high mortgage payment, what options are available to avoid foreclosure? The house has been on the market for nine months but no buyers.

Your Questions About Foreclosures

The Expert answers:

Don’t stop making the payments yet. Have a lender review the loan and the equity and see if there is something they can do in the mean time to lower the payments.

Second, see if they could rent out the house to cover the payments for now.

Third, offer more commission to the selling agent. Like 5% to the selling agent. This will motivate the agents to show this house.

Last step, contact the lender and see what they can do. Remember though, if the bank loses money you could be tax for the difference as income. This should be your last resort.

I hope this helps you. Feel free to email me with more questions.

CA Lender

Your Questions About Foreclosures

John asks…

Just received info the house I rent is going into foreclosure.What are my options,how long approximately?

Your Questions About Foreclosures

The Expert answers:

Contact the bank who is foreclosing and ask if you can keep renting and if not how long do you have.

Your Questions About Foreclosures

Susan asks…

What are my options after filing Bankruptcy and home in Foreclosure? Need Help!?

I live in Michigan. I filed Bankruptcy Chap.13 and was basicially denied, cause the monthly repayment plan would not leave me with much money to live off of. Now my house is going back into Foreclosure. My lawyer suggested that if I want to keep the house I could pay what I owe (about 13,000) and can keep making payments. Or I could surrender my home up to Chapter 13 stay here for about 8 months and save my money to put down on another house. What are my options at this point? Am I able to stay here and save some money for 8 months to a year, after foreclosure with out being kicked out? Are there any more options that I may be able to use? Thanks for your input.

Your Questions About Foreclosures

The Expert answers:

Do you want to keep your home? If not, sell the house. The last thing a lender wants is to take someone’s home. They want to get paid. Contact a Realtor (GET A SHARP ONE BECAUSE TIME IS YOUR ENEMY RIGHT NOW!) to list/market your home. Once you go to court, the lender will have representation there. You tell the judge that you are in the process of selling the home. Take the listing agreement or hopefully you can have a signed “offer to purchase” that you can show the judge of your good faith. I’ve dealt with cases like these alot. I have actually left the closing and gone across the street to the courthouse on my seller’s behalf to advise the judge that “we are closing as we speak”. The key is to go to court…..don’t run from it.

Good Luck!

Your Questions About Foreclosures

Jenny asks…

What do we do with the house, foreclosure, short sale, what?

My aging parents need to move closer to me (they are 800 miles away). They have a home but owe about what its worth or less. They couldn’t sell it and pay a realtor and closing costs. They are current on payments and can just barely afford them, but what they need is to be close to us. What do they do? When they do move, they are going to rent an apartment and not buy again. What options are they and what is the timeline on them?

Your Questions About Foreclosures

The Expert answers:

First, not foreclosure. In a foreclosure, either (a) the house does not sell, and they are required to keep making the payments, even though they no longer have the house, or (b) the house sells for much less than it is worth, and they owe the difference between the amount for which the house sold and the amount that they owed on the loan before the sale. Either way, they will owe more than the cost of a realtor and closing costs.

Second, if they are going the foreclosure route, since a foreclosure may make it impossible to be approved for a lease, they should rent the apartment before the foreclosure, because it may be impossible later.

I think that a bank would agree to a short sale under these circumstances. Normally, a short sale results in the house being sold for much less than the amount owed, and the bank loses a lot more than just the realtor fees and closing costs. Because this house is worth what is owed, and the bank would lose only the realtor fees and closing costs, they should be open to the idea.

Your Questions About Foreclosures

Thomas asks…

I am renting a house that I found out is now in foreclosure, what are my options?

Your Questions About Foreclosures

The Expert answers:

Start looking. In most cases the new owner has the right to take posession within 30 days of sale; meaning you’ll have to be out. You could get lucky and a bank looking to sell might take it and keep you in place a while longer; but at some point the property is probably going to force you out.

If you can swing it, contact the owner if you are intetested in buying it; might get a deal there; or not.

Powered by Yahoo! Answers

Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures

Your Questions About Foreclosures

Your Questions About Foreclosures