My house recently went into foreclosure. I started bankruptcy proceedings (chapter 7) which halted the foreclosure. Now the bankruptcy is over, the house discharged and sold, but no one can give me a date that I must be out. Everyone I have spoken with has mentioned a redemption period but no one can tell me how long that is. Will they send a registered letter? Show up at the door and boot my things to the curb w/o notice? Any help will be appreciated.
Thank you, Lydia
What questions to ask a hard money lender?
I recently lost a deal due to lack of funding. The house wasn’t on the market yet but the owner had already moved out. While trying to find her, two days later, the property hit the MLS for a price of $21K. I couldn’t find a lender who’d do the loan. I don’t want this to happen again so I need to line up a hard money lender (hml) but what questions do I need to ask?
Also, is it unusual to need $5k before most hmls will fund a deal?
I’m in Missouri
Thanks,
StLInvestor
Can’t get in touch with home owners going into foreclosure
I have tried on several occasions to contact home owners who are going into foreclosure and haven’t been successful.
I have driven to many of the properties involved only to find out the homes have been vacated. Using the white pages I have found the listed phone numbers of these home owners only to find out their lines have been disconnected.
How do I make any progress finding home owners to talk to?
I use the local legal pages to find houses going into foreclosure.
Don’t want to lose house to Foreclosure!
I have been in contact with a company called Foreclosure Alternatives. Paid $850 fee to them, they are supposed to arrange repayment plan with lender. I made 1st payment (original mortgage payment + 20%) into savings acct. as told, plus forwarded W-2’s, pay stubs, financial info, etc….
Now have received Notice of Sheriff’s Sale. Is this company legit, or have I been scammed? I was behind due to being on medical LOA from work, but will be returning to work this week full-time. Sheriff’s sale is scheduled for December 8th. Should I stay with this company, or contact another attorney? Do I have enough time to stop the Sheriff’s sale?
What is effect of short sale, Deed-in-Lieu, etc…on credit report?
This is a question I receive a lot from people. Please understand these are generalities. Everyone’s credit will be affected differently depending on other factors. I’m also not a credit expert or credit repair expert. However, I’ve done enough of these to know generally what happens.
When helping a homeowner I’d like to be able to intelligently explain the effects of all these options below. What effect does the following options have on ones credit report? Are there any other things a homeowner should be concerned about when considering these methods to avoid foreclosure?
– short sale
– forbearance
– loan modification
– mortgage refinancing
– deed in lieu of foreclosure
– foreclosure
– bankruptcy
Answer:
Any option is better then just letting the property go to foreclosure, however, you must understand that no matter what happens, the homeowners credit has already been hit because of late payments.
All of the options listed above generally don’t occur unless the homeowner has been late on payments except for maybe mortgage refinancing. That you can still do without being late.
A credit score will be affected based on how many late payments are missed. If only one is missed, credit score is affected just a bit. As more late payments occur, credit score will be affected more.
A lot of times, if homeowners are not making mortgage payments, they may not be making other payments as well, which also affects their score.
A mortgage refinance generally needs be done early in the process because they look at your credit score more than anything. So if the homeowner can do a mortgage refinance, this will not have any impact on their credit as long as they are current.
A forbearance usually happens sometime after a payment or two is missed. The lender will agree to add on what was missed to the back of the loan. So credit is affected slightly, but should recover soon.
Loan modification, again, homeowner has probably missed some payments, needs some help and the lender agrees to lower the interest rate and modify the terms to help the borrower. Credit is affected because of missed payments. Again not a huge credit concern.
Deed in Lieu, the homeowner basically walks away, gives the house back. Credit will be affected a little bit more but should recover with time and as long as they are current on other obligations. It may show up on credit report as a settlement.
A short sale is another type of settlement. Both parties agree on a certain price which settles the debt. Depending on how it’s settled, credit is usually affected for a year or two.
Foreclosure is not a good option. Neither party gets what they want and the effects on credit can be 3-7 years. Try to avoid this as much as possible.
Bankruptcy is the worst. This will stay on their credit for 7-10 years and make it very difficult to have borrowing power for some time. It will be a derogatory mark against them for a long time. Try to avoid this as much as possible.
In Foreclosure, trying everything to save my home…
I have been posting this on any forum I could find today.I am not sure if this is the best place to look for help, but I am currently three months behind on my mortgage payments. My husband lost his job and we have been strapped ever since. Our mortgage company, countrywide is just out for blood, they don’t care that we can’t even afford to put food on the table. I am at the public library right now because I can’t afford the internet any more. We owe about 110,000 on our home, and we have considered selling our home…but I just can’t face telling the kids we have to move. I think we have some equity, a house just down the block sold a month ago for around 210,000. I am just so embarrassed about this whole thing…I just need some more time. I live in lakewood, CO and i need someone out there who understands all of this to help my family save our home.