Foreclosure University Forum

How do I buy a little extra time?

by sksports, Friday, September 11, 2009, 22:46 (3574 days ago) @ dialing

� After losing my job 2 years ago, and my wife's salary at her work being
� reduced by almost 50% last month, things are not good. We are
� significantly behind on our mortgage, and we have received a foreclosure
� notice. I have been in constant touch with our lender, and their attitude
� is "we can't do anything, just get yourself current on your payments!". We
� have significant equity in our home, and I have a rental property which I
� have placed on the market. When the rental property sells, there will be
� sufficient funds to get current on the mortgage, and pay down a large
� chunk of the remaining principle. I have communicated that with the
� lender, but they refuse to offer any solutions. The best they were able to
� do was offer me a "deed in lieu", but with the remaining principle on the
� mortgage only about 35% of the home's current value,(65% equity) that was
� nothing more than an insult. I have considered a Chapter 13, but that
� hinges on having income to repay the current debt within 5 years. I have
� several prospects for employment as of this writing, but even in the best
� case scenario, I wouldn't start work until mid October at the earliest. I
� have talked to a credit consular, and they told me that without a job and
� source of income, there was little they could do. Does anyone have any
� suggestions to delay the foreclosure proceedings for a few months, until
� my rental property sells and closes, and I begin working again> Thanks!!!
Yes there is a way to use the banks time to your benefit...actually several ways...


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