Foreclosure University Forum

How do I buy a little extra time?

by rdocherty, Monday, November 02, 2009, 22:51 (3606 days ago) @ dialing
edited by foreclosureuniversity, Tuesday, November 03, 2009, 22:09

� 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!!!


My motto is "Do Not Move Out Of Your Home" You are in a hardship due to loss of income. I am a Loan Modification consultant for a non profit organization and can halt the sheriff even up to the day of the sale. I assist homeowners save their home by getting them into an affordable rate and payment. The program also can forgive lates and fees and if you have an upside down mortgage can reduce some of the principal on the mortgage. As a non profit company we are able to provide other services as well including credit repair, debt consultation and many other service to help homeowners and renters stay in their home.

THE BEST PART IS:
Your income history is not a factory
Your job history is not a factory
Your credit is not a factor (No credit pull)
Your home equity is not a factor (No appraisal)


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