We are currently in foreclosure, there will be cooperation. then we have a mortgage, or work with us?

Deal Score0

My husband has been out for six months is how we got behind in payments. He is back at work, but we do not know what to do from here. Do we hire? We have a family of 6. Also accept a lease to us because of past credit problems?

  1. Reply
    May 15, 2011 at 1:54 am

    Don’t expect to get a mortgage loan from a new lender with your history of not being able to pay your current mortgage.

    No new lender will take you on with such a history. You can attempt to sell before foreclosure to pay off the mortgage, ask the lender to engage in a short sale (might be a bit late for that however), or simply go through the foreclosure.

  2. Reply
    May 15, 2011 at 2:00 am

    It may still be possible to refinance and get out of forclosure. There are banks that will lend up to 70% of home value while in forclosure. That is one of the last things you want on your credit report.

  3. Reply
    May 15, 2011 at 2:32 am

    You can always speak with a foreclosure specialist who can prevent foreclosure and get you refinance in around 6 months… Now, you will have to pay the payments on time for these 6 months… They do it improve your credit and lower the LTV in that time!

    I know its very helpful for people in foreclsosure and its working!

    Email me at mohit@ImpressiveLeads.com

  4. Reply
    May 15, 2011 at 3:08 am


    How did you go with this?
    I understand it’s difficult to be judged based upon past credit issues. There are still ways to own a home with past credit issues, the tradeoff is a slightly higher interest rate.

    Hope this helps.


  5. Reply
    John K
    May 15, 2011 at 4:05 am

    Can you not call the company who is foreclosing and ask to set all missed payments to the end of the loan and start back making the current payments? Typical word now is that they really don’t want your house because the whole industry is in deep stuff and they will end up sitting on it and probably selling at a bigger loss than if you keep it with some new arrangement.
    You don’t want to talk to the person who did your load. I think you need to contact someone in the loss and mitigation department.
    With the housing slump as is, you may find them more willing to negotiate than if the housing market were still booming out of control. I wish you the best. America does not need families like you on the streets.

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