Is it legal to sell some properties and let others go into foreclosure?
I have several properties. Some are upside-down and some have equity. Is it legal to sell the ones with equity and let the others go into forclosure?
Yes, it’s perfectly legal, but it might not be in your best interest.
Just letting a property go into foreclosure is never a good idea.
Your best solution all of this is to try and work with your lenders to get a fresh start without any of the homes completing the foreclosure process.
I’m going to assume these are (supposed to be) income producing properties, since you are referring to multiple properties. This advice may not be the same if these are all personal properties, but hopefully it’s helpful either way.
If you intend to get rid of all your property, then you should get all of them listed for the current market value. Once you have an offer, you will need to negotiate a short sale with the lender(s). When you do this, you need to make sure you have them agree not to pursue a deficiency judgment. I would highly recommend hiring a professional to make sure this is done correctly and you are protected.
If you have some properties that are still producing an income, you may want to keep them. This can be done while still getting a short sale on the others.
It may also be possible to get loan modifications on all the properties too. So if reduced payments could help you save the homes, this option should definitely be considered. Again, a negotiator would be advisable for a loan mod, since most lenders automatically turn down home owners these days.
There are many options when facing foreclosure, but in most cases, you will need to hire someone who has experience and knows exactly how to resolve these issues.
Just be careful who you work with, because there are a ton of scams out there and plenty of scumbags who will try and steal from you!
Isn’t there anyone that will help us save our home from foreclosure without bankruptcy?
We have had a year of EXTREMELY difficult times. We have had several deaths including our son and his family. We make very good money but now have fallen behind and we need help. We need someone that will go higher than 85% LTV or is willing to do a 6 month second. Is there anyone out there that can help?
Taking out another loan is not a good option for you – or one that any mortgage company will be willing to do given that you’re currently late on your payments – and mortgage companies consider “late” anything more than 10 days past your due date.
Your lender’s Loss Mitigation department will be able to help you do this. They would rather help you keep the house than go through a foreclosure process. Explain your situtation both personally and financially and they can help you modify your loan – they have the power to reduce your payment or put the late amount owed onto the tail end of your loan. If you call into you customer service line try hard to get them to forward you to the Loss Mitigation department – they’re the ones with the power to do these modifications otherwise all the representatives can do is add the amount owed to your next payments (almost doubling your payments).
Good luck and I’m sorry for your recent losses. Hopefully you’ll be able to heal and get back on your feet.
can my home be saved from foreclosure or will filing chapter 7 be an option?
c in my situation my home will not sell because of what i owe and the balance on the home. you would think with this economic situation banks would do all they could to keep you in the home. now igf i wanted to give it up then i would be ok with that but i want stability for my children.
There are several ways to save your home from foreclosure and your mortgage lender in many cases are more than willing to assist you in keeping your home.
You should call your lender and speak to the Loss Mitigation Department. This department, at it’s discretion, may do several things to assist you in keeping your home.
You need to find out which of their programs you qualify for. You have to ask the Loss Mitigation Department what programs are available to you.
I can list a few below, but there are many
Loan modification- This program allows the lender to meet your demands to lower the monthly payments to a monthly payment you are comfortable with and can afford. This program allows you to keep your home.
Your lender might have other programs of this nature that allows you to keep your home.
Filing a chapter 7 is the last resort, unless you are having other financial problems and is not able to pay other debts in addition to your mortgage.
Can they save their house if he gets wife back or is it too late?
My friend’s wife left him and filed a divorce last october. Last january he got a letter about foreclosure. He still lives in his house and didn’t pay the mortgage for 5 months. He can’t afford.They are trying marriage counseling now.
If he hasn’t paid the mortgage and the foreclosure process is started, he is either going to have to catch up what he is behind, OR if the foreclosure process is advanced, he will have to pay the loan off in full. Those are his options right now. If you don’t pay your mortgage, you can’t expect to keep your house. If he couldn’t afford the house when his wife left, he should have immediately contacted his lender about either doing a modification or a refinance. It may be too late now to do anything to save the house.
How do I take advantage of the American Housing Rescue and Foreclosure Prevention Act?
I bought a house in 4/06. My before tax monthly income is $5,000. My monthly mortgage payments are $1,900 1st and $480 2nd.
What’s saving a lot of homes here in America is the ability to do Loan Modifications. The Emergency Mortgage Loan Modification Act 2008(H.R. 5779) is helping prevent homes owners from losing there house. We do modifications for people in foreclosure, adjustable mortgages, balloon loans, 80/20 loans, high interest rates, neg am loans etc… If any of this sounds like a loan you have then we can help. I’ll email you the modification package so you can understand how it works. THIS IS NOT A REFINANCE so there isn’t any refinancing fees.
Powered by Yahoo! Answers