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Anyone on here a foreclosure expert?
I am in foreclosure and would like to know the best way to keep from losing my home. Or any secret things to do that would help me, I have 2 children and I just started a job. Before that my husband was the only one working. Please give any info or good advice, thanks!!
I have talked to my mortgage company and the only thing they wanted me to do was either catch up my payments, plus an extra payment or sign a deed in lieu. So, they wont work with me on anything to do with workouts or deferring or anything like that. And , I dont belive that they dont want my house and land. This was a repo when we got it and if they get it back they will be getting 3 times their money on just the singlewide alone. Our land that we put up we only owed like 7500 on and they are planning to sell them seperatley. I do believe they like and even raised our payments to force us into a foreclosure. They raised our payments by about 150. bucks in the last three years. So, you cant convince me that they dont want to repossess peoples homes. Sorry.go to ripoffreport and badbusinessbureau.com and look up vanderbilt mortgage and finance and see what you think.
4 Answers
- Anonymous1 decade agoFavorite Answer
I had a house forclosed on about 3-4 months ago. I didn't know I was behind the bank didn't do what they were suppose to do. Anyway, i believe your right about forcing into foreclosure because my house payment went up about 200.00 in 2 years. I thought i could save my house. I lived by myself and was there for 5 years, now i have to start all over and clean my credit because i never thought this would happen. Once they file foreclosure you have to pay all back payments + attorney fees. Even if you do this they can still file again, if you're late. Don't waste time start trying to sell your house I was lucky and sold mine in a months time. Good luck.
- 1 decade ago
If you are in the early stages of foreclosure you still have some options left to save your house.
I would first look into refinancing your house, you can look for a lender who can "Buyout" your mortgage and you can stay in your house. The usually require you to have at least 20% equity in the house and a 500 FICO score.
I work for a mortgage company and can help if this is something you would like more information about. Just e-mail me.
- 10 pts for me?Lv 41 decade ago
The laws for foreclosure vary by state. I would talk to your mortgage company to find out a few things. I know in Colorado, if the house goes under contract, they stop foreclosure proceedings to allow the property to sell. In your situation see if you can find someone to buy it maybe they would let you rent it, get back on your feet and then buy it back in a couple of years. I know there are companies out there that will buy your house to stop foreclosure proceedings but I doubt that you will be able to stay in the house. Talk to your mortgage company and find out what they may be willing to do.
Good luck, I'm sure you are under a lot of stress at the moment.
- 1 decade ago
The first thing you should do is contact your lender. Get a hold of someone in the "work out" department. You will have to provide your current financial information, they will assess it and either approve or deny you for "work out assistance". In most instances, you can take the amount you are behind and roll it into the next 12 months of payments. You have to understand that the lender does NOT want to take your house, and they are usually willing to work with you to keep you in it.
Source(s): Executive Mortgage Banker
