 |
||||||
|
|
|
 |
|
Ultimately, the only thing that will stop a foreclosure proceeding is repayment of the debt, everything else is delay of the proceedings. KEEPING THE PROPERTY VS. SELLING THE PROPERTY - If your monthly house payment (including property taxes and insurance) does not exceed 40% of your gross monthly income, it should be possible for you to keep the property. If the payment is greater than 40% of gross monthly income, consider selling or transferring the property to avoid negative impacts to your credit. The objectives in order of importance should be: Keeping the property if possible. Don't give away equity if you can keep it or liquidate and put it in your pocket. Minimize damage to your credit. You will need it later on. LENDER WORKOUT - Before exploring new options, have you tried to come to terms with your existing lender? Lenders want the loan to be current, not to have to complete a foreclosure. Can you make up the defaulted amount over a period of months? Can you re-write the note and include the defaulted amount? Can you give the lender a deed-in-lieu of foreclosure and preserve your credit? These are questions you should ask yourself and possibly your lender if you haven't done so already. They will want to know why the loan is in default and why you think you will be able to make the payments in the future. Temporary financial setbacks that have since been cured are the best candidates for this. Your lender will probably not be inclined to stop foreclosure proceedings if they have reason to believe they will have to start again in 6 months. REFINANCING AND NEW JUNIOR LOANS - Basic lending guidelines will require all home loans will total up to less than 75% of the current market value of the property. If you have more equity than that, you should have no difficulty in obtaining a new refinance or 2nd Trust Deed to bring your loan current. Expect higher interest rates and loan fees. LOANS TO GET YOU CURRENT - If you experienced a temporary financial setback that has since been cured and are going to be able to keep the property, first consider family and friends for a loan to get current. It's much cheaper than hard money loans, but MAKE SURE you will be able to pay them back. You do not want to put them in the position of having to foreclose to get their money back. Hard money loans are typically private investors who will lend money based on equity in the property. Credit and income are not issues of importance and loan approval is usually a matter of days with funding following shortly. Loan amounts will usually be enough to bring existing loans current, pay the financing costs and put some money in your pocket. Loans will be amortized over 30 years to keep the payments lower and the balance will be due in 2 to 5 years. BANKRUPTCY - This is a major step that will have lasting impact on credit reports. Seek appropriate legal advice. If the Notice of Default has just been filed on your home, you have sufficient time to explore the options for new loans or selling the property. If the foreclosure sale is going to be held very shortly, bankruptcy is a very common way to delay the sale. When you file bankruptcy, your financial matters fall under the jurisdiction of the courts which could limit your options. SEEK LEGAL ADVICE. |
|
|
|
HUD Foreclosure Advice CONSUMER CREDIT COUNSELING SERVICE This should be a first stop. Nonprofit help for establishing a direction. If you feel you need legal help and cannot afford it, this is the ABA directory state by state of legal providers doing pro-bono (without fee) work. What appears to be useful information and links for getting your financial house in order. |
|
|
|
We are actively looking to purchase pre-foreclosure property! If you own property-facing foreclosure and are interested in selling, we have the capability for quick, private closing without the hassles of listing the property or completing possible repairs. If you supply the following information, we will look at comparable property sales in your area and provide you an E-mail or phone response within 48 hours regarding our level of interest and the reasons why. Required Information:
You can fax this information to: (417) 882-7710 E-mail to: john@weire.com Mail to: W.E.I., Inc. - 910 West Battlefield - Springfield - Missouri 65807 Fax, E-mail or Mail all documents attention to John Michael
|
|
|
|
[W.E.I.] [Contact] [Foreclosure] [Associates] [Finance] |