Someone is charging me $3,500 to assist me in foreclosure?

tommycat09 · Joined: 07 Oct 2008 Posts: 1 1.35 Dollars($)

What do you charge to assist me in foreclosure. I think this is a bit too much to pay. "I am broke".. I do not want to go Short Sale and get stuck with the balance of the house still owed. I owe 147 ,000 and 38,000 equity loan and in this area the homes sale for as lowest 98,000. I lost my job and bring home only retired money of $1,500 a month.

elnoralittle · Posted: Wed Oct 08, 2008 7:40 am Post subject:

I am not sure how someone "Assists" you in a foreclosure.

Your bank forecloses upon the property, if this is what you want, than you don't need to pay someone to help you.

If you are trying to avoid foreclosure, then there are some people out there that charge a fee to try to negotiate with your bank to avoid foreclosure, that is another story.

You need to examine your financial situation. If you cannot afford your house and you can say honestly that you are going to foreclose, then don't pay this person. A short sale would be better than a foreclosure. Then the bank can recoup a portion of the loan.
You can also request a defferrment from your bank, contact the lender's loss mitigation department to see what you can come up with. Loan midification or deferrement for a few months to get on your feet.

If you can avoid the foreclosure, and this person is going to help you and promises to save you (in writing) then I would make it a stipulation that they don't get paid unless they are successful.

Good luck

elnoralittle · Posted: Wed Oct 08, 2008 7:46 am Post subject:

Here is an article from the Washington Post that might be helpful

http://www.washingtonpost.com/wp-dyn/content/article/2007/10/19/AR2007 101900042.html

gmakerley · Posted: Wed Oct 08, 2008 10:57 am Post subject:

there are non-profit agencies all over the country that will assist you in trying to avoid foreclosure or with counseling; or for anything that you might need. you can check these online. if there is an urban league in your area, that's a good place to start.

don't throw good money away on someone who won't have your best interests art heart.

elnoralittle · Posted: Wed Oct 08, 2008 11:16 am Post subject:

George said it best!

"don't throw good money away on someone who won't have your best interests art heart."

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