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Posted: Sat Dec 20, 2008 9:52 am Post subject: foreclosure

My friend's home is worth $150K. She owes $180k on it. No payments have been made for 5 months. She has divorced, and moved out of the house. What to do????

jvanpetten · Posted: Sat Dec 20, 2008 11:00 am Post subject:

I am not sure of your question. If she is behind and owes more than it is worth, she might be able to do a short sale. Foreclosures at this time are taking a while to be completed. A short sale is reported to the credit bureau just like a Foreclosure, so I am not sure unless she has a buyer that it would help.

smithsussane · Posted: Sun Dec 21, 2008 7:25 pm Post subject:

Hi Guest!

Welcome to forums!

As she has not made the payments, she must have received the foreclosure notice from the lender. She should immediately speak to the lender and check out the steps she can take right now. She should check out the options of loan modification, short sale or deed in lieu foreclosure. She could even speak to the lender about a forbearance. It is a process through which her payments will be reduced or suspended by the lender for few months depending upon her situation. She will also get a repayment plan through which she will be able to pay back the dues. To know more about various ways to avoid foreclosure, check out the following link:
http://www.mortgagefit.com/foreclosure/17ways-avoid.html

However, if her name is not on the mortgage, then her credit will not be affected.

Feel free to ask if you have further queries.

Sussane

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