Hard Money Lenders to avoid foreclosure

debbiephelps · Joined: 03 Oct 2006 Posts: 7 4.15 Dollars($)

Hello, Just wondering if anyone knows of any hard money lenders who are licensed in Indiana? Would this be a good thing to do to avoid foreclosure and want to keep the property? Our lender wants legal fees up front BEFORE they reinstate or do a loan modification or FHA partial claim. If we did have the funds we would not be behind now..would we! We had a very strong pay history with them for the past 8 years but they don't seem very willing to help us save our home. Could I contact Hud and inquire about a partial claim myself or maybe talk to a foreclosure litigator through a local Housing Agency? There is no sale date for our property as of yet...credit scores still pretty decent to refi. Any advise would be VERY appreciated! Thanks!!!

helping_user · Posted: Mon Nov 27, 2006 9:56 pm Post subject:

Hi Debbie,

It's good to see you again in the forums.

We have a community with lenders and brokers. Hopefully you definitely get a hard money lender from here.

You are looking for a hard money lender to avoid foreclosure. But I don't think that it is good choice. And even there is very less chance to get any hard money lenders who lend you on a lien property. Because hard money lenders provide a short term loan based on collateralized real estate value having much higher interest rate. And just taking a loan on such high interest rate is not a good deal.

There are different loss mitigation techniques, through which you can avoid foreclosure with the help of lenders.

Regarding contacting a foreclose litigator, that always a good option. You can contact an attorney and look for any legal laws are there or not. But in that case also, expense is not too less.

I wish you definitely come out very soon from this great trouble in your life.

Thanks

Guest

Guest

kenstampe · Posted: Fri Jan 26, 2007 11:13 am Post subject:

If you have an FHA loan, call FHA. They are able to work with you and the lender to come to a resolution. (888) 297-8685 is the number at HUD for you to call.

Guest

I have a loan with countrywide. Im behind on my monthly payment. Due to late fees for being late for the past 6 months. I lost my job thats how I fell behind.I'm currently employed.I have asked countrywide to see if I could due a loan modification. They said they will review my case information came back as of Dec 30/2008 the answer no. My main thing is I asked them if they can waive the late fees and change my due date to the 22 nd of every mo. The answer was no. I had thought that with me trying to keep in touch with them etc They would be more helpful I guess I was wrong . Now my property taxes are due should I pay my property taxes or my house payment ? I feel like doing what alot of people have done walk away from my house. The hope program I here people speak of
I have no idea how to get into contact with them. Someone please help me!! I really dont want to loose my home I have had my home for 6 years I'm raising my 3 kids here.

jerry · Posted: Thu Jan 01, 2009 2:13 am Post subject:

Hi sissygirl,

You have mentioned that you are around 6 months behind on your payments. In that case, the lender should have accepted a loan modification. Did you ask the lender as to why he denied you a loan modification?

The HOPE for Homeowners program was introduced in order to help the homeowners who are at a risk of default and foreclosure. This program will help the distressed homeowners to refinance the loan and get better terms. You may contact your existing lender and/or a new lender to discuss the eligibility for this program. You may also contact the Counselors who are working with troubled homeowners and their lenders to reach at a solution which will help the homeowners to avoid foreclosure.

Thanks,

Jerry

All times are GMT - 7 Hours

Page 1 of 1