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due to financial hardship/lack of work-we are 5 months behind on payments. We requested a loan modification and want to try and save our home. Is this possible. Forclosure has akready been started.

smithsussane · Posted: Wed Dec 16, 2009 12:28 am Post subject:

Hi sheryl!

Welcome to forums!

It is possible to save your home though it is in foreclosure. But you've mentioned that the foreclosure procedure has already started. In that case, I think the lender has rejected your loan modification offer. However, I would suggest you to contact your lender and reapply for a modification. This will help you know whether or not he would consider your request.

Feel free to ask if you've further queries.

Sussane

Guest

I put my boyfriends name on my house to help him with his credit and now he will not move out or remove my name from the deed. What can i do? I recently moved and he is still living there wiht his kids and i am paying the mortgage becasue i dont want to ruin my credit but I can not afford to do this much longer. What should i do???

Niicss · Posted: Fri Feb 05, 2010 3:05 am Post subject:

It is your boyfriend who needs to sign a quitclaim deed in your favor to remove his name from the property. If he doesn't do so, you cannot force him as he is one of the owners of the property now. However, you may file a partition lawsuit after which the court can order the sale of the property. This will help you in getting rid of the property. Also, the mortgage will be paid off from the sale proceeds. Thus, you won't be liable for the mortgage as well as the property.

Guest

can any one show a really great letter' to help us?.

Guest

can any one show me a hard ship letter? that will get eyes? our that will make a diferance

sara · Posted: Tue Mar 23, 2010 3:26 am Post subject:

Hi diann,

You can check out the given page to know in details about hardship letter:
http://www.mortgagefit.com/problems/hardship-letter.html

Take care.

Guest

This past June I asked for a deed in lieu of foreclosure, because I couldn't afford my payments anymore, because of taking on the care of my parents.........I filled out the paperwork, sent them my financial info., etc.............they have sent me letters, which I'm afraid to open, and the call almost everyday.........my fear is that they won't do the deed in lieu, and that they will garnish my wages.........do I need an attorney?............I do have a bankruptcy in my past, due to divorce, but have bought 2 cars & a condo since then......any advice?

adonis · Posted: Sun Aug 22, 2010 11:31 pm Post subject:

Hi ston,

You should open those letters and check out what the lender has offered you. Rather that consulting an attorney, it's always better to negotiate the lender on your own. As you're unable to pay off the loan dues, there are high chances that the lender will accept your request for a deed in lieu of foreclosure.

Guest

I have been unemployed since July. I have tried to make all payments on my house....I have not lived in since 2008. It sits empty, has not sold. I have drained all savings, 401K, moved several times to maintain employment and now just have nothing left. Creditors are calling for other debts because I have maintained this mortgage!

jameshogg · Posted: Fri Mar 11, 2011 12:28 am Post subject:

Hi Layne,

You can list the property in the market and try to sell it off. This will help you in getting rid of the property. You can use the sale price of the property to pay off the loan.

Thanks

Guest

It has been listed on market since 2008 and has not sold with numerous incentives, declining list prices etc. Right now the market is so flooded with forclosures etc that my property value has dropped to less than my mortgage amount even though I renovated it with out of pocket funds as well

adonis · Posted: Sun Mar 13, 2011 11:07 pm Post subject:

Welcome layne,

I can understand your situation. However, you will have to hold your patience and try. You can contact a broker and take his help in selling off the property.

Guest

if i cannot make my house payment and they forclose, short sale, deed in lieu is FHA responsible for the balance and then they cannot come after me for the deficiencies.

adonis · Posted: Thu May 05, 2011 9:54 pm Post subject:

Welcome kcrai,

You will be responsible for paying the deficient balance resulting from the sale of the property in case of a foreclosure or a short sale. However, as you have a mortgage insurance, it will pay for the deficient balance resulting from the property sale.

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