HELP!!!!

Guest 0.10 Dollars($)

I’m going thru a tough time financially and I can no longer offered my mortgage payments, I owe 206K plus a prepayment penalty. I have a first and second mortgage, the first is 165k and the second is 41k on top of it all prices have dropped in my area and my condo is now worth 195-200k at the most!!! I would love to sell it and break even but nothing is moving. I’m current on my mortgage but this month I will fall behind and if I can’t find a solution my property will get foreclosed. If any of you have any suggestion please HELP!!!

Thank you

Guest 0.10 Dollars($)

Hi,

I think you should talk with the lender about some kind of forbearance plan. Most lenders always agree to any such plan to give the borrower some more time to recover when they have a financial difficulty.

Thanks
Gellert

Guest 0.10 Dollars($)

One of the hardships is that my wife and I just had a baby I’m the only one working. My condo has become too small and I was thinking that before my credit is smashed I should rent a bigger place for a lot less. I need a way out of my property, I was thinking of doing Deed-in-lieu of foreclosure with the mortgage company but I’m not sure is that’s possible being that I have 2 mortgages?

Guest 0.10 Dollars($)

You can look for pre-foreclosure sale which will allow you to sell the house and distribute the proceeds to the lenders even if the proceeds do not fully meet the total amount owed.

Guest 0.10 Dollars($)

What happens to the reset of the money I owe?...do I still have to pay that?

Guest 0.10 Dollars($)

Hi,

You should discuss with the lender about them accepting a full payment from the sale without pursuing any deficiency judgment.

This way even if there is a balance left after the sale the lender will not ask for the balance you will owe.

Caron

Hi Zeth,

The foreclosure is way behind, so why disturb yourself by thinking about it right now. Even lenders are not willing to foreclose often. If you think that, you will fall behind on payments this month, talk to the respective lender and explain him your situation. Request him to suspend your payments for a few months, so that within this time period you can gather sufficient money to repay the loans. Or else, you need to find a suitable buyer who will be willing to purchase your house and at the same time assume both the loans. The lender too must agree upon this transaction.

Thanks,

Caron.

Guest 0.10 Dollars($)

Hi Caron,

suspending the payments will only dealy the foreclosure, I need to get out of this property but my concern is that if I sell it for less then what I owe the bank will stick me with the rest...what can I do? and remember I have 2 mortgages so I have to deal with to banks.

Caron

Hi Zeth,

A foreclosure affects your credit score and it will be reflected in your credit report for nearly seven years. As such, it may be difficult for you to apply for credit in future. So, I suggested that you could wait for some more time and gather cash to clear the debts rather than go for foreclosure.

But anyway, considering your situation, I think debt settlement can be a good option for you. There are a number of companies providing debt settlement services. These companies work to negotiate with lenders and creditors and reduce the debt amount so that the debtor can pay it off.

If you feel that you will not be able to pay off the reduced debt amount, then you can go for pre-foreclosure sale and then from the sale proceeds, you can pay down the agreed amount as decided between your debt settlement company and the banks.

Currently there is only one company providing debt settlement services against secured loans like mortgage. It's in Alabama, so if you are not residing in that state, you may call them up or contact their local office, if any. Here is the name, address and contact number.

Town and Country-
2081 Columbiana Rd
Birmingham, AL 35216
205-823-4930 or
800-788-1141

In case, you are interested to know more on Debt Settlement, visit http://www.debtconsolidationcare.com/debt-settlement.html

Thanks,

Caron.

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