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What should I do .... Iam facing forclosure

Please give some Info..

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

See if you can work with your bank to negotiate some deal

You will need some one who has done this before

catharin9 · Joined: 14 Jul 2009 Posts: 168 -0.14 Dollars($)

take any experts view

elnoralittle · Posted: Sat Aug 29, 2009 11:16 am Post subject:

Contact the loss mitigation department of your mortgage company. If you are still in the home and can make some sort of payment, they may renegotiate your mortgage.
There is also the home affordability plan that obama has put into effect. Talk to your current servicer about that.

if neither of those options work,
you can seek the order of relief by filing chapter 13 or 7 bankruptsy.
Once you start the process with the court, the court issues an automatic stay. This will delay the foreclosure process b/c your creditors have to cease proceeding collections. This process is only a delay so that you can get your affairs in order. Eventually you will have to try to make good with the lender. The only way to actually keep your home is to file a 13. This way you make the arrears payments to the lender in a timely fashion.

This will only work if the bank hasn't already issued the foreclosure notice. And if the lender will not seek permission to proceed with the sale from the court.

Foreclosure will prevent you from purchasing a new home for about 4 years... short sale and deed in leu 2 years.

I hope I have been of some help. If you call the loss mitigation department, and need help from there...let me know, I would be glad to assist.

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Facing Forclosure