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How to avoid foreclosure-17 ways to get out of mortgage mess

If you're in severe financial crisis and can't pay down your mortgage or manage your daily expenses, it's time for some quick action in order to get better control over your money.
If you find yourself unable to make your mortgage payments, one of 2 things may happen depending on where you live. They are:
  1. Judicial Foreclosure: Depending on your state's law, the lender may file for a foreclosure with your local circuit court and send you a summons.
  2. Non-judicial foreclosure: Some states permit a lender to foreclose without having to go into court as long as the lender follows that state's foreclosure procedures. This is called non-judicial foreclosure. Here, the lender will send you a default letter, and a notice of default will be filed. If you do not cure the default after a certain period, the lender will mail you a Notice of Sale, record it, and publish it.
However, you can avoid foreclosure. It can be as simple as planning your budget each month so you have an emergency fund to meet your monthly mortgage payments. If these options don't work, try loan modification. With a loan modification, you will be able to reduce your monthly mortgage payments and extend your loan term. Read on to find out how you can avoid foreclosure.


11 ways before lender files foreclosure

  1. Build Emergency fund:
    Apart from creating a budget, put some of your paycheck into an emergency savings account fund to ensure that you have enough cash to continue paying the loan.
  2. Cut down on expenses:
    If you're having a tough time paying your bills, try and find areas where you can minimize your spending.
  3. Cash-out assets/Take up a second job:
    Try cashing out assets like stocks, savings accounts and investment property that if sold can give you a lump sum you can use to pay down your debts. You might even consider getting a second job.
  4. Enroll with a Credit Counseling service:
    If you are having problems paying off your loan and want to avoid foreclosure, contact a housing/credit counselor for financial advice. There are FHA and HUD approved counselors to help you with the following:
    • Analyze your finances and prepare monthly budget to ensure that you can meet your daily expenses and repay your debts.
    • Call the lender and discuss about workout options that can help you keep your home.
    • Protect you from future credit problems before you are too far behind on your mortgage.
    • Provide information about assistance programs/services in your area.


    You'll find a state-by-state list of HUD approved counseling agencies in the "Related References" section below. You can also contact counselors associated with the National Foundation of Credit Counseling or the Association of Independent Consumer Credit Counseling Agencies.

  5. Obama's Making Home Affordable program:
    If you have a Sallie Mae or Freddie Mac mortgage, then you may be eligible for mortgage assistance as part of Barack Obama's Making Home Affordable program. You can also get assistance with short sales and deeds-in-lieu.
  6. Refinance the existing loan:
    If there's enough equity in the home and you satisfy the lender's guidelines, then refinancing may be a good option to avoid foreclosure. When you refinance, don't get lured in by the low initial rates on ARMs or interest-only payments; the chances are good that you will face even higher interest payments on these loans once the rates start adjusting.
  7. Emergency Mortgage Assistance programs:
    If you have lost your job or your income has been reduced, and you feel it's not possible to pay down the loan, you can get help from an emergency assistance program in order to avoid foreclosure. Hope Now is one of the many programs available in the market.
  8. Forbearance and Repayment plans:
    With forbearance, the lender may reduce your the amount you pay each month or even suspend it for a few months so you can get back on track and continue paying. Often the lender suggests a repayment plan so that the arrears are rolled into the amount of the loan balance and you can continue repaying the debt once the forbearance period is over.
  9. Reinstatement:
    The lender may be willing to accept the entire amount you owe in a single payment on a specific date. Then you can continue repaying the debt on a monthly basis as though you were never behind.
  10. Loan Modification:
    Loan modification is one way you can avoid foreclosure on your home. This involves an agreement between you and the mortgage company where the original terms and conditions of your loan will be modified so that you can afford to pay on the mortgage.
  11. Foreclosure Intervention program:
    There are agencies that grant funds to delinquent borrowers and help them negotiate with lenders about rescheduling payment. In order to qualify you for these grants, the agency will look at a number of factors such as:
    • Your income,
    • The reason for the late/missed payments or inability to pay,
    • Your housing ratio
    • Your ability to pay in future.


    While there is a maximum amount of money these agencies can lend, if you have FHA insured loan, you may qualify for an interest-free or a payment-free loan to pay off the debt and get current on the loan. The loan needs to be paid back only after you've repaid the mortgage.


6 ways after lender files foreclosure

  1. Seek Court Protection:
    If you are unemployed or underemployed, then depending on your state's laws, you may be able to seek the protection of the court. In this case, the court may postpone foreclosure for the next 6 months so you can try and gather the funds to get current on your loan.
  2. File Chapter 13:
    You may file [url=http://www.mortgagefit.com/bankruptcy/chapter13.html]Chapter 13 bankruptcy[/url] and avoid foreclosure sale if your other debts are preventing you from becoming current on your mortgage. Chapter 13 is designed to help you restructure and pay back your debts within 3-5 years.
  3. Sell off your property:
    If you no longer wish to keep the home, you can try to sell it off at a price equal to the fair market value. The best way to try and sell your property is to list it with a realtor or real estate agent.
  4. Try for short sale:
    A short sale is where you try to sell your property for less than the amount of your loan. If you attempt a short sale, you must get any offer approved by your lender. Learn how a short sale works.
  5. Ask your lender to accept a deed-in-lieu:
    If a short sale isn't working, then you might want to try to get the lender to accept a [url=http://www.mortgagefit.com/deed-lieu.html]deed in lieu of foreclosure[/url]. However, most lenders are reluctant to accept a deed in lieu because they have to manage the property until they can find a buyer.

    With a deed in lieu, you give the house to the lender in exchange for being released from the debt. This will also lower your credit score. Learn more...
  6. File Chapter 7:
    Filing Chapter 7 will put a temporary stop to a foreclosure. However, depending upon your state laws, you may or may not be able to keep the home. Learn more...


What if none of the options work for you?

If you fail to use of any of the options stated above, there's no other option but to let your home go into foreclosure.

Prior to judgment, you may be able to redeem the loan by using the right of redemption if your state grants you this right. This allows you to pay off the mortgage along with the lender's court costs and attorney fees.

Foreclosure is one of the worst things that can happen to you. The best thing to do if you're in danger of falling behind on your mortgage is to contact your lender or a credit counselor and discuss how you can avoid foreclosure.

Related Readings
Related Forum Discussions
Related References
smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi fusterated!

Welcome to forums!

As you have already defaulted on your payments for 3 months, there are chances that the lender will foreclose the property. You should immediately speak to the lender and check out the options of loan modification, short sale or a deed in lieu foreclosure. To know more about ways to avoid foreclosure, check out the following link:
http://www.mortgagefit.com/foreclosure/17ways-avoid.html

Feel free to ask if you have further queries.

Sussane

Like | Dislike | Share | Posted: Sun, 12/28/2008 - 22:47 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

attourney had me sign a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] to his firm, to as mhe put it , to insure he got his fees. I lopst my mjob, was charged exorbanant fees and now am being threated by forclosure from his firm. i dont have the funds to go to court over the billing in the divorce and he is now asking fro 20000. 5000 more than the orig bill he sent , incidently i paid him overe 7000 to date. how can i stop this action? my home mortgage payments are current , even though the amount owed on this 50 year old home is at least 50,000 more than the properety would be able to bring in sale. please help. single mother of 3. awaiting back msurgury next month.

Like | Dislike | Share | Posted: Tue, 01/13/2009 - 19:33 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If you owe him the money, then the lawyer has all the rights to ask you to pay. However, if you are not in a position to pay the money, you can negotiate with him. You should tell him about your hardship and I'm sure he'll understand it.

Like | Dislike | Share | Posted: Thu, 01/15/2009 - 01:11 | Post subject:

ckmjlee's picture
ckmjlee | Joined: January 20, 2009 06:57 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I live in Michigan and my house went into Foreclosure November 12, 2008. It will not be sold until November 12, 2009 since we have over 3 acres. I was told by the mortgage company that we could reinstate the loan by paying all past due amounts and foreclosure fees. I called to get the actual amount to pay and was told by the Law firm that we had to pay the full balance of the loan unless the mortgage company contacted them instructing to give us the all past due amounts. I then called the mortgage company and they said there was no way to reinstate the mortgage, we would have to pay the entire loan off. Is there anything we can do or someone that can help us get this resolved? Is it absolutely out of the question to reinstate the loan?

Like | Dislike | Share | Posted: Mon, 01/26/2009 - 06:19 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome ckmjlee,

Did the mortgage company give you any reason as why you will not be able to reinstate the loan? If the lender is not ready to reinstate the loan, then you will have to pay off the entire amount to save the property.

Like | Dislike | Share | Posted: Mon, 01/26/2009 - 22:16 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have a mobile home in a park. I am unemployed (collecting unemployment) and can't afford the enormous interest rate( 12.5%) my mortgage company is charging. I have paid on time for 7.5 yrs. Now I can not. I make good faith payments but they have told me if I don't pay in full they are just going to take my home away. They say they will work with me in one breath and call me a deadbeat in the next. I am not sure what my options are at the moment. I am sole support for 2 kids and there doesn't seem to be much help for mobile home owners here in Michigan. We fall through the cracks. Any advise?

Like | Dislike | Share | Posted: Wed, 01/28/2009 - 06:40 | Post subject:

cliff3's picture
cliff3 | Joined: May 5, 2008 02:15 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello white-liley

So sorry to hear about your current mortgage issue.

You need to be sure to be speaking to someone within the [url=http://www.mortgagefit.com/loss-mitigation.html]Loss Mitigation[/url] department of your lender.

The person in that department will be able to check to see what workout options that you qualify for in order to keep your home.

Please let us know if you still have questions.
Good luck.
:D

Like | Dislike | Share | Posted: Wed, 01/28/2009 - 08:47 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband and I have been in our home for 10 years. Our original loan was secured the old-fashioned way, but then a customer of ours talked us into re-fi to pay off some bills w/ an option-arm. Right now we can only afford the minimum payments, which will eventually go away. Back in August when I did get 3 months behind, I talked to my lender and they were not willing to refi at all. I barely got the assistance I did because we are self-employed and don't show enough income to support the house's value. I understand lenders have been slapped and want to go back to 'safe' lending, but my rate is variable, I've got payments stacking-up on the back end and I'm pretty sure my house has lost at least $50,000 in value, if not more.
We don't want to keep this ARM but we have no idea what to do in order to get a refi. Paying ourselves the salary personally that would enable us to afford the current loan would bankrupt our business with the added payroll taxes, etc. we would have to pay. (Limited Liability Corporation)
What to do? My husband is considering trying to find an owner-financed house and then let this one go into foreclosure because we couldn't rent it for what the mortgage is and I doubt it would sell, short or otherwise. We have quite a few homes in the area that have been for sale over a year.

Like | Dislike | Share | Posted: Fri, 02/06/2009 - 11:15 | Post subject:

cliff3's picture
cliff3 | Joined: May 5, 2008 02:15 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello Melody,

I know that I am really repeating myself, but you truly need to be speaking to someone in the [url=http://www.mortgagefit.com/loss-mitigation.html]Loss Mitigation[/url] department of your lender. There are several different workout options that you may qualify for due to your income issues and the ARM. And you can always request to be put on a fixed rate as well.

Just letting your property go into foreclosure is never the first option. And not to mention how harmful it is to your credit.

Just keep in mind what I have already said about the new "Fannie Mae" workout option:

Let us know if we can try to help you with anything else.

Good luck. :D

Like | Dislike | Share | Posted: Fri, 02/06/2009 - 14:23 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thanks for the response. Basically, I did talk to the Loss Mitigation Department (at least I believe so) and they wouldn't work with me except get me on a plan to pay back the owed mortgage payments over 60 days, two payments. All the abatements and other things I applied for were rejected because of not showing income. Which sounds stupid to me, but what do I know?!
I guess since now my lender has once-again been bought-out (at least on the banking level) it's time to try again.

Like | Dislike | Share | Posted: Fri, 02/06/2009 - 14:40 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi melody,

I think you need to get out of this option ARM loan. It's been quite stressful for you to manage. You said you cannot show the income. Is it because you're involved in some business?

If the loss mitigation department isn't willing to co-operate with you, I think you need to do a [url=http://www.mortgagefit.com/refinance.html]refinance[/url] with some other lender.

Currently national average fixed rates are well within 5.5%. So, I think you'll be able to afford it. Of course a workout plan with the current lender would have been the best option. But if they don't won't to work with you, there's no other option than to consider a refinance.

What you can do is, consult a few lenders from this community as well. There are group of lenders who're part of this community. They have been helping people with a variety of loan programs. So, hopefully they may be able to help you out too. You can seek a [i:57fdd84067]no-obligation free mortgage consultation[/i:57fdd84067] with them. This will help you understand what options you have for the refinance.

Thanks

Like | Dislike | Share | Posted: Sat, 02/07/2009 - 23:30 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My mortgage company has denied a loan modification for my situation, what should be my next step?

Like | Dislike | Share | Posted: Tue, 03/10/2009 - 00:00 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi

The reason why you were denied the modification could be that you could nor quite convince the lender of your difficulty in making payments through your Hardship letter. It may also be that your surplus left over in a month is shown to be too little or too much for them to approve a modification for you. You should take help from a lawyer or a loss mitigation expert wh has got a proven track record in the financial industry.

Like | Dislike | Share | Posted: Tue, 03/10/2009 - 04:46 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I just received the foreclosure package from the court. Before I engaged in the workout process to save my home, I noticed that in the foreclosure papers is a motion to Deed Reformation because "Inadvertently a scrivener's error resulted from mutual mistake, in the legal description of the property at the time of my closing". The questions is:
This situation can be a RESPA violation or any other Legal violation, that I can use to gain more time with the bank or the court for negotiations?
Please if you can help me with the answer.

Like | Dislike | Share | Posted: Thu, 04/02/2009 - 05:44 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Ruben!

Welcome to forums!

I don't think this would come under a RESPA violation. So, you may not be able to gain more time on this ground from the court. However, you can contact your lender and check out if you could go for a loan modification or sell off your property through a short sale.

Feel free to ask if you have further queries.

Sussane

Like | Dislike | Share | Posted: Thu, 04/02/2009 - 21:45 | Post subject:

mtgfixit's picture
mtgfixit | Joined: April 13, 2009 02:11 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Great article Jessica, you have made this very clear for consumers!!!!!

Like | Dislike | Share | Posted: Tue, 04/14/2009 - 19:29 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

NEW dilemna: my family wants to move but we cannot qualify for a 2nd mortgage as our first loan is higher than the market value. We are not in financial burden yet as our income is stable and our credit scores are great. Any suggestions on what we should do or are we stuck? Should we risk the talks of short sale, BK and foreclosure??? Another odd question is if we file BK do we still have to make payments on existing credit card debts and car loans? I love this forum, by the way!

Like | Dislike | Share | Posted: Fri, 04/17/2009 - 19:06 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Matt,

You have mentioned that your family wants to move out. In that case, you can try to sell off the property. But once you sell off the property, you'll have to clear off the mortgage dues immediately. If the credit card debts are fully discharged, then you'll not have to make payments on it.

Like | Dislike | Share | Posted: Mon, 04/27/2009 - 01:04 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Adonis,
What about if we can not sell the house? We are in the situation that we do not live there for almost 4 years. Until now we paid in-time. But we can not do it any more. There are a mortgage and credit line. What is the best option to go? Debt is more than a price now. Thanks.

Like | Dislike | Share | Posted: Tue, 04/28/2009 - 02:01 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

And one more... who will pay house expensise (payments and property tax) if we are in short sale? Do the banks ask for payments when they agree for short sale? Thanks a lot.

Like | Dislike | Share | Posted: Tue, 04/28/2009 - 02:05 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome ddd,

If you are delinquent on your payments, you can apply for a short sale. The lender will go through your hardship letter and decide whether he would accept your request or not. Though your property goes for a short sale, you will have to pay the property taxes till date. If you agree for a short sale, the lender will not ask for payments.

Like | Dislike | Share | Posted: Wed, 04/29/2009 - 01:15 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Can I see a deed in lieu agreement package? I was a home seller who attempted to help a friend with bad credit. I was retiring and my home was my only large asset. I sold for $235k and bought a smaller home for $185k. The market has tanked both homes. My buyer is behind 3 payments now and tonight we talked and he agreed to consider a deed in lieu and then rent the home back from me.

I really cannot sell the home for what I owe on the smaller home, and I NEED income in order to made the payments on my own home. Anyone? Suggestions? I do not want to ruin his credit or mine, or lose my current home. I am retired, but I could go back to work if the job market wasn't so awful too.

Like | Dislike | Share | Posted: Thu, 06/04/2009 - 20:34 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my morgage make me pay 3 months trial that mean s I need ot send $926,00 each month and after that 3 months if I dont miss any payment maybe they give me modification loan but this is only if so that dont ofter any thing and they will keep my money for the 3 monts payment I dotn think is right . what can I do or whrere can I go to ask for help before Igo to forecloce?

Like | Dislike | Share | Posted: Fri, 06/05/2009 - 11:27 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I went to Bank america to ask for help im my morgage they say they cant find my morgage loan because my morgage was with Country wide but Contry wide morgace change to Bank america they whent Bankrupsy so I know I need to call Bank america but they dont want to help at all and now Country wide dont asnwer the phone they put home team and they send me papers so I can sign for 3 monts trial for 3 monts but if they say I dont get modification loan they wll keep the 3 monts payments I need we all need to send a lether to the Presicent Obama he nned to know the bank dont want to help they want to hurt people they shoudl say the amount for the payment and not to have to go to a trial I have kids and they are worry that the bank will take our home awy and not place to stay and maybe no to have money for food if we go foreclose and they will make us pay also for attorney fees I dotn think this is right alot of people lost they homes all this is very sad we nned help and the banks wont help .

Like | Dislike | Share | Posted: Fri, 06/05/2009 - 11:38 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

To Quandry,

I would suggest you to contact an attorney and ask him to draft a deed in lieu package for you. In my opinion, you won't be able to do it yourself. The attorney will help you in understanding the details of deed in lieu as well.

To ahawk,

It is very important for you to make the payments on right time during the trial period. If you don't do so, the lender will foreclose the property. You are liable to make the payments as you've taken the loan.

Thanks

Like | Dislike | Share | Posted: Fri, 06/05/2009 - 21:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

CAN I SEEK COURT PROTECTION,IN TAMPA FL,IS THERE ANY PROGRAMS THAT CAN HELP

Like | Dislike | Share | Posted: Fri, 07/24/2009 - 04:44 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi POP,

You can get court protection against lender in case of unemployment and underemployment. However, it would be better if you could contact an attorney and get his opinion in this regard.

Thanks

Like | Dislike | Share | Posted: Fri, 07/24/2009 - 22:45 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my current loan is $416,000 but my property is worth $150,000.How can I get my lender to reduced my mortgage to $150,000

Like | Dislike | Share | Posted: Sat, 08/01/2009 - 11:23 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

can I write a hardship leter to my lender requesting a loan reduction.

Like | Dislike | Share | Posted: Sat, 08/01/2009 - 11:30 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi HENRY,

You can definitely write a hardship letter and request for a principle reduction. You should explain your financial crisis clearly when you write the hardship letter. It depends upon the discretion of the lender whether or not he would accept the request for principle reduction.

Thanks

Like | Dislike | Share | Posted: Tue, 08/04/2009 - 00:20 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I've seen alot of people hurt by the foreclosure crisis. Recently I've created a website that will help people use their rights and fight back. The most important thing to do is STOP THE SALE! When someone misses a payment they have to send letters requesting their documents, but not just any letter they have to site the federal statute. If they're in a judicial state, file an answer, if in a non juducial state, file a lawsuit. Forget loan mods, I've spoken to people high up at the bank (Chase), there's an Obama line and they'll even answer it, but they'll ask you to fax your info to them. The only problem is the line is always busy! Make the bank stand by what they say they're going to do.

[size=9:95578af6de][color=Red:95578af6de][Email address deleted as per forum rules. Thanks.][/color:95578af6de][/size:95578af6de]

Like | Dislike | Share | Posted: Mon, 08/17/2009 - 17:50 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Here's that letter, good luck:


[size=9:1ad8717ed3][color=Red:1ad8717ed3][System detected duplicate content, converted into image. Thanks.][/color:1ad8717ed3][/size:1ad8717ed3]

Like | Dislike | Share | Posted: Mon, 08/17/2009 - 17:57 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

just curious, ivan...what are your credentials? what position do you hold that provides you with such expertise?

Like | Dislike | Share | Posted: Tue, 08/18/2009 - 08:48 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I think people should learn to do thier own loan modification to get out of trouble instead of paying thousands in fees to get others to do it all for you!
you can learn more ...

http: //loan-modification-kit.blogspot.com/
(copy that in your browser without the space and see)

peace,
David

Like | Dislike | Share | Posted: Fri, 08/21/2009 - 00:38 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Am i to understand that a person has to live in the home for the length of the mortage or face foreclosure.

Like | Dislike | Share | Posted: Mon, 08/31/2009 - 12:03 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Leon,

If you take a mortgage on the property, then you will have to pay it off. If you are unable to pay the mortgage dues, the lender would foreclose it to recover the dues. If you can pay off the loan accordingly, the lender will not foreclose the property and you would own it free and clear.

Thanks

Like | Dislike | Share | Posted: Tue, 09/01/2009 - 00:42 | Post subject:

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