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Hard Money Lenders to avoid foreclosure

Posted on: 27th Nov, 2006 11:37 am
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 scores still pretty decent to refi. any advise would be very appreciated! thanks!!!
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.

Posted on: 27th Nov, 2006 08:56 pm
"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."
There are foreclosure counseling agencies which will try to negotiate on your behalf with the lender to figure out a prevention plan. They will be the right people to contact if the lender is not willing to respond to your request for accepting a loss mitigation plan.

Victor Lombardi
Posted on: 20th Jan, 2007 12:15 pm
"Our lender wants legal fees up front BEFORE they reinstate or do a loan modification or FHA partial claim."
Debbie, there are expenses for you to pay as a borrower before a loan modification plan is accepted by the lender such as the recording fees. But how much are they asking?
Posted on: 25th Jan, 2007 03:18 pm
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.
Posted on: 26th Jan, 2007 10:13 am
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.
Posted on: 31st Dec, 2008 01:46 pm
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.


Posted on: 01st Jan, 2009 01:13 am
I thought they were helping us, but they made matters worse, they put our mortage loan into a retail loan, with a ajustable or flexiable rate, with a balloon like attached to it. I got behind one time or two time the interest is keeping us behind, can't get caught up. Talk to credit couselers, advice us on bankruptcy. I have a lot of equity in our house, but unforunate the credit has gone down hill. Any advice would be appreciated......
Posted on: 16th Aug, 2010 03:31 pm
though you've equity in your property, you won't be able refinance the loan as you've a poor credit. if you're unable to pay off the loan and want to get rid of the property, then you can apply for a deed in lieu of foreclosure. as you've equity in the property, the lender will give you the excess balance resulting from the sale of the property. however, it would reduce your credit score by 250 points.
Posted on: 17th Aug, 2010 02:08 am
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