Posted on: 09th Mar, 2007 10:58 am
we are refinanced, upside down now, home appraised for $330,000, refinanced $305,000....now home appraises for $260,000. we cannot make payments now, i lost my job, husband is on strike....but even with him back at work, he doesn't earn enough to pay mortgage without me working. so far, i have not found employment. we have talked to several lenders., can't help us since we are upside down. seems only option is foreclosure....we think we should go ahead and move out, rent a cheap place before our credit report is affected, and then unable to rent? we are in az, so understand there is anti-deficiency law here....but we do have a second mortgage? any ideas?
you are really in very difficult situation.
foreclosure prevention counseling program would be suitable in the situation you are in. the counseling agency will try to negotiate a loss mitigation plan with the lender and avoid the house from going into foreclosure.
foreclosure prevention counseling program would be suitable in the situation you are in. the counseling agency will try to negotiate a loss mitigation plan with the lender and avoid the house from going into foreclosure.
how much you owe on both mortgages combined right now?
There is one foreclosure avoidance program from ACORN called Foreclosure Assistance Program (FAP). In this program your interest rate could get reduced so that you can afford the payments. I think you should contact them to see if you can get some help save your home from foreclosure, the details of the program - http://acornhousing.org/TEXT/fap.php
All are very good ideas mentioned above. I would also call your mortgage company and explain your situation. Let them know you NEED to help otherwise you will go into foreclosure.
Lenders do not want foreclosure either. In many cases lenders are willing to help you so they do not have to take the property back. Start there and if they cannot help, I'd do what was sugguested above this post.
Best of luck.
Lenders do not want foreclosure either. In many cases lenders are willing to help you so they do not have to take the property back. Start there and if they cannot help, I'd do what was sugguested above this post.
Best of luck.
That's so good of you Mike, I must say you have a caring nature.
God bless you.
God bless you.
