Posted on: 30th Oct, 2007 08:54 am
:cry: In 2006 my husband had a brain tumor removed, We were both off work for 3 mos. By the grace of God he is fine working every day. We got so far behind on all our bills we just cant catch up. We are facing forclousur and bankrupcy. we dont want to do either. Is there any help???[font=Arial:ed6a03c016][/font:ed6a03c016][/b]
Hello Cleo,
I would suggest you try to reverse the foreclosure process by contacting your lenders and speaking with someone in their loss-mitigation department. They can investigate why you are not able to make payments and find a cure for your loan problem. The counselor determines whether the borrowers inability to repay the loan is because of a temporary or permanent financial setback. If pernament they would suggest selling your home and the loss-mitigation department will work to reduce the final loss by listing and selling property through a real estate agent.
The alternative the loss-mitigation department will take to foreclosure are forebearance/repayment plans/loan modification/ cash advances.
Jean Smith
Loan Officer
I would suggest you try to reverse the foreclosure process by contacting your lenders and speaking with someone in their loss-mitigation department. They can investigate why you are not able to make payments and find a cure for your loan problem. The counselor determines whether the borrowers inability to repay the loan is because of a temporary or permanent financial setback. If pernament they would suggest selling your home and the loss-mitigation department will work to reduce the final loss by listing and selling property through a real estate agent.
The alternative the loss-mitigation department will take to foreclosure are forebearance/repayment plans/loan modification/ cash advances.
Jean Smith
Loan Officer
Hello Cleo,
You should contact your lender immediately and talk to him clearly stating your situation.
There are ways to avoid foreclosure and see if your lender is willing to work out any alternative repayment option.
Have you already filed bankruptcy?
You should contact your lender immediately and talk to him clearly stating your situation.
There are ways to avoid foreclosure and see if your lender is willing to work out any alternative repayment option.
Have you already filed bankruptcy?
Jenkin, I'm very new to this forum and am wondering if filing for bankruptcy affects the chances of reversing the foreclosure? I'm thinking it may because you asked in the latter part of your post. thank you so much...
hello debtstinker,
filing chapter 13 bankruptcy before the sale date of your property will stop the foreclosure.
but on the other hand, bankruptcy has the most negative impact on your credit.
filing chapter 13 bankruptcy before the sale date of your property will stop the foreclosure.
but on the other hand, bankruptcy has the most negative impact on your credit.
Hi Debtstinker,
Filing a bankruptcy puts an automatic stop to foreclosure. But after a debtor is discharged from bankruptcy, the foreclosure starts off again. So, there are no chances of reversing the foreclosure.
Take Care
Filing a bankruptcy puts an automatic stop to foreclosure. But after a debtor is discharged from bankruptcy, the foreclosure starts off again. So, there are no chances of reversing the foreclosure.
Take Care