Question by : How can I avoid foreclosure on my home?
I live in California and I am being threatened with foreclosure. Is there anything I can do to avoid this. Please don’t respond telling me to make the payments because obviously if I could I would not be in this position.
Best answer:
Answer by Common Sense
You could file for bankruptcy, but this will only delay the inevitable if you don’t start making payments.
Add your own answer in the comments!
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{ 5 comments… read them below or add one }
Have you ever considered robbing a bank ?
You could ask your bank if they are willing to do a short sale.
A short sale is a sale of real estate in which the proceeds from the sale do not cover the balance owed on a loan or loans on a property. Lenders accept a discounted payoff on the loan and allow the sale to close escrow. The lender will agree to discount the loan due to an economic hardship on the part of the mortgagor, and the homeowner will sell the mortgaged property for less than the outstanding balance of the loan, turn over the proceeds to the lender, most often in full satisfaction of the debt. A short sale is accomplished through negotiation with a bank’s loss mitigation or workout department on the part of the real estate professional, but the lender has the right to approve or disapprove any proposed sale. Main factors contributing to the lender’s decision are the borrower’s financial situation and the current state of the real estate market.
if you cannot make payments then no.
it will be a relief once it is over.
Many banks/lenders have many programs available to you that you might be able to take advantage of.
The thing about taking advantage of these programs is you must call your current lender and find out what these programs and options are.
You might be offered a forbearance agreement, where you may keep your home and the back payment are added to the rear of your mortgage.
Some have programs where the mortgage will be modified and might be able to reduce the mortgage to the current value of the property.
The key is that you must call your lender/bank to explain your present financial situation.
In order for the bank/lender to work something out or modify your mortgage you must be able to prove that you are able to make the new payments or whatever is worked out between you and your mortgage lender.
I hope this has been of some benefit to you, good luck.
“FIGHT ON”
There are a lot of FREE government resources that you can use, including help lines and professional counseling. Check this site:
http://www.loanforeclosureinfo.com/index.htm
and look at the Government Resources page. Best of luck to you!