Can someone please help me get out of foreclosure?

Question

Can someone please help me get out of foreclosure?

Answer 1

You have about a dozen options to get out of foreclosure, either on your own or with help. Research various ways and pursue the ones most appropriate to you.

1. Save up and get current.

2. Put together a forbearance agreement with the lender.

3. Modify the mortgage with the bank.

4. Refinance (traditional or hard money) if you have the equity.

5. Use the partial claim if you have an FHA loan.

6. Sell to an investor and lease the property back.

7. File bankruptcy and complete the Chapter 13 reorganization.

8. Sell at a short sale.

9. Sell outright on the open market.

10. Give the bank a deed in lieu of foreclosure.

11. Just give up and walk away.

12. Try and delay the lawsuit by contesting everything you can.

Hope that helps.

ForeclosureFish

Answer 2

Have you contacted a HUD (U.S. Dept of Housin) approved housing counselor?  This is a good start.  If you have not started to protect yourself - do it now - dont wait.  Below is the link.

Answer 3

There are many options available for you to stop foreclosure depending on the number of months you are behind on your mortgage payments. But always the first & foremost step in avoiding foreclosure is to inform your lender about this so that he can explain you the entire process and what to expect.

You can also consult foreclosure prevention companies for help. But beware of unscrupulous companies who are actually just interested in buying your house at a big discount, or attorneys who just want to take you into bankruptcy or companies that collect a consultation fee then do nothing for you. Some companies have the most experienced and well respected specialists in the industry whose sole purpose is to save your house, not buy it, sell it, or send you into bankruptcy. Do your homework, check their reputation and give them a call, speak with one of the professionals and you will be able to judge for yourself.  In fact some of them offer free consultation.

Answer 4

How did you get there in the first place?

Have you talked to your bank or lender?