I am in foreclosure> Is there anywhere i can get a loan to get out of this mess?

Question

I am about 10 months down on payments and credit is pretty much shot now. there must be somewhere i can get a loan thats not a scam,even if its only to cover the back payments.

Answer 1

I know that there are a lot of unsavory lenders out there that will buy your loan from your lending instituiton...

I do not really recommend them because, their intrest rates are normally very high and the average person end up losing their home anyway...

I do sugggest: A loan reconstruction if your bank will offer that to you..

I Do suggest: checking out the website stopforclosures.com...

I do suggest: checking out askalawyer.com

I strongly suggest talking with your bank, keeping the lines of communication open, letting them know that you are trying to resolve the problem...  All of these things are a BIg Plus...

Never argue with them, even when you are frustrated...

You need their 'Favor'...  

If you know you will lose it, while talking to them, allow your spouse or another authorized person who is more cooler than you are to REASON with them even when they are unreasonable....

Even when my creditors was  angry, unreasonable and mean,  many times I have still gotten what I needed because, I remained calm, realizing that the power of reasoning is in remaining focused on the issues and not the passion of the other persons argument... Many times they are looking for the fuel that 'you add,' that will make them feel justified in doing the negatives that they may want to do anyway...

TRUST ME the last thing the bank wants is your home, in their inventory, that they have to try to sell...

Offer them what you have... Try to work with them...  If the person is so unreasonable, you have a right to CALMLY, ask for another specialist to try to reason things out with them

If all else fails...

Until  you can get back on your game and start to pay full payments ask the bank to "bury the back payments" ( some backs do this ), and or ask them to allow you to pay intrest only for a few months until you can get back on your feet...  This shows them that you are trying, and many banks just needs to see that you are trying and they will work with you...

Try Hard not to lose your power to reason and your home !!!

If all of your efforts fail, Sell your home and get something out of it...

Selling your home will look better on you, than having a foreclosure on your credit report...

I Hope the best for you !!!

Answer 2

My heart goes out to U. I KNOW this doesnt help, but I am in the same boat with U.. Dont know where to turn either. lost forever. sorry I cant help. I have been told to call 2-1-1 and they can advise one to the right channels

Answer 3

You still have a change to do loan modification with your current lender, my quest will be for you to use loan modification company ( with the attorneys ) to help you negotiate the best deal, something permanent so you will never fall again in your mortgage payments. I'm preaty sure, something happen in your life,that you can't pay. FAITH FOR YOUR HOME!

Answer 4

Bankruptcy is your best bet. Liquidise all your assets.

Sorry, but face reality. If you have gotten so far into debt that you can't repay it you are better off just biting the bullet.

There is no real stigma against it in the USA, George W. Bush himself bankrupted an OIL COMPANY. How on earth you can manage to do that I am amazed but thats the truth.

Cost the American taxpayer $120 million BEFORE becoming president.

It will make you more presidential to have done it too.

Answer 5

Almost 1 million Americans are in your exact situation.  It is too late for you.  You could have solved this if you asked this question 9 months ago.  Today, there is no one who will "save" you.  In 2 years you will be back on your feet.  Until then you will struggle a bit. /

Answer 6

You should've tried to get a new loan about 9 months ago when you couldn't afford the payments anymore.  Unfortunately once you're in foreclosure, there's not much more the bank can do since the house is already pretty much theirs.

Answer 7

I'm sorry to hear about your situation. For everyone that's not in the same boat as you, we're pretty close too. I don't know if there would be anyone that will give a loan just because they want to ensure they will get their money. My parents needed an extra loan and they have excellent credit and they were even unable to get a loan. It's crazy. Good luck to you, I hope things can turn around for you.

Answer 8

Your lender hasn't gave you a payment plan yet?  what they have been doing lately is adjusting the mortgage so that you are no longer late but your loan term will be that much longer... They might also put whatever fees on the loan as well. So if you were due to pay the house off 2020 you won't be done until 2021 - know what I mean?  The only other things I can suggest is hard money but those are expensive and if you have no equity it might not help.    

Hard money lender tend to not look at credit or i they do the credit score can go as low 500 or something. I would try to see what payment plan the lender will give before I go hard money.

Answer 9

i dont know if this agency can help you but i can say they are legit..and thats most important..im always struggling and they work as a go between and may be able to assist...the hope now foundation, check the site below...there is a phone number for u to contact them...good luck!

Answer 10

You have refused to pay your mortgage for almost a year.   No one will loan you anything now, they know exactly what you will do.

Would YOU lend someone like yourself money?   Of course not, you would be kissing it good-bye.

Try to sell if you have time.    I am amazed you got away with ripping them off this long.

Answer 11

There are actually companies that will work with you to buy your mortgage away from your mortgage company and avoid your foreclosure. Try looking into it at http://www.speedyrealestate.info. Good luck!

Answer 12

at this point, I'm guessing no.  Do you have any equity?

Answer 13

Have you talked to your bank about this mess?  I know if you had spoken to them early on they may have allowed you to skip a payment or refinance to bring the payments down.  Have you checked out these guys?  I know many that have home loans here.  http://www.greentreeloan.com/  Depending on how much equity you have in the house it may be easier to walk away and start over.  It's happening everywhere.  When it comes down to it.... this is only a house.  Your health and the stress this is causing (no doubt) are much more important.

Answer 14

Why would any bank make a loan to someone who is 10 months behind on their current loan (and therefore has lousy credit).  You know any bank is just going to assume you will not pay them (same as you are not paying your current loan) and turn you down immediately.  If there is any equity in your house I'd suggest selling it now.  

If there is no equity and you just can't afford the payments (but could afford it if they were a bit less) you can try to work out an arrangement with your current bank (even being 10 months behind it's do-able) where you possibly pay less per month - but keep paying them something (they don't want another foreclosure and the fact that they haven't gotten rid of you after 10 months says they really, really don't want this place back).  Go to the hopenow.com website and see if they can help you renegotiate your loan, its the lest shot you have.