Posted on: 09th Nov, 2009 12:57 pm
hello, i've been going through the foreclosure process for the past year and i've done my homework on how the foreclosure process works. i received the latest rounds of foreclosure paperwork this week-end. my bank has been asking me to come up with $2, 455.20 to stop the foreclosure. however, that has been difficult considering all the day-to-day expenses. i've lived in my home for the past 10 years and don't want to lose it. i really would like my bank to work with me and consider other options such as lowering the 13% interest rate to a lower one. i've also considered asking them to rent me my house for a year so i can establish my credit and eventually refinance at a lower rate. have others been successful at either option?
your home loan has a 13% interest rate? that seems extremely high given current rates - why is your interest rate so high?
I would submit loan modification paperwork ASAP. Since by what I read your house qualifies to be reviewed for the Making Home Affordable Program. Granted you would need to be fully reviewed to know for sure but taking into account that your interest rate is 13%, your house is your primary residence and that your having financial issues you seem to qualify. Feel free to contact me if you need help! Good Luck!