Posted on: 04th Sep, 2011 12:34 pm
A friend left her condo for a promised job in another state. She reverted the condo back to the lending bank. She is now in forclosure at any day. Is there anyway she can stop the foreclosure as she has returned to it due to the lack of the job promised?
Welcome jaja,
Your friend can apply for a loan modification in order to stop the foreclosure and save the property. However, it will be the discretion of the lender whether or not she will get a loan modification. If your friend does not have a job at present, then her request will be denied by the lender.
Your friend can apply for a loan modification in order to stop the foreclosure and save the property. However, it will be the discretion of the lender whether or not she will get a loan modification. If your friend does not have a job at present, then her request will be denied by the lender.
What can be done will also depend on the laws of the state in which she resides. There are federal programs to help borrowers, there are state programs to help borrowers, and there are lender-specific programs that can help. Is mediation an option in her state?
She needs to speak with the lender and see what is available to her.
She needs to speak with the lender and see what is available to her.
Last case scenario, she can file for BK while she gathers her self and figuers a solution to the problem. If the sale is days away, a BK can be filed up to the hour of the Trustee Sale. Once you know that you have some time, and you are still in possession of the property, is when you want to look at the options. Loan mod, hard to get. Short sale, you get out and generally they do not come after for Deficiency unless you are a state that allows regularly. You can also do the deed in lieu, which is sometimes called cash for keys. Your other option is to rent out the home, even with a loss, someone else will be paying the majority of the note.
You can try these two options to stop foreclosure. Consider a Short Sale however you or your agent will need to negotiate with your lender to find out if the lender will cooperate on a short sale. This is called a pre-foreclosure redeemed. You can also try signing a Deed-in-Lieu of Foreclosure, this is called deeding the home back to the lender.
