Posted on: 29th Aug, 2009 06:26 am
:( What should I do .... Iam facing forclosure
Please give some Info..
Please give some Info..
See if you can work with your bank to negotiate some deal
You will need some one who has done this before
You will need some one who has done this before
take any experts view
contact the loss mitigation department of your mortgage company. if you are still in the home and can make some sort of payment, they may renegotiate your mortgage.
there is also the home affordability plan that obama has put into effect. talk to your current servicer about that.
if neither of those options work,
you can seek the order of relief by filing chapter 13 or 7 bankruptsy.
once you start the process with the court, the court issues an automatic stay. this will delay the foreclosure process b/c your creditors have to cease proceeding collections. this process is only a delay so that you can get your affairs in order. eventually you will have to try to make good with the lender. the only way to actually keep your home is to file a 13. this way you make the arrears payments to the lender in a timely fashion.
this will only work if the bank hasn't already issued the foreclosure notice. and if the lender will not seek permission to proceed with the sale from the court.
foreclosure will prevent you from purchasing a new home for about 4 years... short sale and deed in leu 2 years.
i hope i have been of some help. if you call the loss mitigation department, and need help from there...let me know, i would be glad to assist.
there is also the home affordability plan that obama has put into effect. talk to your current servicer about that.
if neither of those options work,
you can seek the order of relief by filing chapter 13 or 7 bankruptsy.
once you start the process with the court, the court issues an automatic stay. this will delay the foreclosure process b/c your creditors have to cease proceeding collections. this process is only a delay so that you can get your affairs in order. eventually you will have to try to make good with the lender. the only way to actually keep your home is to file a 13. this way you make the arrears payments to the lender in a timely fashion.
this will only work if the bank hasn't already issued the foreclosure notice. and if the lender will not seek permission to proceed with the sale from the court.
foreclosure will prevent you from purchasing a new home for about 4 years... short sale and deed in leu 2 years.
i hope i have been of some help. if you call the loss mitigation department, and need help from there...let me know, i would be glad to assist.