Posted on: 15th Feb, 2009 12:41 pm
I am about to be foreclosed on my home that is not yet completed. This was to be my family home. After missing two payments the bank closed the loan and will not accept any payments. They did look into giving me another loan, but the appraisal came in at a break even amount to completed the home. They now are starting forclosure. My question is, I have put 70K of my own money in the home plus all the labor. If it goes to auction I fear it will sell for less than the construction costs. As the general contractor and the primary labor can I put a lien on the home for my fees, that would need to be paid if sold? Thankyou for any help! RF
Hi Richard,
Did you speak to your lender about a loan modification? You can try applying for a loan modification and save your property from foreclosure. With a loan modification, you will get a new repayment plan to pay off the dues. Moreover it will not affect your credit as well.
As far as placing a lien on the property is concerned, I think you will be able to do that. But you will have to get a judgment from the court.
Thanks
Did you speak to your lender about a loan modification? You can try applying for a loan modification and save your property from foreclosure. With a loan modification, you will get a new repayment plan to pay off the dues. Moreover it will not affect your credit as well.
As far as placing a lien on the property is concerned, I think you will be able to do that. But you will have to get a judgment from the court.
Thanks