Posted on: 25th Jul, 2012 12:27 am
Our home is located in Nevada and currently in foreclosure. Balance owed on the mortgage is approx. $84,000. My present property value is around $145,000. The sale date is set. We've faced some serious medical issues over the past 2 years and it's caused us to be in this position. Now that our medical issues are in the past, we are trying every avenue possible to "Save Our Home!". We just want things to be back on track and enjoy our grandkids, while living a "normal" everyday lifestyle. Our current mortgage is through a "Private Lender" (previous property owner). Any suggestions or advise would be greatly appreciated.
Welcome Gilliford,
Provided you have a good credit and financial situation now, you can contact your private lender and negotiate with him/her to stop the foreclosure proceedings. If you can convince him that you will pay off the debts in full, the lender may stop the foreclosure proceedings.
Provided you have a good credit and financial situation now, you can contact your private lender and negotiate with him/her to stop the foreclosure proceedings. If you can convince him that you will pay off the debts in full, the lender may stop the foreclosure proceedings.
Hi Gilliford!
Welcome to forums!
Private lenders won't offer you any government programs to help you in paying off your mortgage. So, as Adonis has said, you will have to personally negotiate with the private lender and convince him to stop the foreclosure.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Private lenders won't offer you any government programs to help you in paying off your mortgage. So, as Adonis has said, you will have to personally negotiate with the private lender and convince him to stop the foreclosure.
Feel free to ask if you've further queries.
Sussane
that's a 58 loan-to-value ratio ... how are you and your husband? since you have grandkids, you may be 62 or older. in california, regardless of credit, a 62 year old would be able to refinance the house with a reverse mortgage, pay off the current lender - stopping the foreclosure, and not have anymore monthly mortgage payment obligation, with a loan-to-value ratio of 55. so you're really close. the older you are, the less equity you need. you'd be able to pull it off in california if you were 65 or older. how old are the two of you?
