Money help: I need advice….i am having money issues due to a hospitalization…and just rec’d a letter of foreclosure today.

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I need advice…

.i am having money issues due to a hospitalization…and just rec’d a letter of foreclosure today. I have tried working with the lender, but they are no help. Any advice?

This open post was written 9 months, 1 week ago | V/U/S: 130, 5, 4 | Edit Post | Leave a reply | Report Post

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Since writing this post Anonymous may have helped people, but has not within the last 4 days.

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DolphinLover08 0 #
Sioux City, IA, US | 9 months, 1 week ago (26 minutes after post)

I assume they want all of what you are in default of plus attorney fees? Have they refused payment?

Anonymous #
9 months, 1 week ago (29 minutes after post)

They do want all to catch up the mortgage plus yes the fees. We did a payment returned to us….It is all or nothing. If we had the 4 grand to begin with we would not havae gotten into this situation. What’s your advice?

This reply has been removed.

Sully 33 #
Vancouver, WA, US | 9 months, 1 week ago (1 day, 4 hours after post)

Can not give personal info out here. Friend the poster and click the option for them to see your email.

To anon the poster: If he was a proper lender he would not have an email ending in gmail.com.

I just came from a meeting this morning on the steady rise of bank for closers. You have 2 options.

1. Look into a short sale on the house. Pro’s are you will get out of the debt and no longer owe any money on the house to the bank. Con’s are this is viewed the same way by lenders as a foreclosure or bankruptcy. There will be no extra money from the houses sale.

2. Talk to the lender and try to get the manager involved. When you have somebody higher then the first person you see (yes, do it in person!) ask to renegotiate. Ultimately, the bank just wants a check each month. They lose on a foreclosure. They want to avoid it as much as you. It takes them a lot of time to sell the house and that is money that is not able to be invested.

A 3rd option might be possible but, would have been a lot easier if you had set it up ahead of time. This is called an equity line of credit. If you already have one you can draw on it to pay the bills. If you do not have it already established the bank will look at your credit rating and income to see if you qualify. The good thing to do is to set that line of credit up when you look your best. That way it is there when you need it the most. This is not an equity loan.

Hope that helps some.

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