Facing foreclosure? 9 options

hometowngrl53 · #1 01-21-2008, 11:03 AM

Facing foreclosure? 9 options

By Liz Pulliam Weston
Real estate markets are slowing. Interest rates are ticking up. And the phones are ringing at ByDesign, a Los Angeles-based credit counselor, as homeowners start to panic about not being able to make their mortgage payments

read here http://articles.moneycentral.msn.com...e9Options.aspx

thohome · #2 01-21-2008, 06:06 PM

This is a get post.. I'm sure there are alot of things people can do as long as they don't wait to long to do it.. Like the post said it depends on the lender on how they want to either help you or just foreclose

jcdykes · #3 03-18-2008, 05:59 PM

I have come across companies that will handle a loan modification for you. They will charge a fee but the bank will know that you must be serious about wanting the modification done. I think the bottom line is that if the homeowner can't make the payments, they need to swallow their pride and either admit it and sell the house right away or get another job or source of income until they can sell it. There are too many people that want to blame the bank for their own mistakes.

flippinout · #4 03-23-2008, 01:42 PM

I think a lot of times, people wait too long before they try to rectify the situation. And that puts them even more behind than they would have been if they had forseen the upcoming problem and started to try to fix it as soon as they realized what was happening.

And yes, getting a second income can help out as far as keeping on top till the house sells, but then again, the second income may be enough to catch the person up so that they dont have to sell.