Question : home foreclosure HELP where do we go and how do we start refinancing?
Wasn't the bailout suppose to help homeowners refinance if they were facing foreclosure? How? Was there any agency or website to go to in order to start the process?
- asked by catchi
All Answers:
Answer #1
No the bailout did not include help for delinquenthomeowners.You need to deal with the refinancingon your own. Start with your current mortgageholder and see if the will lower the interest.
- answered by tkahrs12122
Answer #2
Here is the forclosure message board oncreditboards.comYou will find a lot of helpfulpeople and itsfree.
http://creditboards.com/forums/index.php?showforum=77
- answered by latebreakfast
Answer #3
Help, I need somebody,Help, not just anybody,Help,you know I need someone,Help!When I was younger,so much younger than today,I never neededanybody's help in anyway.But now these days aregone, I'm not so self assured,Now I find I'vechanged my mind, I've opened up the doors.Help meif you can, I'm feeling downAnd I do appreciateyou being 'round.Help me get my feet back on theground,Won't you please, please help me?And now mylife has changed in oh so many ways,Myindependence seems to vanish in the haze.But everynow and then I feel so insecure,I know that I justneed you like, I've never done before.Help me ifyou can, I'm feeling downAnd I do appreciate youbeing 'round.Help me get my feet back on theground,Won't you please, please help me?When I wasyounger, so much younger than today,I never neededanybody's help in anyway.But now these days aregone, I'm not so self assured,Now I find I'vechanged my mind, I've opened up the doors.Help meif you can, I'm feeling downAnd i do appreciateyou being 'round.Help me get my feet back on theground,Won't you please, please help me?Helpme,Help me,Ooooooo.
- answered by dudet1461
Answer #4
The FHA has a loan program you an try to qualifyfor, although the requirements and terms makeforeclosure seem the more beneficial resolution toyour situation.1. You have to show that you cannot afford the payments.2. Your mortgage-to-incomeratio must be below 31% of your gross income.3.Your tax statements must be used to qualify youfor the new loan. If you had a stated income loanbefore, you probably won't qualify.4. Any secondmortgage must be paid off before the FHA willrefinance.5. You must have a down payment of atleast 3.2% of the new loan.6. Your new interestrate may be .25-.50% below the norm, but you mustpay a 1.5% insurance fee, which could raise thecosts.7. If you sell in the next 5 years, you haveto split any proceeds with the FHA (up to 90%would go to the FHA).8. This can only apply toyour primary residence.9. The max loan amount isbased on the current market value of your home;your bank must be willing to write down themortgage if you are underwater.That's the best thegovernment can do. It's quite a bit worse than aregular foreclosure loan or a hard money loan. Butif you want to give it a try, contact the FHA. Inthe meantime, it would make sense to work on othersolutions, too, and not trust solely in thegovernment.Good luck.ForeclosureFish
- answered by foreclosurefish_com
Answer #5
Hi, there's a foreclosure FAQ here:
http://www.lawfirms.com/resources/real-estate/foreclosure/foreclosure-faqs.htmMaybe that will help?
- answered by T P
Answer #6
You have a number of choices here. Firstly, youshould know that you CAN stop home foreclosure. My brother-in-law just went through this with hisfamily. It's not easy, but you can do it.There issomething called a "loan modification" which youmight be able to talk to your lender about. Lenders really hate having to foreclose. It's anexpensive process and the last thing they want todo is take over a house and then try to sell it. It's not what they are in the business of doing.Iwould attempt loan modification first. There mayalso be options available through the FHA. Theirnew loan guidelines are very flexible and can helppeople who may be in trouble.The best option mightjust be to get someone on the phone who can helpyou. You can find some of those choices below. Hope this helps.Good luck!
- answered by Mortgage_Insider
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