My friend's house facing Foreclosure!

Foreclosures, Short Sales, Tax Foreclosures
1

Hi… My friend has facing Foreclosure. so that i want to know is there any other option? he don’t want to sell his house. Thanks in advance. :biggrin

2

Your definitely has options, but it does depend how far along in the Foreclosure process your friend is in.

3

The number one thing that most in foreclosure do is “STOP talking to the lender.” And that is the worst thing you can do. Tell him, if not too late, to establish a relationship with his lender and discuss things that the lender may be able to do. They can possible add it to the mortgage, decrease his payments, give him the opportunity for a short sale, etc…BUT,can do nothing if he does not talk to them

GOOD LUCK.

4

Thanks guys for your respond. i thought selling a house can be a best option to get rid of this problem but we found someone(Innovative Estates) who will help us. we will try a other option for a once.

5

As soon as possible, tell your friend to contact his lender and try to negotiate an agreement to amend his mortgage so that the foreclosure can be stopped before going to completion. Typically these are options the lender suggests:

-Load Modification.
-Federal Housing Administration Loans
-File Bankruptcy
-Forbearance

6

Hi,
I think, hiring an experienced foreclosure agent is a good option for you to avoid foreclosure.
Thanks!!

7

What state is the property located in?

This entity, located in Ohio, has a great reputation. http://ohiohome.org/savethedream/

8

Hi dannyspastics,
Here are some options to avoid foreclosure that would let you stay in your house:-
Refinancing
Loan modification
Repayment loan
Forbearance
Thanks!!

9

What is the reason your friend is in foreclosure? You have get to the underlying cause before you can solve the foreclosure issue. If it’s loss of job or income, does he have any prospects the changing that or increasing his income in the near future. If the underlying circumstances don’t change, then you can only hold off the foreclosure proceedings for so long.

10

If you want to avoid foreclosure, you will have to sell your home quickly. This can be done in a few different ways. Finding the right agent to sell your home is essential as this will greatly increase your chances of a quick sale.

It is also possible sometimes to find another buyer to take over your payments. This is known as assuming your loan and can lead to a very quick sale in certain circumstances.

11

One can stop foreclosure many ways; however, the best advice on this thread, in my opinion, is to have your friend contact their bank. And as mentioned by someone else, your friend’s reason for not being able to make his house payments is a huge factor with the bank. If he has got past his hardship, most banks will work with him, but he has to call the bank…now. :slight_smile: IF the bank will not work with him, a CH 13 bankruptcy will stop his foreclosure at least temporarily.