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LegalGround >> Question About Foreclosure


6/5/09 1:54 AM
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BadRed
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It's looking like my house is going to be foreclosed on. My question is what do I need to do to stay in the house for as long as possible? I'm 90 days behind on the mortgage and have not yet received a notice of default. I just want to find out what I need to do to maximize the amount of time my family can remain in the home.

Any help or tips would be much appreciated. Thanks in advance.
6/5/09 12:04 PM
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BadRed
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piratepirate - Start renting out rooms and making your payments.


That's not an option with my wife and I plus two kids in a 3 bedroom house.
6/5/09 3:09 PM
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BadRed
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ttt
6/5/09 10:50 PM
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Fake Pie
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"That's not an option with my wife and I plus two kids in a 3 bedroom house. "

Huh? How is that not an option? 2 kids can stay in one room then you have a free room? You think your kids would rather share a room (heaven forbid!) or be kicked out of their house?
6/6/09 12:58 AM
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BadRed
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Fake Pie - "That's not an option with my wife and I plus two kids in a 3 bedroom house. "

Huh? How is that not an option? 2 kids can stay in one room then you have a free room? You think your kids would rather share a room (heaven forbid!) or be kicked out of their house?


One person renting one 10x10 room would not solve our financial situation. When you've lost your job and it results in the annual household income going from $160k to $60k it's a safe bet that renting a room is not going to solve the problem.

I'm interested in getting info concerning the foreclosure question I asked. If you can't or won't provide some clarification then don't bother commenting.
6/7/09 10:12 AM
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Fake Pie
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I understand your frustration. Everyone on the OG always wants to ignore your question and find some "clever" angle to attack you on instead. However, telling people not to comment certainly won't stop it. I normally try not to take that tack, I just found it odd when your reason for it not being an option clearly wasn't.

Anyhow, look into the stimulus package. If you are 3 payments behind I think there is some help in there for you, but I don't pretend to know the details. Start googling. Obama wants to save your house for you.
6/8/09 12:11 AM
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BadRed
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I've checked out all of the new Obama stuff. The problem is that while most lenders are offering the Obama mortgage program they are not yet prepared to implement them.
6/8/09 11:47 AM
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Fake Pie
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"I've checked out all of the new Obama stuff. The problem is that while most lenders are offering the Obama mortgage program they are not yet prepared to implement them. "

Well, the upside of this mess is that there are so many damn foreclosures it will take your bank a long time to get to you and go through the process. So maybe by the time they get to you the Obama stuff will be ready to go. You also might talk to them about a workout where you pay them a lower amount for now (stall them). A renter could help you at least make partial payments.

You haven't received a notice yet, so you will have at least until then + whatever the statutory period is after you receive said notice. Not sure what else you could do to extend it other than making a payment or partial payment or entering into discussions to work it out with the bank.
6/8/09 11:48 AM
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Fake Pie
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Btw, so many damn people are going through this right now there has to be a shit load of information on the net about it.
6/10/09 5:01 PM
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Dojosensei
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Had some friends go through this same thing. They were both in the construction industry...uh yeah you guessed it, lost their jobs. Another that lives behind me is an electrician, laid off.

They all contacted the lien holders and explained the situation. Right now banks would rather help and work with you rather than take your house and then be stuck with it. At least that's what happened in my friends' cases.
6/13/09 3:41 PM
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TacFighter
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Don't sign up on any web sites! go directly to your lender and ask them if you qualify and what programs are out there, then wait...

also, check with a realtor who specializes in forclosures or short sales if that is the route you are thinking about going. I am told that a short sale is less intrusive on your credit and you can recover within a few years. I'm certainly not an expert but a few friends have just gone throught his process. I'm sure there is someone on here who has this expertise.
6/16/09 12:30 AM
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Shaz
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 Try to save your credit!!  Work out some kind of payment plan with the bank.  They would rather get their money late than not at all.  If the IRS is willing to do payments plans, you can bet the banks will.  Be honest and forthright, make sure you convey that you want to fulfill your obligation, but that you simply don't have the means right now and are willing to pay whatever you can afford until the economy turns around or until your job situation improves.  Expect to get a little dinged with fees, but at least you have a shot at saving your home - and your credit score.

-Shaz! 
6/19/09 7:01 PM
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Fake Pie
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^^^^ Exactly.
9/6/09 4:21 AM
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gregbrady
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Dojosensei - Had some friends go through this same thing. They were both in the construction industry...uh yeah you guessed it, lost their jobs. Another that lives behind me is an electrician, laid off.

They all contacted the lien holders and explained the situation. Right now banks would rather help and work with you rather than take your house and then be stuck with it. At least that's what happened in my friends' cases.


Really? I'm in the same situation and the bank told me to fuck off. So i stopped giving them my money. They sent me a notice of default after 2 months LOL
9/8/09 11:49 AM
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Dojosensei
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worked for them. I don't have a clue who they have holding their mortgages though.

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