We are going to loose our house! Help!!

What are the circumstances of your house situation?
How much is owed?
How ridiculous is that deal?
Is there any room for negotiation with the bank? Have you tried?
Is anyone (professional) helping you?
Have you tried to sell your house? Is that even possible?

Can you get someone to lease option your home with terms that would accommodate the terms of the bank's deal and spare your credit into the bargain?

Granted time is running out. but it's not over yet.
Dean's book will certainly be able to help you better your lives (in all honesty it might be too late for your home, no reason to give up yet though )

Good Luck,

Angela

Hi,
I'm sorry to read your story but if you tell me where the property is located and how much you owe, then i may be able to help. Let me know if you need my help.
Good luck!
Baria

You could do a short sale if you need help let me know because I work shirtsale everyday and it will save your credit

Hey Angela

What are the circumstances of your house situation?
Im not sure what you mean by circumstances...I thought I had the background information in my first post. Since I am new to all this I just may not understand what you are looking for in this question.

How much is owed? We purchased the house in 2007 for $224,000.00. Since pretty much only interest is paid in the bank of course says we owe all of it.

How ridiculous is that deal? The bank wasn't to restart the entire loan but it would be at a total of $230k to cover their expenses. They want $4200 and the mortgage will start all over at 4.5% and $1350/month approx.

Is there any room for negotiation with the bank? We've been in negotiations with them since October.

Is anyone (professional) helping you? We have a lawyer because CitiBank wouldn't talk to us for the re-negotiation of the loan so they've been helping us out.

Have you tried to sell your house? No we didn't try selling - we thought Citi would negotiate or just extend the life of the loan which would bring our payments down and they would make more money. I'm not sure why things didn't happen that way.

Baria:

Our house is in Westminster, CO about 10min from Denver.

Explain Short sale a bit to me. Is that just sell it to someone else before Citi can auction the house?

Yes a SS is getting the bank to agree on a lesser price than is owed on the house. But did you look into saving my home program to see if you can save your home first. I dont know the laws there but in NY It would take them yrs to get you out. I know that is not your goal nor should it be. Try looking on line for the help save my home program web site and talk to a counsler. ask the lawyer working for you about it also.
I don't know how or why you are in the situation but maybe you can turn it around. definately look into the program that the president put in effect to help people loosing their homes. alot of people have lost jobs and pay and are in the same situation as you. so don't give up on it.
My heart goes out to you.
good luck.
Richie.

You can do it, look into your Yellow pages for some of the non profit programs for Home Owners.

Also look on the back of your Mortgage statement there are places set up to help you. I live in NJ and we used Citizen Action, this non profit program stopped our Foreclosure in its tracks.

We were due to Foreclose in like 10 days when we found them, we had no idea we could do that for free. When so many people were being asked to pay like 5,000.00 to get help we did it for nothing.

They totally re wrote our Mortgage for the next 5 years.

I hope this is not too late, dont give up...

marvinna,

Believe me when I tell you I know what your going through. I am now an advocate for others who are losing their home. I have created a website that will help you with resources to save your home. http://homeownerrevolution.com.

Good luck!

Hi Marvinna,
BC is right. Because your time is limited; go to the nearest HUD agency in your town. They should be able to open a file on your behalf and start the process for the President's Making Home Affordable Program. You will need all your financial's, bills, creditors, ... just everything you spend money on. Even creditors that you can't pay. Include everything. They may have you talk to a Consumer Credit Counseling Agency too which is usually right there in the same office or building. All this is to help you and for them to understand how you got into your situation. Do not feel embarrassed. YOU ARE NOT ALONE!!! I too, totally understand what you are going through. Make sure you give them the 2-2-10 sale date on the house. All of this is so that your loan can be modified. I do want you to know that the WHOLE process takes a looooong time. BUT; it will stop the Sheriff's Sale. My HUD counselor told us from the git go that she could be negociating on the phone even a couple hours before the sale and get it stopped. Hud is your liason. Remember....the banks do not want your house. They have plenty of them. As for your lawyers; it's always ok to get advise and assistance that, you pay for. This modification program through the government has no charges involved. In fact they say Do Not Ever Pay For A Home Modification Loan. We are just now finishing our "Trial Period" payments(6mos) and our first payment starts March 1st. It has been a long road. Once you talk to the HUD counselor, you should feel encouraged. I hope this helps.
Karin
PS Check in with your counselor every 10 days or so. Same with your lender once this gets going. There's more to my story but it's waaaay too long. Hang in there.
Karin

Thanks Karen....that really helps.

thank Karen, you gave the same info I would recommend. It`s all part of the Reinvestment Act.

thank Karen, you gave the same info I would recommend. It`s all part of the Reinvestment Act.

thank Karen, you gave the same info I would recommend. It`s all part of the Reinvestment Act.

Rather than go through all that time and trouble, I have a letter you can send them by certified mail that will postpone the foreclosure process for 30 days, in some cases it even stopped it.

I used this same letter 2 weeks before my auction date and stopped the foreclosure. I still have my home today, that was over 2 years ago. Since then I have also been an advocate for helping others.

Once you're in this situation and you completely understand your rights and what you can do, you owe it to yourself and to others that are facing losing their home to help them.

It's impossible to sit back and not do anything, right Carol? ;D

Please email me @ admin@webuyhouses24-7.com so I can email it directly to your email address.

Honestly, this is something that you or anyone else in this situation can do without a lawyer or outside agency!

Anyone else facing this situation please contact me immediately.

I agree with everything all the above have suggested. One more suggestion...once you get the foreclosure postponed/stopped. You might also want to check out NACA. (Just google "NACA") They are a non-profit organization that will help you refinance at below current market interest! Wonderful group of people! But do take Elena's advice and STOP THE FORECLOSURE TO BUY YOURSELF TIME TO CHECK OUT YOUR OPTIONS!!!! DO IT NOW!

We all will be thinking and keeping you and your family in our prayers. Have faith that all will work itself out...but take ACTION!

Best Wishes,
Phoenx

I agree with everything all the above have suggested. One more suggestion...once you get the foreclosure postponed/stopped. You might also want to check out NACA. (Just google "NACA") They are a non-profit organization that will help you refinance at below current market interest! Wonderful group of people! But do take Elena's advice and STOP THE FORECLOSURE TO BUY YOURSELF TIME TO CHECK OUT YOUR OPTIONS!!!! DO IT NOW!

We all will be thinking and keeping you and your family in our prayers. Have faith that all will work itself out...but take ACTION!

Best Wishes,
Phoenx OOPS!!!