Home Pending Foreclosure : What Can I do About it

Discussion in 'General Chat' started by wazimm, Sep 21, 2007.

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  1. #1
    referring Foreclosure Property : Large Family Home in Nice Neighborhood

    My dad will soon be losing his house if something is not done quick. The house is appraised for $305,000 and he owns the mortgage company about $250,000. Due to being involved a car accident and one bad renter, he wasn't able to make his monthly mortgage payment for about 4 months. Now, the lender wants to foreclose. What can my dad do to save the house or his credit?

    He's currently renting the property by the room in order to try to craft a payment. The above link is a picture of the property and some details.
     
    wazimm, Sep 21, 2007 IP
  2. minimumrage

    minimumrage Peon

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    #2
    He could pay his bills. That always works.
     
    minimumrage, Sep 21, 2007 IP
  3. wazimm

    wazimm Peon

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    #3
    yeah you're right but that's too late..
     
    wazimm, Sep 21, 2007 IP
  4. usasportstraining

    usasportstraining Notable Member

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    #4
    I'm not an expert on this subject. It sounds like he's got a bit of equity in the house, so he could possibly take out a second mortgage on the equity to pay his backdebt.

    Is this a risky thing to do? Yes.

    There may be some programs available through the state or county to help people in his situation. He'd want to check into that soon, since they probably take time to process, especially with all the foreclosures nowadays.

    Realizing that he's got room enough for renters, maybe it would be wise to sell the house and find something more affordable and smaller.

    If he hasn't collected from his renters for backpayments, then he should take the steps to try to do that, including possibly suing the person in civil court.

    Is it worth all the risk and heartache to keep a house that could lead to an even worse situation? Not to me it isn't.
     
    usasportstraining, Sep 21, 2007 IP
  5. wazimm

    wazimm Peon

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    #5
    I like that kind of thinking..

    I have just posted a "real estate for sale" ad on craigslist.com hoping that someone out there will be interested soon.
     
    wazimm, Sep 21, 2007 IP
  6. steveb

    steveb Well-Known Member

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    #6
    The real estate market is tough right now for sellers, so I highly doubt you'll get the asking price.

    How many months is your dad behind on payments? Why is he not making payments? Do you know if he's tried talking to the lender? In most cases, the lender will work with you to get your payments back on track.

    Avoid foreclosure, or you will lose all the equity in the house.

    If your dad has a steady job and his credit is up to par, he can consider refinancing or taking out a second mortgage.
     
    steveb, Sep 22, 2007 IP