urgent help losing house to foreclosure

17 Replies

Okay, I have a pretty tense situation.I inherited a property that had a mortgage on it.I can't qualify for a mortgage due to credit situations.So i was thinking of renting out the house.the house is in very solid shape.Recently installed new appliances.Can i get a cosigner to take on the mortgage and i pay back mortgage with the rent money?its 3 bed 2 bath and has two effencies.any insight on getting a cosigner will help tremendously. 

Do you have the money? Is the property worth saving? Has title been transferred to you?

What exactly do you contribute to this situation?

If it has equity, don't let it go to foreclosure. Even if you must sell it to keep it out of foreclosure, do it so you get something out of it rather than walking away empty handed. Don't get stuck looking at only one option...consider any way possible to monetize it. Determine the back payments and whether a 5 year private or hard money would work for rental purposes (assuming there is substantial equity). If not, get with local investors to see what they'll give you for it and advertise the heck out of it. 

@ @David Henriquez I'm guessing you don't have the funds to bring the loan current?  Do you even know what this amount would be?  How far along is the foreclosure? What's the current value? Total loan amount owed?  Has probate been started?

Where is the property located? Are you wanting to save it for sentimental reasons or is this a business deal for you?

I am actively looking in the South Florida east coast market for a property that I can house a few employees in for a few months. Feel free to reach out to me directly if appropriate. Thanks.

Originally posted by @Wayne Brooks :

@ david Henriquez I'm guessing you don't have the funds to bring the loan current?  Do you even know what this amount would be?  How far along is the foreclosure? What's the current value? Total loan amount owed?  Has probate been started?

 unfortanetly i don't have the funds to bring the lon to current value.it's been about half a year.i dont know how to figure out the full pay off amount.the billing statements show owed 250k plus interest.house never went into probate

@ @David Henriquez

The statements should show an amount to bring it current, along with a total payoff. What is your exact relationship with the deceased home owner? This will determine how helpful the lender may be with information. Do you have any idea of the value? PM or email me any time, I can look it up and get an approximate value in the MLS, and the case status in the courts. Do Not let anyone do any sub2, "take over your payments", etc. If it's upside down, you could simply collect rent while it goes through the foreclosure process.

Originally posted by @Wayne Brooks :

@ david Henriquez

The statements should show an amount to bring it current, along with a total payoff. What is your exact relationship with the deceased home owner? This will determine how helpful the lender may be with information. Do you have any idea of the value? PM or email me any time, I can look it up and get an approximate value in the MLS, and the case status in the courts. Do Not let anyone do any sub2, "take over your payments", etc. If it's upside down, you could simply collect rent while it goes through the foreclosure process.

 okay perfect i can get you all that information in the morning.the deceased person is my grandmother.my whole thing would be rent out the whole house including effeciency to pay back the mortgage till its free and clear.i have been receiving lots of correspondence that the house will be going into auction soon.so i really dont know how much time i have left.what ar the possibilities you think the bank will agree for a cosign and rent out the property?

Little, to none.  The bank will require either 1) the money in arrears, probably $10-20k, to resume payments, except probably not with the death of the borrower or 2) you'd have to refinance the full amount elsewhere and pay off the whole thing.

Originally posted by @Wayne Brooks :

Little, to none.  The bank will require either 1) the money in arrears, probably $10-20k, to resume payments, except probably not with the death of the borrower or 2) you'd have to refinance the full amount elsewhere and pay off the whole thing.

 so i can refinance with 20,000 down?i can i get atleast 10k.my credit not good so i'll need a cosigner.but the person would want something in return off of the deal.should i just ask a relative to consign

From the address you sent me. It's a reverse mortgage, max balance $465k. A reverse mortgage Must be paid off, infull,period...no choices. You'd have to go to another bank and refinance the property to pay off the RM, IF there is any equity. There is also about $15k in code enforcement liens. If it's upside down, a short sale must be at 95% of their FHA appraisal, no exceptions.

Originally posted by @Wayne Brooks :

From the address you sent me. It's a reverse mortgage, max balance $465k. A reverse mortgage Must be paid off, infull,period...no choices. You'd have to go to another bank and refinance the property to pay off the RM, IF there is any equity. There is also about $15k in code enforcement liens. If it's upside down, a short sale must be at 95% of their FHA appraisal, no exceptions.so i need to pay off 465?

You don't know what the actual balance is.  $465k was the max balance, with accruing interest, for an unknown amount of time.  You have to talk to the lender, give them whatever documents they require, starting with a death certificate, for them to release the details to you.

Originally posted by @Wayne Brooks :

You don't know what the actual balance is.  $465k was the max balance, with accruing interest, for an unknown amount of time.  You have to talk to the lender, give them whatever documents they require, starting with a death certificate, for them to release the details to you.

got you.