Prevent Foreclosure when Unemployed
November 13th, 2010
Question: How does one that is unemployed (due automotive job cuts) prevent foreclosure on their home?
I have been unemployed since October and I am having no luck finding a job. I have no other family to help. I am a single woman trying to stay a float. My mortgage company can't help me in a time like this. I have worked so hard to achieve this modest little home and now I am facing foreclosure. Can any body help Michigan woman?
Answer: There are some good books to help you find ways to prevent foreclosure even when you don't have a job.
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Posted in Help with Foreclosure | 
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Partial Mortgage Payments to Prevent Foreclosure
November 12th, 2010
Question: Is it true that you can pay partial mortgage payments while your house is up for sale to prevent foreclosure?
I had someone tell me that I should be able to make partial mortgage payments and send my mortgage company a "hardship" letter to keep them from foreclosing on my house while I have it on the market trying to sell. Does anyone know much about this process? My mortgage company is the horrendous EMC Mortgage Co. - it doesn't get much worse than them.
Answer: You need to call your lender and ask them. Some lenders will accept partial mortgage payments and work with you.
Posted in Ways to Avoid Foreclosure |
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Extension Letter to Prevent Foreclosure
November 11th, 2010
Question: I am looking for an extension letter to prevent foreclosure?
I am in the process of having my home foreclosed. I have been in contact with the lender but need more time to come up with the funds to make things current. In Pennsylvania you are allowed an extension on foreclosure, but I do not know what this "extension letter" to prevent foreclosure is supposed to say.
Answer: A letter of extension is something that is put together by the bank - not by the homeowner.
What you might be thinking of is a Hardship Letter - this is a letter drafted by the homeowner to demonstrate their financial hardship, and is usually accompanied by a financial statement. These letters are normally used for Short Sales (when a bank forgives a certain amount of debt to allow the sale of the house to go through).
There are a lot of options besides foreclosure. To be brief I will list a bunch, instead of trying to explain one or two: Read the rest of this entry »
Posted in Help to Avoid Foreclosure, Ways to Avoid Foreclosure |
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