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Posted by Jim V on February 21, 2007 at 23:02:06:
In Reply to: need help out of foreclosure posted by kaleolani on February 21, 2007 at 00:30:39:
Kaleolani,
I wouldn't generally advise a lease-buyback arrangement, there's plenty of information on the Web about the significant downside to many of those deals.
Usually the most cost effective way to resolve a default is using lender loss mitigation programs to bring the payments eventually current. Those programs will usually require that there was a hardship(job loss, medical issue) and that enough income is currently coming into the household to allow the resumption of payments and monthly payback on the past due amounts. There isn't enough information in your post to be able to say what the options might be, which is pretty common with first time posters.
To make something of an informed decision, we'd need to know:
Approximate current value of the property
Amount of the loans against the property
Amount of the past due amount on the loan(s)
Whether you've filed for bankruptcy recently
Amount of monthly verifiable household income
What kind of hardship caused the default
If you don't want to post that kind of information, you can e-mail it to me. I don't do loss mitigation type work, but I have a pretty good grasp on what will, or won't work. Good or bad, I'll take a look and give you my opinion.
