Re: Foreclosure questions

Posted by OC_Andy on July 20, 2007 at 22:30:48:

In Reply to: Foreclosure questions posted by David on July 20, 2007 at 17:12:05:

David:

At this point your options are fairly limited.

I would recommend two courses of action for you to pursue immediately.

1. Contact the foreclosing lender and explain your situation to them. Ask if they will consider a temporary suspension of your payment to them to allow you enough time to make up your payments(if you are behind). Depending on how many payments you are behind, they may agree to this - Remember, banks do not want your home, they want your payments to be made on time. Part B of this if your lender will not suspend the payments would be to try to work out another type of repayment with them - talk to them - they unfortunately see many of these cases and they can be pretty resourceful with possible solutions for your situation.

2. You can rent your home to a tenant to cover whatever portion of your monthly payment is due to your lender - depending on what area of CA you're in, you may be able to find a tenant very quickly.

Move in with relatives for a short period of time to get you back on your feet again.

Hope this helps,

Good Luck

OC_Andy

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