Re: Foreclosure Questions
Posted by NJD on August 25, 2008 at 05:56:47:
In Reply to: Foreclosure Questions posted by Terry Samer on August 24, 2008 at 22:18:17:
At stake are your future creditworthiness, and the equity you may have in the home. Equity is loosely described as the difference between what is owed on the house (loans, unpaid taxes, liens, etc.) and what is left after you sell.
At this point, your lender won't accept your payments until/unless you have a written reinstatement agreement in place.
If you can't afford the house now, bankruptcy won't make your home more affordable.
Your options include (1) challenging the foreclosure if it is the result of a predatory loan, or if the loan was made in violation to TILA, (2) seeking an affordable workout/loan modification from your lender who would have to agree to reduce the interest, and/or extend the term of your loan, (3) file bankruptcy and walk away, or (4) sell and try to salvage whatever equity you may have.
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