Need help on a good way to prevent foreclosure.?

Question

I have a friend who has lived in her current home for over four years and was sold a Power Option loan, but was told it was an Interest Only loan. They are pretty much backwords on their mortgage and in major credit card/ car loan debt. I just found out that they will be losing their home to foreclosure at the end of the month, and they will file bankruptcy.

Is there a way we can help to keep their home from foreclosing? Any help, or tips is wonderful!

Answer 1

Bankruptsy should be a last resort. There are many ways to stall foreclosures or even have them thrown out. For example...Simply filing the intent of BK will stall the foreclosure for at least 30-60 days if not more. There are many other things that can be done as well...to many to list here.

Answer 2

The best way to avoid foreclosure is to make required payments on the mortgage. All other approaches are band-aid attempts. Lenders make loans in the expectation of getting repaid. The loan is secured by the home. If the loan cannot be repaid, the only recourse for the lender is foreclosure.



Some lenders have made loans to people who should not have borrowed the money, but that is now a moot point. The best you can do now is pay the mortgage and look for more favorable refinancing that the borrower can handle without too much strain. But getting into an unaffordable loan and also loading up on credit card debt may make that impossible.

Answer 3

There may not be any ways to save their home but if they've already decided 4k and BK are the solution why not declare BK right now! You'll save a bit on interest owed... and the relief from the mental/emotional anguish will be a godsend...

Answer 4

All they can do is come up with the money, doesn't sound like they could re-finance or borrow money to consolidate loans.

Answer 5

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