Do I still have time?

**EazyE102** · 11-04-2007, 01:23 PM

Hi,

My house is currently going through foreclosure.I got screwed by my mortgage company.They told me all through out the loan process that I would be paying 1,100$ a month,but after the closing on my house they added a PMI and then my payment was almost $2,000.Then I tried to refinance and that didnt work.The refinancing company took $350.00 for an appraisal and then after the appraisal,they never called me back after I called then numerous times.The foreclosure was filed on 5/7/2007.So it hasnt even been 6 monthes yet.Im just looking for ANY advice on what I can do to try and save my home.Any help is appreciated.Thanks,

Keith

**Mike Taylor** · 11-05-2007, 03:31 AM

Keith -

Do they have a date for the auction yet?
Normally there are 2 options in this situation. Since you can't refinance, it seems like the only you have is to talk to the bank and see if they are willing to work something out with you. You would have better to do this months ago, but it cannot hurt to ask now.

**Honeycomb Properties** · 11-06-2007, 11:25 AM

Keith,

It's sad to hear your situation and even sadder that you aren't alone. There has to be other factors taking your payment from $1100 to $2000- PMI can't be that much. Did you buy a newly constructed home? The reason I ask is property taxes- many home builders haven't been forthright in explaining property taxes on newly build homes and they can really add to the mortgage payment.
As far as solutions to you problem, most will likely be difficult for you to achieve. The 1st is to pay the mortgage off, by refi or other means (private investor etc.). You may still be able to pay the past due amount up to date and avoid the process, but if you have received notice, it is unlikely they will accept that option, but it wouldn't hurt to try.

**Simon** · 11-08-2007, 08:51 AM

Hi there,

Sorry to hear about your predicament. I'm not sure if such companies exist in the US but in the UK there are companies who will buy your property and rent it back to you. Naturally they will not pay market value but it can avoid the need to go to auction where you could get a much lower price. You'd also be able to stay in the property on a renting basis so your neighbours needn't know.

Typically these companies pay you 75-85% of the market value and will agree a price and pay you within 2 days so it can often be a better option than foreclosure.

Google it and see what comes up.

All the best

Simon Waugh