Posted by Eliana on February 28, 2001 at 11:15:07:
I am not sure I understand how it works. If this guy is giving her market value for the house, why does he need to take over mortgage paymnets as well? Isn’t she supposed to use this money to pay whatever is left over of her mortgage??
Since no question is a stupid question I am asking anyway!!!
Foreclosure Imminent !! - Posted by Katrina Atlanta Ga
Posted by Katrina Atlanta Ga on January 12, 2001 at 17:18:55:
I need advice. I’m a mother of 3 kids and I’m about to go into foreclosure on my primary home and I want to save my house. I can’t refinance because i just came out of a bankruptcy. I saw an ad in the paper that said “we buy houses and take over payments” I spoke with the guy and basically he will give me a fair market price for my home, I’ll have to move out, he’ll take over the payments by paying them directly to the mortgage co., guarantee all repairs,take care of all the maintenance,lease purchase my house and qualify the buyer for a mortgage. This sounds too shady ? What sorts of questions should I be aware of because I’m alittle afraid .
Re: Foreclosure Imminent !! - Posted by Kevin Subbert
Posted by Kevin Subbert on January 12, 2001 at 22:22:57:
This offer is not “shady” at all. Nobody will lend you the money to save your house if youve filed for bankruptcy to have your debts cleared and still cant afford your house payment. What you are being offered is more than fair. What has the bank offered to do? They will foreclose and sell your house at auction for the mortgage balance, leaving you with nothing but even worse credit. Take the offer and start over. Try to be more responsible with your finances. You owe it to your children.
Best of luck,
Kevin Subbert
Re: Probably a good offer - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on January 12, 2001 at 20:57:59:
You are wanting to save your house from forclosure. Unfortunately this takes money. Normally people who own houses do not file bankruptcy, and do make the payments. It appears that this has not happened and you are going to have your house loan forclosed on. The person you talked to is offering a workable solution.
There is another solution and that is to pay up your back payments. It sounds to me like you do not have the money and can’t do that so you can talk to the person about the offer they are making, or you can loose the house. Your choices are very limited at this point. That is unfortunate but that is how it is.
I doubt that there is anything “shady” about the offer you have (bear in mind I have not seen the offer). The person who’s ad that you answered is offering a solution to your problem. If you have another solution lined up, you should look at that too. Doing nothing at all is probably the worst choice right now. Incidently the fact that you have 3 children has no bearing on the situation unless they have jobs and can help you out.