Forums
My house went into foreclosure on 1/2/2007 my situation is very difficult and my credit score is under 500. I do not wish to leave my home or nor sell it. I'm really fighting to keep it.
Does anyone has suggestions how do I accomplished this very bad situation. My LTV is very high and my debt to income is also high.
pcolema, did you discuss any loss mitigation plan with your lender, like forbearance or loan modification. Go through this page to know the option you can discuss with your lender: http://www.hud.gov/foreclosure/index.cfm
Forecosure
pcolema yes, I agree with McKinney, we were in the same situation and finally the lender gave us a loan modification and so far the foreclosure has stop (they want to make sure I guess that with are in compliance with thr loan modification and keep up with the new payments, so far so good, we also had talked with a Bankruptcy attorney and we were ready to file for Chapter 13 in order to stop the foreclosure if we did not reach ed an agreement with the lender, so for now we are holding off on the bk filing and keep it on the back burner.
This is the legal means that your lender can use to repossess (take over) your home. When this happens, you must move out of your house. If your property is worth less than the total amount you owe on your mortgage loan, a deficiency judgment could be pursued. If that happens, you not only lose your home, you also would owe HUD an additional amount.