The bank or mortgage company wants to work with homeowners who have large balances on their payments. If the house goes into foreclosure statics, there isn't much money the bank will get in an auction sale, leaving the owner to pay the difference. Usually, the home owner has filed bankruptcy, so the debt is satisfied.
The lender will make a huge profit when selling this type of house. There is no incentive to work things out.....
Warning, in the case where the debt amount is low and the house value is higher. Providing you with tools to fight is what this has turned into. Before getting involved with quick remedies, if you have not tried to settle the debt, my information will help but only a little. But, a little information is better than nothing.
HAVE NOT TRIED TO SETTLE DEBT
1. Ask yourself do you really need to keep this property? I f so, then do something... Whittle away at the banks defenses. What this means, is pay something on the taxes or the insurance while your home is in foreclosure. This means the reinstatement figures will always need revising!!!!
If your home has no equity then they are very willing to work things out.
2.Make a calling schedule, and stick to it. Call different times of the day but continue calling and asking for assistance. Eventually, you will get it.
3. Most loans are PITI, which means principal,interest,taxes and insurance are all paid by the bank once your payment is received. The best loans are PI, you control the payment of taxes and insurance. This keeps them from having absolute control over your property.
4. The mortgage company will come up with things to add to the reinstatment amount. Like requesting additional insurance; flood insurance when no one else required to have it in your neighborhood. This is legal, but it can be fought.
The lender will make a huge profit when selling this type of house. There is no incentive to work things out.....
Warning, in the case where the debt amount is low and the house value is higher. Providing you with tools to fight is what this has turned into. Before getting involved with quick remedies, if you have not tried to settle the debt, my information will help but only a little. But, a little information is better than nothing.
HAVE NOT TRIED TO SETTLE DEBT
1. Ask yourself do you really need to keep this property? I f so, then do something... Whittle away at the banks defenses. What this means, is pay something on the taxes or the insurance while your home is in foreclosure. This means the reinstatement figures will always need revising!!!!
If your home has no equity then they are very willing to work things out.
2.Make a calling schedule, and stick to it. Call different times of the day but continue calling and asking for assistance. Eventually, you will get it.
3. Most loans are PITI, which means principal,interest,taxes and insurance are all paid by the bank once your payment is received. The best loans are PI, you control the payment of taxes and insurance. This keeps them from having absolute control over your property.
4. The mortgage company will come up with things to add to the reinstatment amount. Like requesting additional insurance; flood insurance when no one else required to have it in your neighborhood. This is legal, but it can be fought.