I’m in a rough spot..
Three months behind on my mortgage and just got the scary letter in the mail. I’m in Oklahoma and freaking out that the bank’s about to kick off foreclosure any day.
Been googling my options, loan modification is out there, but holy crap, the paperwork takes forever. There’s the short sale route, but I really don’t want to nuke my credit for the next seven years.
A couple neighbors said just sell to an investor ASAP to dodge foreclosure on my record. Found sites that buy for cash in OKC. Not sure… maybe that’s a way to pay the bank and walk with a little cash before the sheriff sale goes down?
Really don’t want to lose everything here.
Should I even try to fight this in court or is it better to just sell and move on? Anyone actually dealt with a judicial foreclosure and lived to tell the tale?
3 months late on my mortgage – am I totally screwed or is there still hope?
byu/StavrosDavros inRealEstate
Posted by StavrosDavros
12 Comments
Loan mod is a good option. As soon as you start that process they freeze the foreclosure process. Call your lender and start the paperwork. The crappy part is depending on what your initial interest rate was your monthly payments might go up. The buy your homes for cash businesses are going to low ball you and push you hard to sell. They are going to make it seem like selling to them at a super low price is the only option.
My advice, keep calm, call your lender and see what your options are. Homes for cash being a last resort.
Before you do anything, call your lender to discuss options.
Would you rather do some paperwork or let the bank fuck up your life? Your call
Investor is a bad idea. Can you list like normal and price to sell?
If you don’t have the money to get your mortgage current then you sell. It takes many more months for a formal foreclosure but get moving.
No, you do NOT sell to a “we pay cash” outfit. Their offer probably won’t cover the mortgage and the bank won’t approve it.
You hire a good local agent, prepare the house properly and price to it to sell.
Good luck!
Your credit is already trashed
Can you actually afford the house? Or do you need to sell it? That’s actually the biggest question.
You’re going to loose your house and some paper work is what’s holding you up?! Damn, man…
Call the bankruptcy lawyer
>A couple neighbors said just sell to an investor ASAP to dodge foreclosure on my record.
How much equity do you have? Successful home investors don’t offer full price, and there is a non-trivial cost to selling.
Do the loan mod. Or file bankruptcy and take 6 years to pay it back if you really want to keep the house.
No data here to work with. Why hasn’t it been paid, can you pay it going forward, etc.? If you had a temporary problem but can afford it going forward, then the lender will usually work out a plan.