New member here, I help people in foreclosure

[rrubio]

Hi!

My name is Renee and I just joined this forum.
I am a consultant for US Foreclosure Prevention. We are a division of Lewis Loss Mitigation, which has been stopping foreclosures for 20 years. We don't buy the home, we deal with the homeowner's lender and negotiate a way for the homeowner to be able to keep the home and save their credit from being ruined.

I am available for any questions you might have about your situation.
We have been able to stop the foreclosure as soon as the day before the sale (although we never recommend a homeowner wait that long to get started!)

Best Wishes to Everyone,

Renee Rubio

[HRx]

If you stick around and contribute your expetrise throughout the forum............I'd be more than willing to let you post your contact info.

Regards,

-Todd

[Gloria]

I'm thinking about foreclosure. I'm a single mom w/three children. I've paid my home for 1 1/2 years by myself. That might not be a long time but I this is a double income home and i'm paying it on my own. I can't afford it any longer and its difficult to sell because I'm in a new developement. What do I do and how will foreclosure effect me in the future.
HHHEEEELLLPP

[midleman]

Try listingyour property first

If you make a reasonable attempt to sell the property and you cannot find a buyer at full price you may be able to accept an offer for less than is owed. This is called a short sale. Your lender must agree to the sale price but it is a common practice in the mortgage industry. There may be some tax liability based on the difference between the balance on your mortgage and the actual sale price. You need to check with an accountant or real estate attorney about this. If you dont get any offers within 90 days or so the lender may also consider taking a deed in lieu of foreclosure where you sign a quit claim deed giving the property back to the lender. In either case you can be completely relinquished from any deficiency balance and walk away free and clear with no foreclosure on your record. If you need help with this send me an email. I would be happy to help.

[miss puff]

I have heard, and someone please correct me if I am wrong, that a DIL of foreclosure is just as bad on your credit record as a foreclosure. Also, does anyone know if you file BK, give the house back (foreclosure) and a car back (repossesion), do all three of these credit offenses show up on your credit report? Thanks

[SinkingFast]

I have heard, and someone please correct me if I am wrong, that a DIL of foreclosure is just as bad on your credit record as a foreclosure. Also, does anyone know if you file BK, give the house back (foreclosure) and a car back (repossesion), do all three of these credit offenses show up on your credit report? Thanks

Others have said that the Repo's don't show on their Credit. Our attny told us that the Foreclosure or DIL AND the BK would show on our Credit. It's a double whammy if you have both. And, from research I've done, the Foreclosure is actually worse on your Credit than the BK. At least as far as ever buying a house again is concerned.

Thankfully, while we were waiting to file, and on the brink of the Foreclosure Auction, we had a buyer step in and buy our house. Our Lender literally called the Court House on THE day the Foreclosure Auction was supposed to take place to stop the sale. Phew! The Lender gave us 30 days to get the deal together. We will close next Monday.

[miss puff]

We will close next Monday.

That is so awesome to hear SF! I think after all the advice and reading as much as I can that we are going to try and reafirm the house, not reafirm the car but keep paying right now and have just the BK on our record right now. And honestly, the only thing that is having us keep the house right now is our pride. They print your name in the newspapers here for foreclosure. I think we can stick it out for a couple of years and hopefully refinance at a lower rate after we rebuild our credit.

[SinkingFast]

TY so much, Miss Puff!!

I had given up on it when this deal started to come together.

It's all gone so fast, it musta been meant to be.

[joe3008]

home sold at auction

i live in illinois and my home was sold at auction. The sale gets confirmed in court july 24th. Can I file ch 13th and prevent this? is there any other options to keep my home.

[SinkingFast]

You're probably currently in what is known as the Redemption Period. Many States have that as a provision associated with Foreclosure.

First the Lender executes the Auction where the house is Sold, then the Owner, you, has a set amount of time to Redeem the property. The only way to Redeem the property is to pay the Lender the full amount owed.

The amount you owe the Lender won't be the principal balance. You'll also owe all accrued interest, late fees, penalties, AND the Lender's legal costs to execute the Foreclosure process. In our case, that was $8K. In your case, it could be more or less, depending on your loan amount and how many months you went without paying payments.

You really need to Consult with an Attny on this subject, but,......... I don't think you can stop the process at this point by filing BK. If you had filed prior to the actual sale, you could have stopped the process and paid all your arrears and the Lender's legal costs in your plan payments. Just a personal opinion here, but I think post Foreclosure Sale, during the Redemption Period, you cannot file BK and prevent the Lender from taking your house.

Again, Consult with an attny to know for sure.

[onepowerfullady]

I have used Loss Mitigation Services, but its not good for me to use with me in this BK. I think that its good for someone who has the funds saved up to turn their situation around, but I know that I can't. I have tried to give the mortgage company a chance to allow me to come up with some sort of plan or do a DIL. Then I finally came to my senses and thought oh what the hell..I can just walk away from it and mail them their keys.
I really hate that I did not think things through before I paid that kind of money out to the service. I did not reaffirm the loan and I am moving out of my house at the end of this month. As I understand it since I am in chapter 7 BK and its included in BK...I am going to just walk away from it and try to scrap what little of my life I have left. I feel that if my house was for me..the good Lord wouldn't allow me to struggle so to keep it. Yep, a fresh start is good!