Lis Pendens Filed?
10 Solutions Available
- Borrow Money: Friends, family, relative, insurance policy, cash in stocks, bonds or other investments. Obtain mortgage loan – credit, repairs and income could disqualify you.
- Reverse Mortgage: Senior member “family bailout” – an early inheritance. Youngest borrower must be 62, live there and have lots of equity.
- Rent Out Part of House: Use revenue stream to catch up. Privacy issues, zoning issues and cost to build issues.
- Loan Modification: Bank modifies loan terms – adjusts interest rate or payments. Scammy operators could charge up to $5000 for this service. You need verifiable income.
- Forbearance Agreement: Bank adjusts terms allowing you time to catch up on arrears – like a band-aid on a deep cut. You need verifiable income.
- Rescind Loan: Wipe out loan using Truth in Lending Act – Miscalculated APR (junk fees not added to APR). It’s a “hail mary” pass!
- Bankruptcy – Chapter 7 liquidation (no income) or chapter 13 wage earner (has income) negotiate, cram down or reduced payments through trustee – buys you time only! Cost: $1500 – $2500. You can still lose house and credit rating.
- Deed in Lieu of Foreclosure: You give title back to bank. You could be held personally responsible if bank REO department sells house for less than you owed.
- Do Nothing: Accept foreclosure and ruin credit for 7 – 10 years.
- Do a Short Sale: If you are underwater on your mortgage, owe more to lender than your house is worth, most lenders will allow you to hire a Realtor to sell your house for less money than you owe.
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Disclaimer: The broker and agents at Regal King Realty are not attorneys at law, dispensing any legal advice. Any reader on this web site should not interpret any of the information presented here as legal advice. Readers are advised not to take any action based on the material contained on this web site without consulting an attorney.