Legal way to stall or stop home foreclosure

[ILG]

Originally Posted by The Mrs

Was it called a 'Short Sale'? Not sure exactly what it is, but hear the term all the time.

Yes! That's it!

[ILG]

http://en.wikipedia.org/wiki/Short_sale_(real_estate)

[ILG]

Originally Posted by Blubayou

I had a friend go to his banker when he was laid off- the banker told him they would/could not help him unless he missed 2 months payment. The friend was trying to be proactive- and find a solution before he could not make the payment- but there was not any help for him.

What help was available after he missed two payments?

[Pragmatist]

There's help beyond the short sale if you call the lender. They would rather work with you than lose more money by having the home go into foreclosure.

[DividedThigh]

yep the banks want even talk to you if you are not behind, i called my bank to see if they had a program, and he said you are not delinquent nothing to talk about, wow like i dont deserve a conversation because i pay my mortgage, dt

[Aquila]

Originally Posted by Baron1710

I have to go spend 3 hours answering questions about law tha doesn't even exist anymore, then take a lunch and do it again, but once again those bent to the left lay the blame anywhere but where it belong.

They let the banks put them in this position? NO! They asked the banks for the loans, and didn't have the common sense to figure out that they wouldn't be able to pay the bill. I don't have time to deal with the half truths in the rest of the posts this morning.

I see it as a shared responsibility. The FDIC warned against preditory lending practices involving subprime loans. I would imagine a bank wouldn't lend me money if they saw a significant chance that I wouldn't be able to pay it back. To do otherwise is irresponsible. On the otherside, as a consumer I should be looking out for these kinds of rip-off artists and never sign for a loan I can't pay for. I remember when my wife and I were shopping for a loan to buy our house. We wanted to know what we qualified for. We qualified for a fixed rate loan, but the loan officer stated that he could get us a lower interest rate with a subprime adjustible rate mortgage. He really pushed the "benefits" of this, but my wife and I already decided that wasn't an option. We got the fixed rate mortgage. And we've had some real hard times... but it would be far worse if we would have caved in to the loan officer's suggestions regarding the subprime adjustible rate loan he was trying to sell.

I think too many just didn't do their homework.

So as I said before, there's shared responsibility. Banks knew better but did any way. People didn't and should have.

[Light]

Originally Posted by CC1

Randy Wayne. That is the kind of logic that just makes steam come out of my ears.

If whatever rescue package they come up with includes rewarding idiots who bought homes they could not afford or low lifes who just don't make their mortgage payements I am going to be furious.

I have read of proposed plans tht would both reduce a person's principal and their interest rate.

In other words if I had been irresponsible when I bought my home 2 1/2 years ago and had got in over my head by buying a home $100,000 more expensive than I did I might have ended up having the mortage and interest rate reduced so thta I would be making the same payment I am now.

If my tax dollars end up going to subsidize idiots who bought too much house I am going to be steamed.

The libs in Congress pressured Fannie Mae and Freddie Mac to put unqualified people in homes the last decade or more and now we are reaping the result.

Where is you anger at the bank that made the loan????