Profile picture for lbensoncan2

Desperately Seeking Investor for Upcoming Foreclosure

Desperately Seeking Investor for Upcoming Foreclosure.
Due to the financial crisis that is being faced by a lot of Americans I have family members in the Visalia area who are going to be loosing the family home. This home has been in our family for almost 40 years and it is heartbreaking to let all the memories go without a fight. Since my family and I live 3000 miles away, & outside the country we are unable to acquire a mortgage to try and save the home on our own. I am appealing to any one who might have any information that we may have over looked on how we can possibly acquire the property ourselves or if there is an investor out there willing to help so they might be able to stay in the home and eventually purchase it back on a rent to own type of situation. Serious replies only please, this is a stressful situation for my family members and I would like to make sure we have exhausted all avenues before the foreclosure date. Thank you. lbensoncan2@yahoo.com

  • October 30 2008 - US
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Answers (4)

Have you tried to mod the loan?

 

 

  • October 30 2008
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Profile picture for lbensoncan2

Yes apparently they looked into loan modification and becasue of the second mortgage and some fees that were needed up front it was not able to happen.

Thank  you for your reply.

lbenson

 

  • November 01 2008
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Profile picture for wetdawgs

If a house has been in the family for 40 years and is at the brink of foreclosure, something is mighty fishy.  It sounds like the current occupants have been using the house as a piggy bank (i.e. using the supposed equity for other life events).      The house was purchased for about $20 k, 40 years ago, and someone(s) have borrowed $200 k or more from the "home equity". 

 

Therefore, what changes are the occupants planning to make to change to start living within their means ?

 

What guarantees are you offering for those who may offer a temporary help?   What form of temporary help are you hoping for?  Even if qualified for a mortgage in the US, lenders will not lend more than the house is worth?

 

Why don't family members around the world participate in a subsidy so the current residents can cover the cost of the mortgage payments?

 

My post may sound harsh, but while I do have some sympathy for those who are under water on a primary mortgage,  I can't stretch them so far as to have sympathy for those who chose to tap into the home equity with secondary loans.  

  • November 01 2008
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Profile picture for lbensoncan2

First let me start off by saying that the home was purchased from one family member by another at fair market value at the time, that is one reason it has been in the family so long.

 

Unfortunately circumstances came up where the family did use home equity and my husband and I along with other family members did not agree with it ourselves, but were unaware of it until after the fact. It was another case of the banks overvaluing the home at the time and with an interest rate that keeps escalating its made it impossible to keep up.

I do appreciate the honesty and it is a hard cold fact that they will indeed probably loose the home, but I have to say until someone like you has walked in someone else's shoes it would be better to hold off passing judgment on until you had all the facts.

 

I will save the explanations for my sister and her family if they are contacted by someone who may be able to help. In the meantime I will say that if the family members around the world as you put it had disposable income, do you not think it would have crossed their minds to offer this kind of support? With the ridiculous interest rate that the bank keeps increasing there would be no way that we could provide any subsidy on a monthly basis that would make a difference. We are not looking for the obvious answers here to what could have, should have been done in the past, but what we can do now. We have excellent credit, carry a mortgage and have equity in our home and yes were willing to put it up to help our family out, sign a note of guarantee, or try to get preapproved to purchase at foreclosure if possible, but because we do not live in the states have been informed we can not do this. Do you know otherwise? Since you are so free to give advise with limited knowledge of circumstances, please feel free to reply and advise if there are other avenues that we as guarantors may be able to take.

 

  • November 02 2008
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