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how do I keep a house from being foreclosed ?

I'm on a mortgage with my fiance, things aren't working out but I still want to keep the house.
  • December 05 2013 - US
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Answers (3)

Simply put, there are many ways to achieve your goal. You can work with the bank to modify your mortgage, you can do a short sale, you can go with a "deed in lieu of," you can sell it traditionally if you have equity. Additionally, there are other programs to help you pay your deficiency if you are late. California has a program known as "Keep your home California" that will provide up to $25,000 free money to a homeowner behind on their mortgage! Finally, you can delay a foreclosure by filing Bankruptcy or even stop it altogether by challenging the note in court.

Find a local NONPROFIT organization chartered to help homeowners in your situation. You SHOULDN'T pay anyone a dime to help you out unless you retain an attorney for a Bankruptcy.

Good luck!

  • December 05 2013
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If you want to keep this home, then have your fiance release their half, if its in both names, then seek refinancing for yourself. If you are current on your mortgage this should work. If you are behind and foreclosure is looming then yes, a short sale is your best option. And as Unni says, an experienced negotiator to deal with the bank is your best option. Another option, if there is equity in the home, find an investor to purchase the home and lease it back to you with a lease to own option.
Hope this helps. Good luck.
  • December 05 2013
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If your spouse are willing to sign it over to you, then you could apply for a refinance in case there is equity in the home. I f there is no equity, you should connect with a shortsale agent who has experience to assist the two of you. All of this takes a skillful fascillitator that knows how to talk to the bank, and your spouse being willing to co-operate with the process.If you want some more information, you can call me, or e-mail me.
Sincerely
Unni O. Shelton. Broker-Associate
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  • December 05 2013
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