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Successful Sellers Know How to Think Like Buyers
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What is the average time in months that a family is involved with loss mitigation? And what suggestions can you give to help me maintain my home over the next 12 months? I am a single parent with two special-needs children. Thanks for your help.
If you want to save your home, then you should be on the phone with the lender every week, leaving the loan officer a message about what's going on and staying in touch. The process can take months, but you have to be the driver of it.
A few Sundays ago, I received a call on my weekly radio show from a listener who was in the same position you're in. He confirmed that each week for three or four months, he would call the lender and either speak directly to his contact in the loss-mitigation department or leave a message.
He was ultimately able to refinance and work it out. The lender told him that the only reason he got the attention is that he was really on the case -- almost to the point of annoyance.
Although I'm sure your children are the most important part of your life, the lender isn't going to care if they have special needs. The lender cares only about whether you can afford to pay the mortgage each month and what has to happen to get you there (and off the lender's desk).
You'll be in the strongest position if you call your lender before you've been late on a payment. If you're already late, call as quickly as possible to start the ball rolling.
You may need some extra help. A real estate lawyer who works in foreclosures may be able to guide you better. You might also try a local housing counselor. You can find one on the Department of Housing and Urban Development's Web site ( http:/
If we quitclaim our home to my sister, can someone place a lien against the property if the creditors are chasing us?
Second, we have a private lender who has a second mortgage on the property. Would this affect us if we quitclaim the house?
We are being forced into this position because my husband was in a serious accident in 2000 and the insurance company will not settle the case. We are set for trial in June 2009.
The insurance company has paid for none of the hospital bills, doctor's bills or anything since the accident. My husband is permanently disabled and in the hospital all the time. We have depleted our IRA and his retirement money to live these past eight years, as he has needed 24-hour care.
The only thing that we have left is the equity in our home, and we are selling it to survive. But if all the people who have not been paid over the years place liens against the property, we will have nothing left of our equity.
