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help needed to stop foreclosure

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burch



Joined: 16 Feb 2005
Posts: 2

PostPosted: Wed Feb 16, 2005 1:51 am    Post subject: help needed to stop foreclosureReply with quote
I have a house in Chenango County of New York State.
It is a rental property, my mortgage holder is wells fargo mortgage bank.
i fell behind in my mortgage payments, reason being, i have a renter living in the house and he was supposed to be making the payments directly to the bank but he did not, I ran into this situation before, i had a repayment plan and also a loan modification.
I was preapproved for another loan modification, but i am trying to work out with the bank , to see if i can just pay about $1000 down.
they are currently asking for $4,500 and i resume my normal payments as of february 2005, but i do not have that type of money available to me.
I also own another home in NYS as well, i live in this one.
my credit on everything is great except for this preforeclosure property.
I am behind about $10,000, the house is worth about $75,000 to $85,000.
I bought the house in 2003.
I will like to keep the home , is there anyway i can get help with a loan to pay my past due and keep my current payment, or is it possible for me to refinance the home with another bank, seeing that i am in preforeclosure and owe all that money.
I will be able to pay now as i will not rely on my renter to make the payments, i will make the payments and just have him pay me rent, the renter have already started paying me rent, but i just don't have enough to get caught up. I just need a repayment plan or something, can you help or anyone else offer any help or ideas.

Just remembered, is there anyway I can get a refinance loan or can another bank buy out my mortgage and i just start making payments to them, what is the best way i can go about keeping my home, that's the bottom line here
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The Mortgage-Pro
Site Admin


Joined: 19 Jan 2005
Posts: 2248

PostPosted: Wed Feb 16, 2005 2:52 am    Post subject: Reply with quote
What is your mortgage balance on this pre-foreclosure property?
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burch



Joined: 16 Feb 2005
Posts: 2

PostPosted: Wed Feb 16, 2005 4:15 am    Post subject: mortgage balanceReply with quote
It's about $55.000
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The Mortgage-Pro
Site Admin


Joined: 19 Jan 2005
Posts: 2248

PostPosted: Wed Feb 16, 2005 6:12 am    Post subject: Reply with quote
I am sending you an e-mail regarding your foreclosure mortgage refinance.
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