Need cash for closing costs for foreclosure refinance

BAIrish · Joined: 20 Jan 2005 Posts: 4 Location: Albany, New York

We are in foreclosure. We owe $222,000 and the home was just appraised for $260,000. We have found a lender willing to refinance, but we need to come up with $40,000 in closing costs quick.

The Mortgage-Pro · Site Admin Joined: 19 Jan 2005 Posts: 2248

Is there a foreclosure on your credit report? Why do you need 40K?

BAIrish · Joined: 20 Jan 2005 Posts: 4 Location: Albany, New York

Our credit report shows that our mortgagor has begun foreclosure proceedings.

BAIrish · Joined: 20 Jan 2005 Posts: 4 Location: Albany, New York

We need 40,000 because we have been granted a refinance in the amount of $196,000. We need $222,000 to pay off our current lender.

The Mortgage-Pro · Site Admin Joined: 19 Jan 2005 Posts: 2248

Not sure how you can raise those funds.

Have you thought about selling the home to someone you know? You could then lease the house back untill you could purchasee in your name.

Have you thought about selling the home to someone you know? You could then lease the house back until you could purchase in your name.