Need Foreclosure Buyout Refinance Help

klmoon72 · Joined: 14 Feb 2005 Posts: 4

We are in the process of working out a repayment agreement with our lender who has approved a plan, but the plan is really out of our reach in terms of monthly payment amounts. We would really like to refinance our mortgages and have a normal monthly payment amount. We do have the equity to cover a refinance, our current mortgages total $45000 and our home is worth approximately $55000. We are in a much better financial situation now as when we did get behind in our mortgage payments. I would appreciate any information or suggestions anyone might have. PS - we did come out of bankruptcy which was discharged in Nov 04 so we do not have any other debt other than mortgage, 1 auto lease pay and the usual utilities, medical, ins, etc.

klmoon72 · Joined: 14 Feb 2005 Posts: 4

Wood County Ohio where residence in located, would like to either get funds to pay past due balance of $6500 (includes all late fees and atty fees) and that would bring loan current, or just to refinance completely; as I stated before, we are in a much better financial situation now, husband has worked without layoff for 3 years with no sign of slowing down and could more than afford "normal" mortgage payments, Just not "triple" mortgage payments like our mortgage company wants currently.

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

I don't know of any lender who would do this foreclosure buyout loan.

klmoon72 · Joined: 14 Feb 2005 Posts: 4

Hi there, any suggestions on what we should do? I'm thinking if we can't refinance, we have only 3 options, 1) try to complete the repayment agreement with our mortgage co and get out of this foreclosure; 2) file a chapter 13 bankruptcy and let the courts find a reasonable repayment agreement to catch up our mortgage and 3) which this isn't really an option is sell the home, which of course we cannot do since we need a place to live. I'd appreciate any suggestions you may have?

I did run across a couple of lenders that said they could help, but they will only refinance if the deed is put in someone else's name, like a family members and we cannot do that

Thanks for any help that you can give.

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

Ask your lender if you can roll your late fees into the back end of your mortgage. If they will not work with find a good attorney who understands foreclosures and bankruptcies.

klmoon72 · Joined: 14 Feb 2005 Posts: 4

Thank you for your help, if we don't get their approval on doing something like this, we will seek legal help. Thanks again!

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

Good luck!