| Looking for foreclosure alternatives |
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brooklyn
First Time Poster
Cash: $ 0.25
Posts: 1
Joined: 02 Mar 2009
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| Looking for foreclosure alternatives |
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My home is going to be foreclosed if I don’t do something about it. I don’t know the best way to consolidate my debt to avoid losing my home. I’ve got about $15,000 in credit card debt and my mortgage rate recently jumped – so I cannot afford to pay anymore. What are my options?
I’ve heard about options for selling my home, but I’m not sure that’s the right thing. I’ve thought a lot about loan modification but don’t know where to get started. Can anyone share their experience?
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Mon Mar 02, 2009 9:39 am |
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littleroc02us
Moderator
Cash: $ 384.35
Posts: 1891
Joined: 09 Feb 2009
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Negotiate with your mortgage lender for a short sale. Make sure you get it in writing that you no longer owe them another cent and that they cannot come after you for the rest. It will hurt your credit but who cares. The house is killing you financially. Then rent after this and pay off all of your credit cards.
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Mon Mar 02, 2009 2:19 pm |
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No-Brainer
Senior Member
Cash: $ 83.45
Posts: 986
Joined: 29 Dec 2005
Location: Oregon USA
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You are in big trouble, so I would take the first exit that makes sense. The market is flooded with distressed sales due to impending foreclosure and you will be lucky to find someone willing to take a quit claim deed and pay you anything at all. Look around on Craig's List and see if there is anyone buying in your area.
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Tue Mar 03, 2009 5:53 pm |
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