I am late about more than month on my house payment. I just lost a job and need too sell my home or have someone take over payment for me. i just cant pay. what happens if i miss more payments? how long before my house getts taken back by the bank/? i want to sell but i bought my house 2 years ago and i think it is worth less now than what i bought for. my house is near pantano and broadway in Tucson. anyone else in the same possition? any advice?????????
Look for someone to take on your payments before it goes in a foreclosure. Give up any equity you may have had in the place and save your credit while it's worth saving. You should be able to find someone that will take the property for the balance owed on it. That would be a win-win for both parties. It's my understanding that once you hit the mark of two (or) three months of mortgage payments missed...triggers the foreclosure...then it's too late to find a way out. Without a decent credit history you will find it difficult to 'rent' or buy again in the future.
I may be able to help.
I actually work with groups of investors here in Tucson that purchase homes that are about to go into foreclosure.
There are actually a lot more options than what you might think. A lot of times you can remain in your home and even receive a portion of whatever equity you have accrued to help you get "back on your feet".
If you owe MORE than what your home is worth, like many people do these days, THERE ARE STILL OPTIONS! No need to walk away from your home and destroy your credit if you can no longer make your mortgage payment. What people don't realize is that the bank usually doesn't want the house back either if you can't make the payment and they usually have to end up auctioning it off for a loss. We can usually arrange a "short sale" with your mortgage lender in which we can save you from foreclosure and allow you to get out of your home with your credit still intact.
There are NUMEROUS options and ways to work things out so that everybody wins. The investors I work with seem to care a lot more about the home owner than many companies here in town. Some companies here in town that "buy ugly houses" are not really flexible at all and will only pay you for what you owe on your home and then want you out as soon as you have sold the home to them.
If you don't get things resolved soon, give me a call and we can see what we can work out. My number is 520-360-7360.
Best of Luck!
If you're having trouble meeting your mortgage payments you're not alone. When buyers take advantage of low adjustable interest loans to buy their homes, there's sure to be a high rate of mortgage delinquency when repayment schedules change and the housing market tanks. But don't despair of losing your home - just make sure you take action quickly.