Colli Real Estate

Bank will not help to avoid foreclosure, why?

The houses are in the exclusion zone is the masses. Our benefit is recently halved. The house will not sell the other houses do not sell well. No other option can refinance because the house is worth less than 100k mortgage. We are stuck. Our bank is opting for this plan: "Hope for Homeowners (H4H) is a program designed to help borrowers at risk of default or foreclosure in refinancing to an affordable 30-year fixed rate FHA loan. The program is effective October 1, 2008 and ends September 30 2011. Any ideas? The bank must make a short sale. However, there are 4 other houses on our street, some of foreclosure, they have not sold for several years. These homes are better than ours. The bank would take at least a loss of 40% compared to other houses, if we managed to sell. We would like our house and the bank work with us. It seems unlikely, however.

2 big problems. Much banks will accept payments each month. But not really "own" mortgage. They sold many years ago. You should talk to that person or company. They are the ones making decisions on your loan. His bank, $ 30 per month "processing of payments and Transmission" owner "of the mortgage. But when you stop paying, they can charge $ 300 per month. So they have an interest in managing costs. They have no incentive to speed things up.

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