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We have been during a loss. you have been confronting foreclosure, over twelve months at a behind of upon a debt payments since a bank will not take any more payments from us. you have Citi as well as they have been right away asking a strange lender to buy behind a loan, which association wants us to refinance though you cant due to bad credit.
what else can you do?
help!
Thanks!
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Sadly I don’t see a way around it. It would be impossible for you to refinance now being that 12 months of non-payment on that has probably killed your credit. It’s time to move on. You will need to rent for a while until you can get your credit back on its feet, that will take quite a few of years of good payment on your other credits.
The real hard fact is you need to move. We have went through a similiar thing and we just went ahead and moved. In the long run, it will help you out to just get out!
Nothing..12 months is a long time…if you had been renting, you would have been out on the street long before 12 months was up.
The bank cannot refuse to take payments…keep sending them, certified mail, and document each one they send back and/or don’t cash.
Ask the original lender if they will refi.you. They don’t need another vacant house and since you have lived there, they may be willing to work with you. Hopefully in twelve months of not making mortgage payments, you have accumulated enough money to put up to show good faith
Why not do a loan modification; if the bank refused your payments, surely you have set some, atleast a little of that money aside. A loan modification can reduce your interest rate as low as 3.5%, lower the principal amount owed, and sometimes extend the term — all these factors work to reduce the monthly payment towards something you can afford. A whole industry has sprung up in the last year and a half specializing in this; most are backed by attorney networks and get results.