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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 36578
Experience:  16 years real estate, Realtor. Landlord 26 years
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What can I do to stop my forclosure

Customer Question

what can I do to stop my forclosure
Submitted: 8 months ago.
Category: Real Estate Law
Expert:  Barrister replied 8 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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Have you received notice from the lender that a sale is scheduled for the property?

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Is your loan modification pending or have you been denied?

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Is there any way for you to come up with the money to pay off any delinquent balance due and fees?

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thanks

Barrister

Customer: replied 8 months ago.
sale date is november 25th, modifacation has been denied, and I am disabled and my husband lost his job 10 years ago and has only had temporary short time jobs since then . my disability is our only income so our mortgage payment is over 1200.00 a month and my income is 733.00 not even close to making that payment or anything else. so to come up with 80.000 plus no can not do it
Expert:  Barrister replied 8 months ago.

Ok, thank you for that information.. I am not going to sugar coat things for you here as I have a duty to be honest with people... If you aren't able to make your payments on the home and cure the default before the sale date, then the only way to prevent the sale would be to file bankruptcy.

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That would give you a temporary stay from any sale for probably 3-4 months. But it isn't permanent. Husband could then file his own bankruptcy case and then get another stay for 3-4 months more.

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But eventually the house would be sold simply because the mortgage is a contract between the borrower and the lender and it the borrower can't make the payments, the lender is legally allowed to foreclose and sell the house to try to get their money back..

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I am very sorry that I don’t have better news, but please understand that I do have an ethical and professional obligation to provide customers with legally correct answers based on my knowledge and experience, even when I know the answer doesn’t make the customer happy...

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thanks

Barrister

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