Q: After a drawn out period of time with poor communication, it appears my house will be going up for foreclosure. Advice?
I will speak to the company Monday, but I want to get ahead of this. The home is worth approx $100k more than I currently owe. I wanted to see what my options are. I do not have a lump sum needed to fully catch up with my payments, and have been working to adjust my payments so that I can resume them and add the missed payments to the end of the loan. Some how, each time I go through the process, I am told something was missing from the application and I am declined, told to restart the process. This is despite my sending proof that all information was sent the first time.
I suppose this happened again, this time I received numerous copies of the same letter informing me that the property will go into foreclosure.
What are my options? I have seen the “cash for houses” websites, but I am hesitant to consider that. Would I simply able to sell this home and move to another, therefore this mortgage gets repaid, and the extra 100k can go towards fees & down payment
A: The cash for houses websites are unlikely to be your best option. Selling the house is certainly an option. Also there are programs available through Rhode Island Housing for you to mediate the matter with the mortgage servicer to avoid foreclosure and explore your options to refinance instead. The notices that the mortgage servicer has sent you describe some of your options, because they have to tell you your options.
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