Summary
To save a home from foreclosure, consider contacting the lender for options like repayment plans or loan modifications. Consulting a foreclosure attorney can provide specialized advice. If theres substantial equity, negotiating with the lender might be possible. Lenders typically require a credit score of at least 620 for conventional loans. Additional options include negotiating a short sale, deed in lieu of foreclosure, or mortgage forbearance. Consulting a foreclosure attorney can offer detailed guidance on these options.Full Conversation
my mother in law and her deceased husband owned a home together. Both of their names were on the deed to the house and he had done a refinance on the house in just his name. He passed away in * but his brother moved in about a year before he passed. they have still not yet moved out but the mortgage has gone into foreclosure. My mother in law is now the sucessor of the account and is trying to save the house from foreclosure. What is the best step to save it
Here are some steps your mother-in-law can consider:
- Contact the Lender: Ask about options to stop foreclosure, such as a repayment plan or loan modification.
- Consult a Foreclosure Attorney: Specialized legal advice can help navigate options.
- Explore Government Programs: Programs like HAMP may offer relief.
Does she have any specific questions about these options or need assistance contacting professionals?
would she be able to do a equity lon
For your mother-in-law to obtain a home equity loan, she must have sufficient equity in the home and meet the lender's credit requirements. However, since the house is in foreclosure, it might be challenging. She should discuss potential options with the lender or a foreclosure attorney. Would you like more information on any specific option?
the house is worth about 120k and 25k is whats owed on the mortgage now
Case Rating: *
Given the situation, your mother-in-law may have substantial equity in the home, which could offer more negotiation power with the lender. Consulting a foreclosure attorney can provide clarity on specific actions to take. Would you like more information on any specific option?
what credit score do lenders look for
Case Rating: *
Lenders typically look for a credit score of at least * for conventional loans, but the requirements can vary. Higher scores often qualify for better rates and terms. Given the foreclosure situation, it might be beneficial to consult a foreclosure attorney for tailored advice.
the forclosure is not on her credit file
Case Rating: *
It's positive that the foreclosure is not yet on her credit file. This might give her more room to negotiate with lenders. If she's interested in obtaining a loan, she should act quickly and consult with a foreclosure attorney for specific guidance. Would you like more information on any particular option?
other options to do
Case Rating: *
Here are some additional options your mother-in-law can consider:
- Negotiate a Short Sale: If selling the house is feasible, she can negotiate with the lender to accept less than what's owed.
- Deed in Lieu of Foreclosure: This involves voluntarily transferring the property to the lender to avoid foreclosure.
- Mortgage Forbearance: Request temporary payment relief while sorting out finances.
If any of these options interest her, consulting a foreclosure attorney can provide detailed guidance.
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