my best friend's house is on foreclosure. can anyone tell me what she could do. she made a partial payment on what she owed and the bank did not accept the money. what else can she do?
Hello Sara,
Your friend does have options, I have recently been able to save my own home from foreclosure. It would take me a long time to type out all of the options. Let me know if she would want to talk about it.
M.
I'm sorry to hear your best friend is having these difficulties. Unfortunately, this is a very common problem in this stressful economic time. She needs to communicate with the bank before foreclosure proceedings begin. They may be willing to accept smaller payments, or renegotiate the loan. The best remedy is to prevent the foreclosure. If, however, the bank has already filed paperwork, my advice to your friend would be from a legal perspective, because once the legal suit is filed, she could lose her home. I am a licensed attorney who does mortgage foreclosure defense as a part of my practice. Have her call me at ###-###-####. I provide free consultations to MamaSource members.
Sarah,
Has she spoken with the bank. If so when. It is best to talk to them long before there is a problem. Sometimes fees can be negogitated. Has she spoken with an attorney that deals with forclosure?
Did she speak with the bank as to why they didn't accept partial payment?
So many banks are being forclosed that most banks don't want to deal with the property loss & the financial loss that goes with it.
Sorry to hear...But there may be help through naca. There web site is www.naca.com there is a lot of good info there. Good luck!
