best alternative other than short sale in pre-foreclosure?

[grabritch3l]

Hello there, this is Ritch and newbie to this forum. I’m living in LA and I’m in pre-foreclosure stage. I mean, can you guys help me with this? I don't have vast knowledge with this matter so can you give me some insights? Are there any good options for me other than entering in a short sale in order to pay off outstanding debts? Or is it the best alternative as yet?

I don't know if this will fit in this category but since this is general discussions, I suppose it should..

[ralph.m]

Hi Ritch. I've moved this to the Business & Legal forum. What are you foreclosing? Is this question relevant to web design?

[grabritch3l]

Hi Ritch. I've moved this to the Business & Legal forum. What are you foreclosing? Is this question relevant to web design?

Yeah, Ralph,,. sorry for that.. Thanks anyway.. oh, my house is subject to foreclosure and I'm making some inquiries here about how can I cover my obligations. thanks

[loanuniverse]

Ritch:

What might be the best course of action for one person might not be the best course of action for another. There are many factors to consider that are specific to each person. This means that nobody can give you a comprehensive answer without discussing specifics that you might not want to discuss in a public setting.

For instance just of the top of my head….

• Some states, and I believe California is one of them protect the homeowner in cases of foreclosure. The lender would have to choose between a lawsuit against you and foreclosure.

• There are government programs out there that would permit you to keep the home by lowering payments. You would need to find out if you qualify.

• Sometimes it makes more sense to walk away, but that decision has to be made on an individual basis. Your credit will be affected, and everything that goes along with bad credit comes into play.

I would say learn about what programs are available out there from places like hud.gov Then try to contact them or your lender to figure out what can be done.

[grabritch3l]

Ritch:

What might be the best course of action for one person might not be the best course of action for another. There are many factors to consider that are specific to each person. This means that nobody can give you a comprehensive answer without discussing specifics that you might not want to discuss in a public setting.

For instance just of the top of my head….

• Some states, and I believe California is one of them protect the homeowner in cases of foreclosure. The lender would have to choose between a lawsuit against you and foreclosure.

• There are government programs out there that would permit you to keep the home by lowering payments. You would need to find out if you qualify.

• Sometimes it makes more sense to walk away, but that decision has to be made on an individual basis. Your credit will be affected, and everything that goes along with bad credit comes into play.

I would say learn about what programs are available out there from places like hud.gov Then try to contact them or your lender to figure out what can be done.

You are right loanuniverse.. Maybe I need to learn more about the programs like what you've said.. But I'm still confused whether to let go of the house or save it from foreclosure. I know even I avail those programs to help me earn income, that won't be sufficient to cover my obligations. But anyways, thank you for your suggestions.

[Ted S]

While this is no doubt an important question and there may be a few people with experience here (loanuniverse being in the field), this forum is just not the place to be discussing the topic nor nearly as diverse an expert set as other sources.

I'm closing the thread but encourage you to startup any other topics you may have regarding your website or the digital presence for a business you own, work for, are thinking about.