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House might be going into Forecosure!!!?

My house is currently up for sale, but no bites on the house. I can't afford my one option arm mortage payment anymore and I tried everything to refi the home. NOBODY will take the chance to refi w/ a one option arm, so now my house might be going into forecolsure because I can't affored the payments. I want to move back to NY and I just can't get any help, so I figure foreclosure is the only way out. Any answers, Thanks Las Vegas

Public Comments

1. I saw an ebook about how to stop foreclosures. I didn't need to buy it, so I don't know how good it is, but it comes with an 8 week money back guarantee, so if it doesn't help you, at least you get your money back. The link for it is below.
2. If you want to sell quickly and move back to NY, then I would suggest selling it to someone who will buy for cheap, you'll normally see signs saying " Will Buy Your Home, Any Condition" those people are house flippers. So lets say your home is worth 200K, they'll probably buy it for 50-75K.
3. The Nevada market went crazy - now it is correcting, but Las Vegas is still in growth mode. Contact your lender - they really do not want to get stuck with any more houses - the gov. is putting the pressure on them to clear up their own problems and to make the financing they offered work for everyone. If they do foreclose and do not resell the house for the loan, interest, court fees and any other thing they can tack on - you will be responsible for the difference. That is not the best way out. Negotiate with the lender first - you may be stuck in LV for a while (NY is having ice storms now so you are not missing anything). Quit thinking of escape and get a second job or take in a room mate.
4. Banks have reverted back to conventional loan practices. So unless you have 10-20% equity in the home, or have an equivalent cash down payment, plus closing cost, you won't have any luck trying for a refi. Your best luck is to call the mortage lender to see if they are willing to work with you. Get a second or third job if you need to. As for a foreclosure, if you have not made full payments for 3 months, you are considered in defualt on your home mortage. At that point the ball is in the banks hands. They hire a real estate attorney to petition the court for an eviction, and to auction the deed. You will receive an auction notice. If there is any difference between the auction price of the home, and your mortage, the bank will try to come after you for it. Hope this information helps. best of luck with your goals.
5. Most foreclosures take 8 months to get you out of the home. Have you called the bank to try and work out a pmt plan you can afford? They may be willing to deal if they know the foreclosures is the outcome if they don't help you. The next step might be to do a short sale or call the we buy homes add and let them arrange a short sale to get rid of the home. The bank may let a 3rd party buy it for less then what is owed on the property. This is a short sale. Check the newspapers adds for we buy home adds. Other then that all I can say is save cash during the time period you aren't making any pmts cause its free housing for a short time period before the writ is issued to remove you. The lender will send you paperwork to let you know when the auction date will happen. I have seen forclosures take a year to finish up! Sorry to hear the bad news Lesson to all stay the H@$ away from option arms and mortgages that aren't fixed. I call em exploding mortgages.If you aren't a professional real estate investor its probably a bad product for you. Don't let the loan broker make you broker!