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Avoiding Foreclosure

I have a pending foreclosure on my home and I was wondering if there was a possibility of getting a small short term 2nd mortgage to pay what I need to to save the house and give me time to get back on my feet. I recently went through a bankruptcy this year and thought I was on the right track until the mortgage company decided to discontinue accepting payments that we had agreed on. Now with the holidays here and the lack of business days, I'm wondering what I can do. by a166nsaul22 from Lansing, Michigan. Dec 14th 2015 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,795 contributions

It's unlikely you will find any lender to give you a 2nd when your currently delinquent and fresh out of a BK.. If a family member or friend cannot lend you the money, then you can try going back to your lender and asking about them, but if they have stopped accepting payment, then it's unlikely.. It might be time to face the cold hard truth.. the good news is that after 3 years, you can purchase again using FHA.. It's important that you maintain all your other credit obligations.. underwriters frown upon borrowers who have derogatory credit after a BK.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Dec 14th 2015
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Mike Silkworth (msilkw_195_870)
#31 ranked lender in Michigan - 517 contributions

Not likely - The agency lenders have specific guidelines on recent lates and foreclosures that would likely prevent an additional loan. Have you considered getting a loan using someting else for collateral, like a vehicle? Also, talk to who you bank with to see if you can get an unsecured loan. You also may be able to borrow against your retirement. The best thing to do is to talk to a Home Loss Prevention Specialist. We have a non-profit organization right here in town and they are Fantastic. Center for Financial Health -- (517)-708-2550 website: www.centerforfinancialhealth.org == Good Luck =Mike

Dec 14th 2015
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