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About Brian Beardsley
Expertise
Most creative financing / conventional financing questions

Experience
Used to be on the All Experts.com "list" Active in the business for 20 years, operating Mortgage brokerage for last 10

Organizations
National Associations Mortgage Brokers

You are here: Experts > Shopping > Home Buying/Selling > Real Estate Home Mortgages > Home Sale

Real Estate Home Mortgages - Home Sale

Expert: Brian Beardsley - 6/15/2009

Question
Hello. I moved out of my home after i could no longer afford the payments. The current renter was paying the mortgage payments directly to the mortgage company. She has not made a payment in three months and the mortgage company is threatening foreclosure if i do not come up with $2187.30 by Wednesday. (Two days.) Prior to her living there, (Eight months,) i had made every payment on time and my parents also paid a large portion of the loan off. I currently owe $146,000 of the original loan of $209,000. I am listing the home on Wednesday. My question is can i sell this home while it is in foreclosure? Do you have an suggestions?

Answer
Thanks for your question. I would IMMEDIATELY contact the lender and see if you would qualify for a loan modification - DO NOT, I repeat, DO NOT contact a third party, or respond to an email, or a television ad promising you debt relief.

Your lender would be your best source of relief - BE UPFRONT and TRUTHFUL with the lender regarding your situation - They may be able to modify (reduce) your payment, or bring you current to buy you some time until you sell the property. You CAN sell the property up until the day the lender formally forecloses on it -(AVOID THIS AT ALL COSTS)

I hope this information is helpful, feel free to post any follow up questions - Thanks for using AllExperts.com!

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About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here