I bought a home four years ago through owner financing, also called seller financing. I have fallen behind five or six payments but now owe only two payments of 0. I can make the last two payments this month; however, the seller has notified me by mail that he is "accelerating" the note, and the case is to go to court on June 2. My question is, can I simply make the last two payments, which will make me current, and avoid foreclosure. I’d hate to lose the house, even though we moved into another home last August. I’d hate to lose all the equity in the first home. I’d also hate to have the foreclosure appear on my credit report. Is there anyway out of this mess? I live in south texas and texas laws apply but I don’t know where to look online to see if I have any rights.

I have a friend in Corona, CA who is yet another statistic in the subprime home financnig fiasco. He purchased his home for 5,000 2 years ago, and it is now worth about 0,000 and still potentially falling. He plans to walk away.

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My family and I moved into this house in May, it was supposed to be an "assignment of title" for us to buy. This "management" company said we can move in, pay 00 in monthly payments to get the deed in our name, and we would then take over the mortgage. We’ve been making payments each month (into a bank account) that was supposed to cover the mortgage, homeowners insurance, and each month towards the assignment of title fee. We did get receipts.

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The majority of people think immigrants just marry Americans to get the green card.I know of a few cases where American people married immigrants to use them for their money.For example,I knew this lady who was going to lose her house so she got with this guy just so she could avoid foreclosure.
No.I am not saying that at all "jaded one." What I am trying to say that Americans aren’t the only ones getting taken advantage of like everybody thinks. I’ll grow up and you can go take a reading comprehension class.
So far,only one person has answered sensibly.
It DOES happen because I’ve seen it.
Humans are not illegal.Where does it say illegal in my question ? Nowhere.

Currently my boyfriends house is for sale and has been for nearly a year. He really wants/need to sell it so he was thinking of taking the price down to around 0,000 or a little under. It is currently listed at 137 something I believe. Say someone buys it, where does that money go from the sale, him or the bank or what? This is to avoid foreclosure so he was thinking that if he sells it way under what it’s worth if the money from the sale could be used to still pay the monthly payments off the loan all the while trying to not get foreclosed on. Sorry if that was confusing but I really couldnt find the right wording. Thanks to anyone who responds

we have a HUGE monthly mortgage and haven’t paid our bills in like 6 months- so they start our hardship paperwork (to avoid foreclosure and possibly qualify as we have a Fannie Mae loan) as i lost my job. The problem is that my wife has a seperate savings account with about 7k in it that she was saving to open a business with her mother. We have to report all our financial information to qualify for the hardship, including this account. Any advice? Should we just make a big withdraw, but then they’ll see that? Any help would be appreciated. Thanks!

I am in a big dilemma.. I bought the house 2.5 years ago and about 8 mo my wife got a job at 95 miles away. I drove 30 miles same way. We tried to sell the house but had bo luck and I’will have to move closer to my wife’s job because of the kids. If I don’t sell the house I will stop making payments because we can’t afford 2 payments. The place where I move the market is even worst than where I am now and I tried to contact the bank to see if it’s possible to kind of do a mortgage transfer on another foreclosed house in the new place and they told me that it’s not possible. I don’t know what to do.. How to avoid foreclosure, but can’t avoid two house payment.Can you give me some advise, what should I do?

We recently filed Chapter 13 to avoid foreclosure, but now I am thinking about letting the house go and changing to Chapter 7? We can’t afford the house mtgs, taxes and insurance on our reduced salary. Question – in a chapter 7 can the creditors (?) come in and take stuff from your house? If so, what are they looking for – high ticket items? We do not have any. Husband is afraid they will come in and take all kinds of stuff. I disagree. With all the foreclosures coming down right now, they do not have the time or expense to chase all these down.
What about the 2 cars we are behind on payments on?
Has anyone gone thru this?

Due to illness I have accumulated some bad credit. But have a great income now. If the banks are wanting to get rid their inventory, what do they expect now? Is it even really possible to "take over" someones payments, so that they can avoid foreclosure? Do you risk the payments not being credited to you own rating? There seems to be SO many scams out there now,I want to know what the banks position is. Ideas? I don’t know where to start.
Thanks.

I am a little behind on my house payments, and I’ve been trying to find info online about what is going to happen. But I haven’t found anything that answers some of my specific questions. If the foreclosure process starts before I pay what I owe, do I get to catch up to avoid foreclosure? Or is it too late? And in the event that it does happen, I can take out a hardship loan from my 401K, and i just wanted to know what happens when I do that. How much money is the mortgage company going to want? Do I pay that back to the 401K? Sorry I’m kinda in the dark about this stuff. Thanks for anyone who tries to help.