Maine Foreclosures

Foreclosure . . .?

Hi, my house is in foreclosure and set to go for auction on the 26th of July. The mortgage company we used is Ameriquest, who has been sued by our state (Maine) and other states as well for writing bad loans. Because of this, can we argue that the foreclosure is unreasonable, and they should work something else out with us? Just wondering if we can use the class action to our advantage.

Hi, please get information first. Once people find out your in foreclosure there will be more than a few scams.

First, if you are in foreclosure, you haven’t paid your mortgage payment for at least three months. Which also means for what ever reason, you had financial trouble.

Ask, yourself. Am I out of financial trouble and can I afford to pay my mortgage. If the answer is yes and you have equity in the home, you still have options. You will need to refinance your house to get out and you can still end up with a decent payment. Or you can go to a portfolio lender, known as hard money. They will give you money to catch up with your payments.

Again, for the above, you need to be able to afford the payments.

If you can’t afford the payments. The ONLY other option is to sale the property before the bank does. Then it will show up as Paid as agreed on your credit report and your fico score will go up because you have paid a large debt in full. The lates will still be there, but it will be paid.

To determine, where you are you need to know:
What your fico score is, how much equity you have in the home, are you working and receive income, where your property is located…. very important things to know.

First learn you score. If your mid is under 500 then you HAVE to get a hard money loan, but you have to have at least 25% equity. If over 520 you can go to a subprime lender but you have to have at least 40% of equity. Remember the payments will be high.

Again, make sure you know what all your options are before going forward. You don’t want to take out another loan and still end up in foreclosure owing more. Remember, if you choose to redo the loan, you will have to pay all fees included in the foreclosure. Attorney fees, reinstatement fees etc.

Choose your choices carefully. Hope that helps!

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