Urgent property refinance

[Julien Nassini]

Good morning All,

I hope all is well, I would like to share my issue with you all for some advise on how to tackle this problem. Last year around this time my dad was sick and I have to move overseas since he died to handle a few family stuff. Before leaving, I was wrapping up with my fix and flip with actually was supposed to be a one year fix and flip but turned out to be a 6 months one instead and I was also penalized there. Now the property is in foreclosure and they want to pay the total amount right away which I don't have the 200k. I would like to know what are the options that I can use to be able to keep my property. Aslo the property is under my wifes name not mine. Please if someone can guide me, I would be really grateful. We also retained a lawyer so the property won't forclose. I look forward to hear from someone. Thank you very much in advance.

[Chris Seveney]

Quote from @Julien Nassini:

Good morning All,

I hope all is well, I would like to share my issue with you all for some advise on how to tackle this problem. Last year around this time my dad was sick and I have to move overseas since he died to handle a few family stuff. Before leaving, I was wrapping up with my fix and flip with actually was supposed to be a one year fix and flip but turned out to be a 6 months one instead and I was also penalized there. Now the property is in foreclosure and they want to pay the total amount right away which I don't have the 200k. I would like to know what are the options that I can use to be able to keep my property. Aslo the property is under my wifes name not mine. Please if someone can guide me, I would be really grateful. We also retained a lawyer so the property won't forclose. I look forward to hear from someone. Thank you very much in advance.

 If I am understanding the situation, you took at a 12 month loan and it is now due and the lender is foreclosing (I do not understand the six month comment).

Here is the reality, getting a lawyer and spending $ to delay a foreclosure is only going to cost you more $ as the lender will also have legal costs that get added to the loan and you will have legal costs.

Your options are refinance or file bankruptcy. This is assuming the lender did nothing wrong and you just did not pay it when it became due. 

Your other options are to sell it or give the lender back the property. 

Unfortunately based on the info, you did not uphold your terms of the agreement and the lender has every right to pursue this. Probably not the answer you are looking for but not really any other options. You can try and stall this and try and come up with the money but now that it is in foreclosure traditional lending is going to be a no-go so unless you know someone who will give you the $ or you have other real estate you can pledge your options are limited.