Home going into foreclosure what programs help ?

home foreclosure
I heard there are programs that you can claim bankruptcy and still keep your home before it goes into foreclosure. Home is in Long Island and is worth about 900,000.
The 2nd mortgage payments are high and can not pay. This is a friend not my home. I rent an apt.
I want to give my friend the names of some programs.
Can anyone advise.
Thank you.

Sell House Quick

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April 29th, 2010


3 Responses to “Home going into foreclosure what programs help ?”

  1. golferwhoworks Says:
    May 1st, 2010 at 8:59 am

    yes a chapter 13 is possible but they need to seek a loan modification from the current lenders as well

  2. fantabu1ous Says:
    May 2nd, 2010 at 4:31 pm

    First thing, the banks don’t want to foreclose. Sticking your head in the sand hoping it will all go away won’t help. You have to take the initiative and call the bank arrange an appointment to speak with the loan officer who will tell you what to do.
    Chapter 7 or 13 may result in you eliminating the second mortgage if the bankruptcy judge determines that the second mortgage is no longer secured debt. Secured debt can not be eliminated only unsecured debt can be.

    Do not fall for those private consolodation programs they are bogus and you will end up in bigger trouble than you started off with.

  3. Gen X Agent Says:
    May 4th, 2010 at 8:39 am

    Also, I encourage you to have them contact their lender directly to see if they can work out a repayment plan or a loan modification.