Refinance Mortgage

I am behind on mortgage payments and have someone that wants to rent the house badly. They cannot pay the full mortgage payment every month but if I can send any type of payment to the mortgage can the company foreclose? They haven’t started pre-foreclure yet. What can I do?
No kidding…I am asking for help here not smart A#$ answers. We have asked for a short sale and they are dragging there feet (going on 7 months). We are trying to avoid foreclosure but it seems they aren’t.

A short sale is not guaranteed to be approved by any lender. from the information I have on a short sale you must be behind in your monthly mortgage payment anywhere from 1-3 months before a lender will even consider a short sale.

One suggestion call your mortgage company find out if they are willing to modify your monthly mortgage payments. They might have a program that can assist you.

If the mortgage payment exceed what you can get from a renter you are always gonna be in the hole.

Your renters are not obligated to pay the mortgage payments each month you are.

Since your renters can not pay the complete monthly mortgage payment you should add the difference and keep the monthly mortgage payment current.

A lender will not normally place you in foreclosure if you are sending a substantial amount on your monthly mortgage even if you are short a few hundred dollars.

The lender can legally place you in foreclosure since you are defaulting on your mortgage agreement. You agreed to pay "X" number of dollars per month. That is what the contract call for and is expected.

Since you are not sending in the amount you agreed to in your contract the lender can legally call a breach.

I hope this has been of some use to you, good luck.

"FIGHT ON"

I recently graduated with a BS in accounting and am looking to start my own company. What steps should I go through to start my own mortgage company. I have a partner who would go in with me who has the finances I believe to make this happen.

Go to http://www.score.org/ to find the nearest SCORE chapter. In the upper left hand corner is a box to enter your zip code. Your nearest SCORE chapter will be on the next screen. Contact them to arrange for a free one on one meeting with a SCORE counselor about starting a mortgage company.

SCORE is a nonprofit organization. They provide a public service by offering small business advice and training.

SCORE’s 10,500 volunteers have more than 600 business skills. Volunteers share their wisdom and lessons learned in business. The volunteers are working/retired business owners, executives and corporate leaders.

I have a check from my insurance company for hurricane damage. My mortgage company will not endorse the check until the work is done. I need the money to get the work done. How can I get the mortgage company to endorse the check ?

You can’t. But you could have your adjuster reissue the check directly to the contractor.

Any contractor should be willing to work with you on this – you’ll likely have to pay them your deductible, directly, but most REAL contractors that don’t scam you, should be willing to take payments as the job completes.