what are our options?
My spouse and I received a letter of for closer, the mortgage is about $60,000, and a line of credit for $63,000, the pay out is $127,000. The property is worth $170,000. What are our options to keep from loosing the house/property?
Posted from: Manitoba
When you are dealing with secured creditors your options are very limited. Essentially you have to come up with something that will satisfy the demands of those creditors attached to the property. This could be done by contacting the creditors directly and seeing what needs to be done to avoid the foreclosure. Or another options would be to look at getting “Take-Out” financing from a different lender. This would involve applying for a mortgage from some other institution and using these funds to pay off the existing mortgage and line of credit, so that you will be dealing with a new lender and a fresh history with that lender.