What are my chances a bank will work with me after a foreclosure has begun

We are in foreclosure but want to try to keep our home. We have enough income to pay double payments to catch up. We are currently $52,000 in arrears. We have opened a separate bank account to put payment directly into.

Asked on April 5, 2016 under Real Estate Law, Rhode Island

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

The bank is not forced to work with you, but it doesn't really want the property, unless there is a lot of equity in it; they'd rather be paid. You are suggesting a reasonable plan; there is a good chance they will accept it. Do not wait to put it or present it to them; have your attorney propose your plan to them before they spend yet more time and money (i.e. get more "invested" in) on the foreclosure.


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