Octomom Fights To Stop Foreclosure

The latest in celebrity foreclosures is well known mom of 14 who is often referred to as 'Octomom' because she has octuplets. Her real name is Nadya Suleman and she is currently unemployed.

An article from omg! from Yahoo! reported that Suleman was threatened with foreclosure because she had not paid her mortgage in over three months. Besides being unemployed Suleman claims that the Orange County neighborhood where her house is located was very unwelcoming to her.

Her method for trying to stop foreclosure is to sell her current home. This is a reasonable method for someone who wants to stop foreclosure however Suleman's home is set to be foreclosed on next week.

The home that is valued at $500,000. Suleman reportedly owes $450,000 on the home and currently has a $3,500 estimated monthly mortgage payment. Unfortunately the house needs a lot of work. The work needed is mostly cosmetic and understandable for a house that has 14 children living in it. There is writing on the wall and holes in the wall.

If a buyer were to be up for the challenge of taking on a few cosmetic repairs the home could be a dream purchase. However it can be challenging to find the right buyer in such a short time. It may have been more beneficial of Suleman to try and sell her home as a short sale. When you sell your home as a short sale you ask you lender to accept a lower sale price than you owe on your mortgage. If the lender agrees to you selling the home as a short sale they will excuse you of your remaining loan after the house has been sold for less.

A short sale would have less of an effect on your credit score than foreclosure would. If Suleman had wanted to try and keep her home she could have looked into a loan modification as well.

Suleman would be in a better position if she had contacted a foreclosure attorney as soon as she missed her first mortgage payment. This would have helped her foreclosure attorney prepare a strategy to help her stop foreclosure.

Your foreclosure attorney in Chicago will tell you that the more time they have to learn about a case and prepare the more likely they are to be successful in helping a client stop foreclosure.

Chang and Carlin
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