we filed for ch 13 last year coz we were behind on our mortgage, we were unable to keep up with ch 13 payments and mortgage, coz we lost our jobs. what do we do? we have equity in the home, enough to pay off all our debts (credit cards, late mortgage payments even car payments). We are afraid that we will get our home foreclosed! I have contacted my bankruptcy lawyer, but he has not responded. What do I do? Please help!
2006-08-17 15:18:32 · 10 answers · asked by julygirl75 2 in Business & Finance ➔ Renting & Real Estate
If you have equity, do not go through foreclosure!
How much equity do you have?
Where are you located?
I need more info to help.
Thanks, and good luck!
2006-08-17 15:26:13 · answer #1 · answered by Mark V 4 · 0⤊ 0⤋
The combination of chapter 13 and a foreclosure is one that even hard money lenders may not touch, and their equity requirements are pretty significant. In this situation, even a 50 percent equity situation might not be enough.
Even if hard money works for you, if you go back to situation normal after you get it, you're going to be where you are now very shortly.
In a situation like this, selling is something to very strongly consider. Better you salvage some equity rather than none, and losing it the home and still having those payments is the worst of all possible worlds. You get foreclosed on, you can figure most or all of your equity will disappear in the foreclosure. Before the notice of default, some subprime lenders could have bailed you out (better rates and terms then hard money), but now, that's unlikely.
2006-08-17 18:14:32 · answer #2 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
Sell the house, pay off debt and then start over. A foreclosure on top of bankruptcy? Where was the trustee? They should have guided you and advised you to sell if things were not going well. Shame on them.
Sell the house, now before it is foreclosed on, forget making a huge profit just go to break even if you have to. The bankruptcy court (assuming you are still in) may have to approve the sale but delay no longer you have not the time.
Did I say sell the house? What are you waiting for? That will solve your several immediate problems and preserve future credit opportunities for another home.
What state are you in?
Go forth and learn, do not repeat history, leave credit cards alone.
2006-08-17 19:15:11 · answer #3 · answered by hithere2ya 5 · 0⤊ 0⤋
How many months behind in your mortgage payments are? Has the forclosure been filed thru the courts as of yet? These are answers a mortgage company would need. Is there any income coming in now? Lenders will still look at your credit scores - but if you use a hard money lender, they will go up to 65 percent of the appraised value, but the rates in in the 14-16 percent (and some are higner), but it does get you out, and you can refinance down the road. There are alot of ?'s that still need answered. Have you asked the lender if you could refinance with them? Can you re-afirm your mortgage with them (your mortgage company). Do you have a family member - friend that can buy your home, or do a short sale - yoiu would have to contact the attorney for the Lender - to see what they may be willing to do - but they are working for the lender and may not talk to you. Get a Broker, a broker underwrites for many lenders - and he/she may be able to help you. Good luck to you...
2006-08-17 15:53:21 · answer #4 · answered by W. E 5 · 0⤊ 0⤋
Contact your Department of State. There are plenty of avenues to help you out, depending on what state your in. Locate another attorney, if you have too. I don't know what state your in so, I can't refer you an attorney.
Unfortunately if your deliquent on your home more than likely there is no bank that will front you the money. If you can trust a family member or friend, see if they can assume your mortgage.
All your back payments will have to be paid off but at least you'll save your home. The applicant will have to have good credit. So really you would have to find someone to assume the loan and lend you the money for back payments. Once that's don't, in a few months you can have them take an equity to pay them back and to pay off your bills.
That's an option. It's a lot to do but it's just an option.
2006-08-24 12:12:49 · answer #5 · answered by phillysrealtor 1 · 0⤊ 0⤋
REJOICE, DO NOT BE AFRAID, PEACE TO YOU, THANKS BE TO GOD OUR FATHER WE HAVE A LOAN FOR YOU.
It is a program is which we utilize private investors to give you Foreclosure help. It requires that you have a minimum of $25,000 of equity in your home, and that the property be worth $100,000.
If you are behind on your mortgage payments, have hit a "BUMP" in the road? May I ask if you are now employed? We simply need to show your ability to make the mortgage payment.
Banks DENY people because they hit a "BUMP" in the road. Forget Finance Companies! We have investors that create options custom tailored to help good people! If they can show an ability to repay WE CAN GET THE MONEY FOR THEN! Foreclosure help is not out of your reach!
Score Only, No Mortgage History to 100%
GET CAUGHT UP NOW!
Finance 2 Payments - No Payments for 2 Months
FORECLOSURES - They are "In Foreclosure" when you hit 120 days late on payments. BUT, when you hit 60 days late partial payments are not generally accepted. Unless you now have 3 months payments (the 2 missed and 1 you're in) + penalties you will find yourself - "IN FORECLOSURE".
WITH FORECLOSURE HELP YOU WILL GET A FRESH START, A LOWER MONTHLY PAYMENT
Low Scores - Below 500 - No Problem
We can Negotiate Payoffs
No Income Documentation Required
CASH AT CLOSING
WE CAN HELP , WHEN OTHER LENDERS HAVE TURNED YOU DOWN!
PS. Mortgage Secrets Finally Revealed! Visit our new websites to view 27 free buyer, seller and financing reports http://www.freemortgageinformationsoutherncalifornia.com & http://www.freerealestatesecretssoutherncalifornia.com
I'd also send a certified letter to your attorney stating that it seems as though he's abandoned your case. Make sure the communication is sent certified. This should get him to call you at once.
2006-08-19 10:28:03 · answer #6 · answered by Darren Meade 2 · 0⤊ 0⤋
Your first order of business is to get a job.
In most cases if you couldn't maintain the Chpt. 13 payments the trustee should have converted your case to a chapter 7. If the chapter 13 was dismissed with prejudice (meaning you can't refile) then you should file a chapter 7 and at least put the foreclosure on hold. It would give you time to save your equity and get the property sold and you out of debt. Then you can dismiss the chapter 7 and start over.
2006-08-18 03:20:20 · answer #7 · answered by Sam B 4 · 0⤊ 0⤋
Equity is your equity only when you sell your home not when its foreclosed. When its foreclosed, it's the bank's equity. If you are in or near foreclosure, the bank already has a lein on the property so you cannot even sell it on your own even if you have a buyer at your door. The problem is, as you have said, that you cannot afford to keep the home and make the payments. My advice is to start packing for a more affordable residence.
2006-08-17 15:45:35 · answer #8 · answered by Anonymous · 0⤊ 1⤋
they seem so undemanding till you actually imagine about them... a toddler's smile, a baby's ask your self, a flower turning out to be wild, love and hugs, associates, nature, a daybreak... and so a lot more effective. they're there, they stay there... they seem undemanding in the perception.. yet by no skill are they undemanding even as they convey such exhilaration to my heart.
2016-11-25 23:26:51 · answer #9 · answered by Anonymous · 0⤊ 0⤋
YOU SHOULD HAVE LIVED WITHIN YOUR MEANS YEARS AGO AND THIS WOULDNT BE AN ISSUE
2006-08-17 15:24:53 · answer #10 · answered by ilovemeatsickles 1 · 0⤊ 2⤋