Im losing my home in a week if i don't come up with 3600..I don't have...?

Question

Should i claim bankruptcy, how can i stop the forclosure and afford the home i have?

Answer 1

First, look for more time. See if the bank will give you an extension. Check with a financial lawyer - is there anything you can do to extend the timeframe. Take everything with you - all finances, debts, etc.

Then look for valid options. Do you have any home equity? Can you refinance to an interest only payment loan (never paying off the loan principal until you get ahead financially some time in the future). Do you have some other asset you can borrow against? Can you borrow against an IRA and 401K? Can you get money from your credit card. Can you get money from a relative? Can you sell the house to a relative? Can you cut a deal with the loan institutuion (chances are its not their best deal to see you drop everything and walk away).

Then make a realistic decision. You are probably in deep in debt. Is loosing the house (and its debt) necessarily a bad thing? You might consider filing for bankruptcy, then dealing with the bank to give up the home and walk away from it and the debt.

Essentially, look more to the long term and not just getting thru the next few weeks/months. If you are over your head, take the opportunity to get out and begin starting new again.

Answer 2

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RE Im losing my home in a week if i don't come up with 3600..I don't have...?

Should i claim bankruptcy, how can i stop the forclosure and afford the home i have?

Answer 3

If you file bankruptcy you have problems with credit for years. If you let the home go back it is also a flaw on your credit for years.
Call the institution that holds the mortgage. Plead for an extension. Contact relatives or friends for help. If you are in default, it may be too difficult to keep up even if you come up with the $3600.00. You can contact a lawyer and sometimes accounts can mediate with your mortgage holder. If you are not in a credit bind and credit is good, go get an unsecured loan at your bank. Even credit cards allow cash advances. Good luck.

Answer 4

You cant stop them from taking your home you need to learn how to manage your bills better. Other than waisting your money on other stuff. And I dont think the bankruptcy thing will work out due to the new bankruptcy laws. So some good advice from me to you is manage your money better.

Answer 5

Yes.. you can claim bankruptcy but you will have to live with that stigma for seven years.. I do not know how old you are and whether future credit (within 7 years) is going to be important... many issues to consider

Answer 6

Its hard at times and we all have gone pass these days of not the funds in hand, when we need it to pay in time , may i suggest u talk to them for more time to settle up and they will corporate with you be honest with and they will understand your matter .
Mean time try to cut down all other expense and work on this first , if u can sell what you don't need , It would be a good idea to cash in at this time , Don't give up so easy try n try ,good luck ,

Answer 7

take the loss, bankruptcy follows you for ten years ie;; know loans for any thing, a car ,another home nothingunless you want to pay 25% interest. car insurance goes up your credit score goes down

Answer 8

time for a bankruptcy lawyer to put a stop on the foreclosure.

do it now!

get them yellow pages!

Answer 9

Honey, you need professional advice and you need it NOW! Talk to a bankruptcy lawyer as soon as possible.

Answer 10

well if you dont want to lose it! file bankruptcy it may tarnish your credit a bit but you will have somewhere to stay!