long story short. they started foreclosure on us. We are already in bankrupcy. The lawyer has done everything they can for us. So what do i expect now? Do they take the house as-is, or do i have to paint/clean, etc? If they're taking my house, do I bother to make the next payment (Dec)? I believe I have less than 60 days, living in TX.
2006-11-26 09:55:28 · 8 answers · asked by jmprince01 4 in Business & Finance ➔ Renting & Real Estate
pay your bills
2006-11-27 01:12:13 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Definitely don't bother painting and cleaning, they'll take it as is.
But why are they foreclosing on you if you are current in your payments, or even only 30 days late?? Banks don't want to own houses. Are you in a chapter 7 or 13? Do you have equity in your house? Have you tried calling them to arrange payments you can get caught up? Maybe your bankruptcy lawyer didn't do enough (don't trust lawyers to do "all they can"). If there's truely nothing that can be done, then don't make the December payment. You'll need it to move and get a new place.
2006-11-26 10:18:30 · answer #2 · answered by bathagent 2 · 1⤊ 0⤋
They take the house as is, and there's no particular point to making the payment.
Talk to your bankruptcy attorney, but I believe that when they take the house and sell it, whatever isn't covered by the sale becomes "unsecured debt" which means the bankruptcy will wipe it out anyway.
There's no point in transferring the property with a QUIT Claim deed, as the new "owner" would take subject to the mortgage eing foreclosed anyway. It would have no effect whatsoever.
I doubt if there's any point to offering them a "deed in lieu of foreclosure". It won't help your future credit any, and their unsecured part of the debt will be eliminated anyway.
2006-11-26 10:20:45 · answer #3 · answered by open4one 7 · 0⤊ 1⤋
They take the house as is. Also, don't make any more payments to your mortgage at this point since it's useless (assuming that you cannot make your loan current). Also, have your attorner incorporate any loss as a result of the foreclosure under the bankruptcy.
Regards
2006-11-26 12:33:29 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Do pay them a cent save the money you will need it. Also hope that there are no problem with the wiring I would hate to see it burn down as you moved out your stuff.
Check out this web site and see if you have been screwed.
http://www.breakingbubble.com/index.htm
Best of luck do not worry your are in a larger group that will soon be foreclosing also.
2006-11-26 16:04:40 · answer #5 · answered by Anonymous · 0⤊ 0⤋
if you are aready in foreclosure then nothing can be done
can you afford to make the next payment?
2006-11-26 09:58:35 · answer #6 · answered by ekleinert 3 · 1⤊ 0⤋
Find some one to do a quick claim deed for you that will stop the process of foreclosure.
2006-11-26 10:12:19 · answer #7 · answered by tom_nearhood 3 · 1⤊ 3⤋
take the floor boards, tiles, everything u can get you hands on and buy a good tent
2006-11-26 12:40:41 · answer #8 · answered by Anonymous · 0⤊ 0⤋