my mortgage company has offered me a package to avoid foreclosure of my home. This package will leave me virtually no monies to pay any of my other outstanding debts which include my car payment - a car I need desperately in order to get to and from work - a drive of 20 miles each way. It also leaves me with little to eat on or maintain the daily expenses that life brings such as electric & gas bills. Am I better off just accepting the foreclosure and getting out of the house. And if so, what will this do to me in regards to getting any credit in the future.
2007-01-12 22:58:07 · 5 answers · asked by pmgoliath1 1 in Business & Finance ➔ Personal Finance
If you truly can't afford their offer, you don't have a choice. I would start by showing them your income and expenses and asking for a better offer. If they still think you can afford their offer, Maybe you are overspending in other areas. In either case, if you are faced with a choice between foreclosure and no money to eat, your credit is about to take a nose dive.
2007-01-12 23:43:50 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
Foreclosure is similar to involuntary bankruptcy. I think that your finances are out of control. I think you should file for bankruptcy. However, your mortgage lender/company might contest the bankruptcy you try to file on your own because they'll be able to prove or say that you are filing so that you can avoid foreclosure.
They'll say you are trying to avoid foreclosure because foreclosure will enable them to recoup some of their cash from you, but if you file for bankruptcy they may not see a cent fro you because you'll be legally protected from paying anything depending on if it's chapter 7 or the other one--I forget what it's called.
Looks like you may have to go with the foreclosure at this point. The mortgage company's deal will only make you their financial slave for life and your quality of life will dwindle. Accept that you screwed up, but learn from it and do better in future.
2007-01-13 07:11:37 · answer #2 · answered by Muga Wa Kabbz 5 · 0⤊ 0⤋
Can you get a lower rate if you drag out the time to pay it back? Like are they giving you a 30 year time to pay it back? Are they killing you on interest (like making you pay 30 percent?) If so, call other mortgage companies and try to get a lower rate for a loan (if you can get a loan). How much do you owe on the house? I feel for you, you are in a tough situation. Ask them if they can give you a lower payment if you get a longer time to pay it back. Or try to get a better rate (if possible) from another company. Are they a predatory lender company? Predatory mortgage lending practices strip borrowers of home equity and threaten families with foreclosure. Check it out below and see if this applies to you. Good luck!!!!!!!!!!!!! Forclosure is terrible! We almost lost our land ONLY because the STUPID Tax office kept sending our bill to a wrong address! Bunch of theives!
2007-01-13 07:07:06 · answer #3 · answered by ANSWER MY QUESTION!! 6 · 0⤊ 0⤋
You are actually in a better situation now than if the foreclosure were in process. I may be able to buy your house and possibly give you cash. This depends heavily on your circumstances, but you do have options.
If you would like to discuss your options, email me @ buyers@canwebuyyourhouse.com
2007-01-14 21:59:41 · answer #4 · answered by Jeffrey F 6 · 0⤊ 0⤋
that is a hard one. however maybe you could get some roommates and the could pay you to live there. at the other hand you could let the house go however you would have a very hard time buying another one. with the house showing up on your credit report.
2007-01-13 07:03:47 · answer #5 · answered by crazy m 1 · 0⤊ 0⤋