2007-02-04 12:27:48 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
conatct yout lender immediately. banks are not and do not want to be in the real estate business. try to work out a payment plan
2007-02-04 12:36:46 · answer #1 · answered by daniel r 4 · 1⤊ 0⤋
This is what I did two years ago. After a bank had embezzled over $160,000 from me, ruined my credit, played games with my checking account I Filed chapter 13 bankruptcy with the US Bankruptcy court in my district. It stopped the foreclosure dead in its tracks to stay in the house... File it the day before the sheriff's sale, if the sale is on a Monday file it the Friday before. It costs about $70 doing it yourself. You can do this in person, no need to hire an attorney yet. They cannot take you out of the house as of that point even if the sale goes through. If all you need is time to restructure or need a job and are getting close to getting one you will need hire a Chapter 13 attorney, this is more specialized because Ch. 13 is reorganization. File it in the name of one of the souses, you can do it twice in each name. All collection letters and calls stop they cannot harras you or nothing. Ch. 13 stops everything conditionally for 5 years. You will need to file a payback schedule in 30 days and its called "The Plan" with the court as good will to get back in the right light with your creditors (credit cards, taxes, loans, and the lot). If you don't plan to keep the house file the Chapter 13, get a for sale by owner sign. Sell the house for a profit, move into a rental. Buy something with the profit that is cheaper. Get ready to tighten your belt.
2007-02-04 21:00:33 · answer #2 · answered by Mark T 6 · 0⤊ 0⤋
You can try to contact your lender and work out a payment plan.
If you have any equity, you can try to refinance for a lower rate and to pay off what you owe.
If all else fails, find an honest invester who will buy the house from you for what you owe on it. He can probably get a better rate, and therefor afford to rent you your own house back, and still make a small profit on it. Be aware if you go this route, that if you default to him, he gets your house permanently.
2007-02-04 20:46:58 · answer #3 · answered by ? 5 · 0⤊ 0⤋
IF you so far in the hole to foreclose it may be time to just hold out keep your money you will need to, and go on cash for the next 7 years.
Do a housing inspection and hope the wiring in not bad sure would be a shame if it burnt down as your stuff was out of there.
Also once your are out give the keys to some homeless people for about 50 bucks the bank can not prove you did this and it will cost them a lot.
2007-02-04 20:58:45 · answer #4 · answered by Anonymous · 0⤊ 2⤋
Need to SELL (possibly IN 7 DAYS) YOUR HOME ?
Required Info- Homeowners name, property address (including City, State, and Zip), phone # to be reached at, months & money behind if any.
Email info to - helpsellhome@yahyoo.com
CAN HELP WITH FORCLOSURE (additional info required)
2007-02-08 18:46:01 · answer #5 · answered by helpsellhome 1 · 0⤊ 0⤋