Everyone is telling me not to foreclose on my house, but my credit is already shot, I am going to have to file bankruptcy. I cant afford my house payment anymore. Is it better to sell it on a short sale, I will be lucky to break even, why not let it foreclose and save my money up for a new place to rent. I cant even buy another place right now. How is that going to affect my bankrupcty any worse.
2007-08-14 12:08:46 · 3 answers · asked by Karen 2 in Business & Finance ➔ Personal Finance
Yes a short sale is better than a foreclosure which is better than a bankruptcy. In a short sale, you ALWAYS 'break even'. The definition of a short sale is that the mortgage company agrees to accept the sale price as FULL settlement of the debt. If the house sells for more then you owe, it is not a short sale. If you go bankrupt, you will have to keep the mortgage or give up the house. You can't bankrupt the mortgage and keep the house.
2007-08-14 13:09:25 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
At this site you can find solutions from different companies: HTTP://FINANCE-SOLUTION.US
RE I am thinking of foreclosing on my house because my credit is shot and ex will not help make house payment?
Everyone is telling me not to foreclose on my house, but my credit is already shot, I am going to have to file bankruptcy. I cant afford my house payment anymore. Is it better to sell it on a short sale, I will be lucky to break even, why not let it foreclose and save my money up for a new place to rent. I cant even buy another place right now. How is that going to affect my bankrupcty any worse.
2014-09-23 13:11:26 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Call one of those guys that advertize. "We Buy homes". Those people will usually help you get out of your house and will actually save you a little equity. That way, you will have more money to walk away from your house than you would by simply allowing it to forclose.
2007-08-14 12:17:48 · answer #3 · answered by Anonymous · 0⤊ 1⤋
you can try hosting an internet web chat room, all you need is a webcam, you can really make some good money, good luck!!
http://imlive.com/vippath.asp?host=y&hnumber=288060
2007-08-14 22:33:12 · answer #4 · answered by Anonymous · 0⤊ 0⤋