I've already have one house on my credit as a foreclose, I having some trouble with the house I'm currently in. I have tried to sell it the market is horrible nobody's buying. What's the best thing you think I should do.
Should I file bankruptcy and start all over
2007-08-26 02:04:42 · 9 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Depending on your loan type and how far behind you are on payments, you do have options...
1) If you currently have a steady income, decent credit (around 620 or better) and you can afford the closing costs, refinance.
2) If you are 30-120 days behind and you can't afford closing costs, call your lender and ask them for a "loan modification"- they may be kind enough to re-do the terms of your mortgage and roll the costs into the tail end of your loan.
3) Forbearance - the lender may allow you a few months to catch up on your payments (however, you will still be charged interest even though you won't be paying the principle for that time period)
4) Last resort, a "short sale" - the lender may agree to allow you to sell the house for less than you owe.
Whatever you decide, you absolutely need to contact your lender and let them know what's up. Hiding from them will only make the situation worse. Just remember, they don't want to lose money and they really don't want your house in this sluggish market, so they will be willing to do some work to avoid having to deal with the whole foreclosure scene. Best of luck to ya!
2007-08-26 04:46:41 · answer #1 · answered by youwishucouldbme 2 · 0⤊ 0⤋
SELL SELL SELL!!! Bankruptcy won't help. You either keep the mortgage or lose the house. In either case, you are better off selling it yourself no matter how bad the market is. Talk to the lender about a 'short sale'. That basically means you present them with the best offer you can and they accept that a full settlement of the mortgage.
2007-08-26 04:44:24 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
Can you rent your house out?
Do you have extensive credit card debts? If you do have large credit card debt, get this, I owed a Company for a non secured loan in the amount of $7200.00 and they sent me a letter and told me they would take $1,400.00 for a full settlement. Do you see how much less they are willing to take rather than "writing you off as a bad debt?"
As far as your home, hum? very good question, but I would make several appointments with BK attorneys ONLY and ask for their advise.
The BK laws have changed regarding your income, the amount of equity you have in your home, etc. so do free consults with at least 3 to 5 attorneys in your area so you can make a realistic decision.
There are so many people filing BK again, I think we are actually going to hit an all time high this time. They have tighten up on the laws because everyone and their mother/brother use to file, so consult with an expert.
And Good luck to you, try and have a pleasant day....
2007-08-26 02:31:54 · answer #3 · answered by Anonymous · 0⤊ 1⤋
with interest rates pretty low for buyers this is a good time to sell. Are you using an agent or trying to "sell by owner". You may be asking too much. Contact a local agent and get some advice. Buyers are out there and ready you just have to be fair and hopefully your house is in nice shape. No one wants to buy a house that needs a whole bunch of work!
2007-08-26 02:27:35 · answer #4 · answered by dreampo 4 · 0⤊ 0⤋
Talk to a non-profit credit counseling agency, like Consumer Credit.
I would suggest them over one that charges you a fee, because they'll be able to be truly honest with you about your situation.
Not only will they be able to give you the best advice possible about your direct financial problems, they will be able to give you advice to help rebuild your credit.
2007-08-26 02:20:32 · answer #5 · answered by Yah00_goddess 6 · 0⤊ 0⤋
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2016-10-09 06:29:02 · answer #6 · answered by ? 4 · 0⤊ 0⤋
there is buyers out there i would drop the price on both houses and get out from under the mortgages ==bankruptcy will eat you alive before you get through it!!!
2007-08-29 14:55:32 · answer #7 · answered by Anonymous · 0⤊ 0⤋
How much do you want for your house?
2007-08-26 10:45:24 · answer #8 · answered by Anonymous · 0⤊ 1⤋
probably.
2007-08-26 02:07:40 · answer #9 · answered by Anonymous · 0⤊ 1⤋