i live in brooklyn new york
2007-09-07 04:38:02 · 4 answers · asked by c4021 1 in Business & Finance ➔ Renting & Real Estate
Is there some thing major wrong with your home that your mortgage company has foreclosed? Brooklyn isn't exactly a market that I'd expect a glut of housing.
Talk to your lender and see what you can work out. But I think you just have more house than you can afford. Come up with ways to increase your income -- second job, boarder. And cut back your other expenses.
2007-09-07 05:04:12 · answer #1 · answered by bdancer222 7 · 1⤊ 0⤋
Filing for BK will not allow you to keep your house. It will only allow you to escape from any negative amortization you may have. (Meaning after the house is foreclosed upon, if the sale of the property is for less than what the bank is owed, you would not be responsible to repay the bank).
The best thing you can do is talk to your bank, or mortgage holder about your situation. They do not want to foreclose, they want you to pay your debt. They may be able to work with you to enable you to stay in your house, and perhaps lower the payment, but the first step is to call them
2007-09-07 04:46:14 · answer #2 · answered by patrick 6 · 1⤊ 0⤋
Contact your lender,they would rather add the 12 months back into your loan as opposed to loosing all of it,Ask about a 5 year ARM,not suggested but available.
2007-09-07 04:44:06 · answer #3 · answered by stones 3 · 0⤊ 0⤋
12 months and you have not been foreclosed on? Do you know how lucky you already are?
Filing BK might save the home but your question indicates you still could not afford the payment on the house.
2007-09-07 04:42:58 · answer #4 · answered by Anonymous · 3⤊ 0⤋