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Coachbigdaddy99
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0.10 Dollars($)
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| I live in Florida I have a home that Im 6 months behind and have received a summons of foreclosure I have tried loan modification, short sale (the house was appraised for 90,000 talked them down to 86000 and the offer was 80000 and not accepted) tried deed in lieu was not accepted the house was appraised by them for 90,000 and my loan is worth 162,000 I dont want the house anymore have about 10,000 in other debt should i let the house foreclose or file bankruptcy and not really concerned about my credit score. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9749
Location: bloomfield, ct
35.02 Dollars($)
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coach, i get that the credit score isn't important, but the key is will you be needing credit in the future? i ask because that would probably be my key thought if i were in your shoes. allowing the lender to have the property through foreclosure will hurt your score of course, but if you continue to pay the other debts you have, that'll give those creditors reason to believe in you down the road.
of course, if you file for bankruptcy, and eliminate those debts, you'll not likely be able to obtain any new credit for a few years.
i think i'd let them have the house and keep the other debts and make those payments. you didn't say they were unaffordable, so i'm assuming they are within your budget.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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goladygo
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0.10 Dollars($)
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Post subject: Deed in Lieu |
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| I live in MI and have 2 mortgages. Can you file a deed in lieu with 2 mortgages? My husband's unemployment extensions are ending. he works a few hours a week through a temp agency. The value of my house will never reach the selling price. I feel like a am sending $1200.00 per month into a black hole. I am also 5-6 years from retirement. I will not be able to sell my house for what I paid for it in the future. Easily, I can walk away from this house & move into something at half the costs. I am not late with any payments. What are my options? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1844
Location: New Brunswick, New Jersey
350.09 Dollars($)
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Hi goladygo,
Applying for a deed in lieu of foreclosure will be a good option for you. However, it will be the discretion of both the lenders whether or not they would accept your request. Also note that though your first lender accepts the request, you would be liable to pay off the second lender. In most cases, the property sale will not satisfy both the loans. Thus, the second lender can demand his dues from you.
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autumn_limco
Joined: 05 Jan 2010
Posts: 11
2.36 Dollars($)
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excellent post. and i must say that i'm quite overwhelmed with the replies. i think that bankruptcy is the one right for me because if i would aim for a clean record for foreclosure, i can't.
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Know more about Va Home Loan Funding Fee Disability |
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lucy webster
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0.10 Dollars($)
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Post subject: bankruptcy and foreclosure |
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| Mortgage payment on time, HOA dues in arrears $900.00, HOA started foreclosure proceedings. $20,000 in medical bills and approximately $1,000 in other debt. Car payment one month in arrears. Not enough income to handle daily life, i.e, car repairs, house repairs, etc. Do I consider Chapter 7, let them foreclose or both? |
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0.10 Dollars($)
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| You can consider filing Chapter 7. However, if there are any back taxes, it won't get discharged in bankruptcy. If you want to get rid of the property, you should reaffirm the mortgage and surrender the property to the lender. He will foreclose it and try to recover his dues. |
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matlock
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Post subject: bankruptcy |
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| i am about 45.000 in credit card debt and owe 140.000 on my house , that would be lucky to sale for 110.000 , i have been ofered a make home afordable at 933.00 for 3 months, from 1150.00 month but it is hard to even come up with the 933.00 should i just file on all. |
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jenn88
Joined: 26 Jan 2010
Posts: 1
1.27 Dollars($)
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Post subject: Confused! |
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| My partner and I bought a home in 2007 in FLORIDA. The market 'happened' and my income took a drastic turn. When we bought the home, my partner was the only one on the loan, however, I am on the deed AND signed the mortgage note at closing. [but it's not on my credit] With the drop in both of our income, our debt and mortgage is extremely overwhelming. We have come to the decision that my partner file BK-7 to eliminate a huge part of our debt. And since the loan modification offer is not feasible, we may have to include the home in her BK-7. So, a part of my question is: Since I have signed the mortgage note and my name is on deed, will the bank come to me for payment if she files the house in with her BK-7? Also, if the house in included in Bk-7, does it still go into foreclosure too? Will iI still have a BK and a FC on her credit...or just a BK? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9749
Location: bloomfield, ct
35.02 Dollars($)
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if you sign a note, then you are on the note. you can't sign something and then claim it isn't relevant. if she's filing bankruptcy, and you are on the promissory note as a borrower, then the lender will, of course, seek payment from you. when you signed the note, you became 100% liable for the debt. you remain 100% liable.
if nobody pays this mortgage, i believe you can count on it becoming a foreclosure.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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jrbrundidge
Guest
0.10 Dollars($)
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Post subject: Last straw |
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| OK here is my case: Been trying to get loan mod through CHASE and they are totally stringing me along and keep making me do a payment forebearance agreement on an amount that is 800 more than my normal payment. I cant continue to make it and Chase is not providing a solution. I hired I lawyer and he advised me to leave the house. My family and I want to keep the house. I think my option is BK13 but I was told with trustees fees that may payment would not go down very much compared to the one I currently cant pay Chase. Is this true? Please help as I am running out of time and it may sound silly but I want to keep my home! |
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Niicss
Joined: 03 Oct 2005
Posts: 3227
Location: New Jersey
509.11 Dollars($)
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As far as I know, the repayment plan that would be given to you by the lender in Chapter 13 would depend upon your present financial situation. If you pay off according to the repayment plan, you will be able to clear off the dues within 3-5 years. Once you pay off the dues, your bankruptcy would be discharged. You should speak to a bankruptcy attorney in this regard and take his opinion on this issue.
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Good is the Enemy of Great. |
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tdog
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Post subject: Foreclosure vs. Chapter 7 |
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| My wife purchased a home in Las Vegas almost 5 years ago and she got a 5/1 interest only loan which will be adjusting in July. We will not be able to afford the payment and we do not qualify for modification. We don't know whether we should just let the bank foreclose or if she should file Chapter 7. Any Ideas? |
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adonis
Joined: 22 Oct 2005
Posts: 4719
Location: ALASKA
255.10 Dollars($)
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Hi tdog,
If you want to get rid of the property, then you can go for deed in lieu of foreclosure in order to sell off your property. You will have to surrender the property to your lender. He will sell it off to recover the dues. The deficient amount that arises from the sale would be forgiven by the lender. This would be a better option rather than filing bankruptcy or going for a foreclosure. |
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delores
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Post subject: foreclosure |
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| I signed for a house for my son I have never lived in the house he and his wife paid the mortgage for two years until he lost his job he could not pay the mortgage any longer and have moved out. I cannot pay it and have put it up for sale I just want to get rid of it What can I do. |
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