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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Hi delores,
You can apply for a deed in lieu of foreclosure with the lender. The lender would sell off your property (if he accepts your request) in order to recover his dues. If there remains a deficient amount from the sale of the property, then it would be forgiven. However, you should remember that your credit score would go down by 250 points and you won't be able to qualify for a mortgage in the next 3-4 years.
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anonymous1111
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Post subject: can I let go of the house as well as debt in chapter 13 ? |
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| We were trying to settle our debt in chapter 13 and keep the house and only report our debt. After we did the math, we are still below what we need to live. I am wondering if we can include our house in the chapter 13 bankruptsy plan. We already asked if we could do chapter 7 but we were told that my partner makes too much income to do that. Can you please clarify? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Hi anonymous!
Welcome to forums!
You can include your property and mortgage in Chapter 13. Depending upon your financial situation, the lender would give you a payment plan to pay off the loan.
Feel free to ask if you've further queries.
Sussane |
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wayne l
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Post subject: 1st and 2nd morgage is killing my other depts. |
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i have a mortgage on the 1st loan for 100,000 and a 2nd for 25,000 paying out 1500 a month . my monthly income is 3200. i have 2 car payments along with 12000 in credit cards . we have no money to eat. my credit is very bad with a score of 460 . the moblehome and property is only worth about 35,000 due to water damage ( that we could not afford to repair )
I want to forfeit the house but don't know what to do . can you help me ? |
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well, wayne, a lawyer won't help unless you can get some free legal aid. you need to speak with your lender and discuss this. clearly you'll need your car...if you give up the home do you have a place to go to live? unless your income is rising soon, you look to be in a dire position.
i think the key right now is housing and what you'll do once you vacate the current home. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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this was me:
Well, Wayne, a lawyer won't help unless you can get some free legal aid. You need to speak with your lender and discuss this. Clearly you'll need your car...if you give up the home do you have a place to go to live? Unless your income is rising soon, you look to be in a dire position.
i think the key right now is housing and what you'll do once you vacate the current home. |
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wayne l
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Post subject: mortgage |
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| I can get the money to file bankrupt , but I was wondering if this would be the right way to go ? |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Hi wayne,
Rather than filing bankruptcy, you should contact your lender and check out if he can give you options to pay off your mortgage in an affordable manner. If you've defaulted on your mortgage dues, then you can apply for a loan modification with your lender. If your lender modifies your mortgage, then you will get an affordable payment plan to pay off the loan.
_________________
Procrastination is the enemy of your financial success |
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Jay from FL
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Post subject: bankruptcy vs foreclosure |
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| I have two condos I own throughout FL. I had to relocate to another part of FL in order to keep my job. I have exhausted my entire savings to keep my properties. I am at the end of my rope. My score has gone from a 725 to a 542 in less than 18 months. I do not want to keep the properties. I do not have any other major debt. I have fallen behind on 2 or more occasions and the banks state I do not qualify for any of the loan modifications. Im attempting to do a short sale but its not happening quick enough. Should i let it go into forclosure or file for one of the bankruptcies? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Hi Jay,
You have mentioned that you applied for short sale. I would suggest you to have some patience and wait for some time to find out whether or not your request will be accepted. If your accept is rejected, then you can think about filing bankruptcy.
Thanks |
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coach4tl
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Post subject: BK vs. Foreclosure |
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| From a credit point of view which seems to make the most sense? Either way you are initially going to get hammered but doesn't a BK make more sense since you would be starting with clean slate? Foreclosure would show up under both the legal line and the debt line and you would get hit with a double whammy right? I understand BK stays on your credit for 10 years vs. 7 with a foreclosure but re-establishing credit would seem like the better way to go initially with the BK. I'm torn between which direction to go ugh... |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Hi coach!
Welcome to forums!
If you want to get rid of all your debts and want to start afresh, then it would a better option to go for bankruptcy. You can contact a bankruptcy attorney and he will help you in deciding which chapter of bankruptcy filing is best suited for you.
Feel free to ask if you've further queries.
Sussane |
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lindsy
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Post subject: property |
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| I live in calif. and I'am filing bankruptcy and my mom died and left me and my sister her house and both of our names are on the deed but still owe the mortage and the my sistet was name the trustee of the will . will I have to claim this as property? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2645
Location: New Brunswick, New Jersey
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wronged vets wife
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Post subject: Solution on mortgage |
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| Similar situation, bought a home , moved in 4 days later septic nightmare, called County Water for help and they informed us that the homes septic was never approved by the county, but the Town gave the sellers a Certificate anyways. We were a VA loan, and got the home as my hubby is a 170% disabled vet, who was suppose to get a SAH Grant, and Hisa Grant to renovate the home for his needs. Now we can not get any grants , as the septic is not approved, and we have no money left as we put all into the closing costs. We have been paying bills in Florida too, as my hubby had a stroke in 08, after neck surgery, and we could not go back to the boat.. I have called , written and no relief on our situation. Lawyers know we have a lawsuit, as the town should not have done this, but we can't afford legal fees to fight this. Oh yes, the builder is big with the town, and they all looked the other way as this was his sister's home he built. Can we not ask the mortgage company to go after these people. We will have to move out soon, as we have to keep getting pumped out every 3 weeks. |
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