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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Hi Guest!
Welcome to forums!
Rather than filing bankruptcy, you can contact your lender and apply for a deed in lieu of foreclosure on that property. This will not only help you in getting rid of the property but you won't be liable for paying the balance dues resulting from the property sale.
Feel free to ask if you've further queries.
Sussane |
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concerned owener
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0.10 Dollars($)
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| how is it viewed if there is a shortsale and a bankrupcy on your credit? |
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adonis
Joined: 22 Oct 2005
Posts: 10250
Location: ALASKA
1043.57 Dollars($)
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Welcome Guest,
Both short sale and bankruptcy will be considered as a negative item on your credit report. Both of them will remain in your credit report for the next 7 years and will also reduce your credit score by several points.
_________________
Procrastination is the enemy of your financial success |
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DQ
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0.10 Dollars($)
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Post subject: bankruptcy vs forclosure |
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We have relocated to So Cal due to my current job situation, so we must sell our home short in Nor Cal. I can't afford to pay my rent and the mortgage? What should my option be? Forclosure or bankruptcy?
Any help would be appreciated. |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Hi DQ,
You can contact your lender in North Carolina and apply for a deed in lieu of foreclosure. This is a better option compared to a foreclosure or filing bankruptcy. If the lender accepts your request for a deed in lieu of foreclosure, you won't be liable for paying the deficient balance resulting from the sale of the property.
Thanks |
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docs
Joined: 08 Sep 2010
Posts: 6
1.94 Dollars($)
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cheryl
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Post subject: Short sale VS BK and/or Forclosure |
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| My house was purchased in 2007 before the state decided to reduce our pay by 15%. Now we are unable to make our mort payments. There are no other loans attached to this home which is our primary residence. I have tried and tried to work with our mort company, only to be told that I was put on the bottom of the list. Now we are facing forclosure (notice of trustee's sale received). I have contacted then andthey won't return my calls or emails... Now what? Short sale? throw my hands up? and walk away or BK. |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Hi cheryl,
You should contact your lender and apply for a deed in lieu of foreclosure. This will help you in getting rid of the property and you won't be liable for the deficient balance resulting from the property sale. However, it will have a negative affect on your credit score as it will get reduced by 250 points.
Thanks |
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kotten
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0.10 Dollars($)
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Post subject: Foreclosure vs bankruptcy |
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| I own a house with a roommate and we are no longer living together. Neither one of us can afford the monthly payments alone and we have tried selling with no luck. We can't refiance due to owing more on the house than what it is worth. What is the best solution, bankruptcy or foreclosure? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct
53.01 Dollars($)
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Kotten, bankruptcy will relieve you of all of your debts if that's what you want. However, since you only cite the mortgage as an issue, it would seem that your best bet is to seek a short sale. You can discuss it with the lender, of course, and get a realtor who can help you assess what the current value might be. If you simply stop paying, of course, the lender will foreclose and you'll suffer the consequences of a damaged credit report.
Best bet? Hard to say, but I'd opt for selling it on a short sale if possible.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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royally screwed
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Post subject: This is all bull. |
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Want to hear the truth?
I applied for Chapter 13 and the bank's lawyers doubled the amount I owed on missed payments by adding attorney fees & court costs, then the bank paid property taxes and insurance and added that on, effectively DOUBLING the monthly mortgage bill, which in addition to a trustee payment was impossible to manage. Don't fall victim to this scam, there is no relief with Chapter 13 unless you are making good money - in which case you would not need to file bankruptcy in the first place. My bankruptcy was dismissed and I am losing my house, which by the way I put my entire life savings down on. Bank does not care, Lawyers (mine and theirs) don't care. The "Making Homes Affordable Plan"? ha ha ha it's a joke! They rejected me because "I made too much money". No relief, just punishment from everyone. What is the point? |
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kitty
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Post subject: house will not sell. i have moved & cant afford payment |
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| I bought this house through a mortage co. lived in it for 8yrs.stayed current on all pymts. Like a fool, i got married, and 4months into marriage my husband beat me & hospitalized me. of course I divoriced him, but he ran me through the court system for 1 1/2 years, which due to time loss at work,physical, mental, & financial distress, i lost my business & job.i was forced to move from the area to escape further abuse from exhusband.I have had the house for sale for several months,with no prospects to purshase.I can no longer make the payment.What should i do? |
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adonis
Joined: 22 Oct 2005
Posts: 10250
Location: ALASKA
1043.57 Dollars($)
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Welcome kitty,
As you're facing severe financial hardship, you should contact your lender immediately and apply for a deed in lieu of foreclosure. If the lender is convinced by your financial hardship, he will consider your request and you'll be able to sell off the property.
_________________
Procrastination is the enemy of your financial success |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct
53.01 Dollars($)
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Kitty, you've survived so much, more than many others would have even attempted to tolerate.
I have to agree, I guess, with Adonis, that a deed in lieu might save you some aggravation, and perhaps provide a quicker end to the train wreck.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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structuralaz
Joined: 16 Oct 2010
Posts: 2
1.53 Dollars($)
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Post subject: bankruptcy 1111b |
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| If the bank files an 1111b on your home, is there any way around this. I was told that a cram down of the principle to current market value is not going to happen, IS THERE ANY WAY AROUND THIS? |
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