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Guest

Hi Shalam,

If the lender decides to sell the house, he will get the mortgage payments from the sale proceeds itself. As far as I know, you can keep the balance with you. Regarding the bankruptcy, I think you should file it when you are deficient on your loan payments.

Guest

Hi garry,

Thanx for your response. That's what I was thinking I should do in that situation Smile

Guest

Ok, I've thought every thing out, and here is what I'm going to do....

I called the attorney and talked with him. Somehow he misunderstood what I was trying to do, so I explained. He said that it would work. So, now I know that I have a way out. But...

I called about an apartment, and I was wrong to think that I could get an apartment before the bankruptcy. They said when they'd check my credit and see a mortgage on there, than they wouldn't let me get an apartment. And if a bankruptcy was on my credit they definately wouldn't either. I don't know how long it takes before the mortgage comes off of the credit, or how long it takes for the bankruptcy to show up on the credit report. But it sounds like I'd have to squeeze in right before the bankruptcy shows up, if the mortgage comes off first.

That being said...

I'm going to take Caron's advice from the first page. I'm going to see if my lender will let me do a "cash out refinance". If they will let me do it and get enough for the important repairs, then'll I'll go ahead and stay in my house
But if they will not let me, thenI'm outta here. I'm going to spend a few months saving up the $1000 for the attorney fee, file a chapter 7, and get on with my life.
And since I probably won't be able to get an apartment right away, I'd just move back in with my mother until I can get one. And be stacking some money in the mean time.

Please let me know if you think this is the way I should handle this. It seems like the right thing to do.

Three pages and thirty-one posts, wow, thank you all for all the advice. It is/was really comforting to have people to help me out in a situation like this. Especially knowing that none of you were obligated to do or say ANYTHING.

So thanx again, and let me know if you think I've made the right decision. And if you think no, please explain.

Thanx so much Very Happy

Caron · Posted: Fri Jun 30, 2006 1:24 am Post subject: RE:

Hi,

I think that you are going the right way. As I suggested earlier, contact your lender and find out if he will allow you to refinance your mortgage. Try to explain him the problems that you are facing. I hope he will understand your situation and come forward to help you. Then if you can do a cash-out refinance, then you can use the balance amount on your home repairs. Or else, can you shop around for the refinance loan with a different lender and pay off the first lender.

In case things don't work out this way, then you can go for the second option that you have mentioned. And, yes I agree with you, it is always better to accumulate some savings before you get involved in legal matters.

Thanks,

Caron.

Guest

If your house is in that bad of condition and has that manny problems that wernt mentioned to you from the seller then contact your realstate agent and go into Medeation and if you get no were with that then sue the seller!

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

I would hang in there and try and get the things done when you can. Throwing it away doesn't seem like the best solution. Have you tried to apply for a personal loan? There may be some other assistance in your area for fixing up your home. Try to contact the department that gave you your down payment and see if they have options for home repair. Many cities that do offer down payment assistance also offer assistance for home repairs. I would just do a little more research before giving up.

Guest

You should sell your house. There's a place that buys houses in any condition its (We Buy Ugly Houses ). Try There...

nightwriter01 · Joined: 17 Aug 2009 Posts: 1 1.66 Dollars($)

I am new to this site; I actually found it looking for fixer uppers. I've read several mortgage woes and many reminded me of my sister-in-law. She owned 3 properties and she was renting out 2 of them and living in the other. 2 of them were Jumbo Mortgages and she lost her job and her mortgage rate seemed huge compared to what was now being offered. She met this guy that worked with lenders that he said got refinances and purchases done quickly and with a lower rate as long as they were Jumbo Loans. I told her not to do it but she did anyway and she said she's glad she didn't listen to me. I am too because I used them as well and that is why I am on this site, looking to network as I buy fixer-uppers and rehab them.

[Email address deleted as per forum rules. Thanks.]

gmakerley · Posted: Tue Aug 18, 2009 8:41 am Post subject:

nw01, i can't say i quite understand what you're driving at with that post. "this guy" is some sort of miracle worker, i guess??? and you are networking in what fashion?
if you're working with someone like Jesus, who can heal the sick and raise the dead, please let us know...we've all been looking desperately for our Savior; and if He has come, we want to know why He didn't take us back with Him.

Guest

Hi.. Im trying to get out because the morgage is to high for the both of us,but she still stays there today,we split half the morgage. As you know the market not doing well and right know i want out!!! My exwife is willing to stay if you can reduce the payments where she can afford it. Please help me get out of it!!!

jameshogg · Posted: Tue Jan 26, 2010 11:30 pm Post subject:

Hi Dennis,

If you want to remove your name from the mortgage, your ex-wife will have to refinance the loan in her name. She will be able to refinance the loan provided the property has equity and she satisfies the required criteria of the lender.

Thanks

Guest

We live in a two-story house in a flood zone where you can't even get insurance. We owe $37,000 and the house only appraises for around $15,000. We want out quickly as we can no longer afford this house. PLEASE HELP!!!!!!

111

adonis · Posted: Mon May 10, 2010 12:02 am Post subject:

Welcome Annis,

You can contact your lender and apply for a deed in lieu of foreclosure. If the lender is convinced that you are facing a bad financial situation, then he will accept your request. You will be able to get rid of the property and you won't be liable for the deficient balance resulting from the sale of the property.

Guest

Can I get out of my mortgage of $132,000 when my house is (now) only worth about $50,000? I make approximately $70,000/year and my credit is okay (and improving). I desperately don't want to foreclose or "walk away" but I have to get out of here.

Niicss · Posted: Mon Jul 19, 2010 3:56 am Post subject:

You won't be able to qualify for a mortgage of $132,000 when your house is worth only about $50,000. In order to refinance the loan, you should have equity in your property. You can contact your lender and apply for a loan modification. This will help you in saving the property. If the lender accepts your request, you would get an affordable payment plan to pay off the loan.

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