Please take a look. I hope it'll help you. _________________ Procrastination is the enemy of your financial sucess
Perlie Guest
Posted: Tue Jun 23, 2009 4:48 am Post subject: foreclosure/ bankruptcy
my house is in the shortsell this time and the bank does'nt want to accept the offer for several times, and finally they want to accept it if I'm going to
pay out of pocket the amount of $33,000 difference if i'm not willing the bank will not accept the offer and they are going to foreclose my house. If this happened waht is the best thing to do file a bk or a foreclosure
In a short sale, the lender has the right to demand the deficient amount from you. That's the reason why the lender is demanding $33,000 from you. In my opinion, if you can afford to pay the amount, you should go for it. It is much better than filing a bankruptcy or going for a foreclosure.
WELCOME..!!
Which is the best solution - foreclosure vs bankruptcy ..this is very serious situation.Because bankruptcy and foreclosure will significantly lower your credit score .A foreclosure will stay on your credit report for 7 -8 years, Chapter 7 bankruptcy will remain for 9 - 10 years.You cannot file a Chapter 7 bankruptcy for your home loan.Chapter 7 is reserved strictly for unsecured debt such as credit cards, personal loans.In chapter7,you may repay back payments on your home .
If you choose foreclosure, it will leave you with a deficiency balance that you must repay unless you have a non-recourse loan. If you have a FHA or VA loan, a foreclosure will prevent you from obtaining another government backed loan, because this will affect your credit.
So before taking decision take advice from an experience bankruptcy that already gone through this process.
For more Information visit "www.foreclosure-help-book.com".
I thing this information is enough for you.
Thanks.
Aksh
phi83 Guest
Posted: Mon Jul 27, 2009 8:20 pm Post subject:
Aksh - That info couldnt be further from the truth. Filing a BK will indeed relieve the debtor from the home loan if they choose to let the house go. If you are current on your home loan, the BK filing will eliminate the obligation to pay the debt, meaning at any time after the BK, the home owner could walk free and clean with no judgement. It will effect your credit and show as a foreclosure, no way around that.
Bankruptcy will eliminate all unsecured and secured debt obligation, with exception to your states BK exemptions. You can reaffirm a car loan if you want to keep a car, etc...
Please talk to a BK lawyer as advice on the internet isnt really advice at all.
bIIYMAN Guest
Posted: Mon Aug 17, 2009 6:22 am Post subject: bankruptcy vs forclosure
I have a house I don"t want and cannot afford all of my other debts are current my credit rating is excellant what will happen to the debt if I just walk from the house? Is filing chp. 7 better? don't want chp. 13.
Brinkman Guest
Posted: Mon Aug 17, 2009 6:26 am Post subject: forclosure
after 7 years can the bank still come after me for the mortgage? will I owe that debt forever
If you walkaway from the property, your lender will start the foreclosure process. He will sell off the property and try to recover the mortgage dues. As you are facing hardship in paying off the mortgage dues, you should contact your lender and negotiate for a deed in lieu of foreclosure.
To Brinkman,
After a foreclosure sale, you would be liable to pay off the deficient amount to the lender. If you cannot pay, the lender would charge it off or start garnishing your wages. As a negative item, the foreclosure would remain on your credit report for the next 7 years.
Thanks
thaf Guest
Posted: Fri Sep 11, 2009 4:18 pm Post subject: File Chapter 7 before foreclosure or after?
I'm in California and in foreclosure with a sale date about 2 1/2 weeks away. I have about $225K in unsecured debt,no assets & no job so Chptr 7 BK is inevitable. I've been meeting w/ bankruptcy attorneys & getting conflicting info. Last week I went to a BK attny & was told I should declare Chapter 7 before the auction date in order to avoid having a foreclosure on my record which would make it very hard to get another home loan for 10 years. They said if I filed BK before foreclosure happened it would be wrapped up in my BK and not show on my credit. Is that true? I'm in a panic now to find a lawyer I trust, fill out paperwork & file Chptr 7 in less than 3 weeks. It would be a huge help if someone could explain the ramifications of filing Chapter 7 before foreclosure occurs vs. filing it after. I really don't want to wind up going w/ an attorney who treats my BK like a factory which is what everyone I've met with so far has done. It's stressful and heartbreaking enough losing my home that I poured my life savings into. I don't want to go through this again months down the road if it turns out I pulled the trigger on Chptr 7 too quickly and wound up with an attorney who didn't explore the best options for me. HELP!
adonis
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