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OK, this is the question. If my present house is f/c on and we purchase for cash another house to move into, and then file bankruptcy on all credit and the foreclosed house, can they put a lien on the new house I buy (will not include the house I buy in the bankruptcy). We plan on purchasing a foreclosed house for cash (about $10000). Know that will be difficult, but that's the best we can do other than buying through land contract if anyone will let us. Also, we sent a letter to the lender to produce the note b/c we have a feeling they can't ...how will that affect everything? I guess we could just turn over the keys once we have a new house to live in?

I know this sounds nuts. But after hubby got laid off, it created a mess where we couldn't bring the mortgage up to date and got no help from the lender. In the meantime, the lender went out of business and the mortgage was sold to BOA.

If we can do this, it will help us out in our senior years (now in our 60s and we're raising grandchildren to boot).

jenkin7 · Posted: Thu Nov 19, 2009 11:16 pm Post subject:

Hi cim-rimi,

If you let the house go into foreclosure, it will affect your credit negatively and impact your chances of qualifying for a new loan in future. Are you 62 years or more old? Is there enough equity in the property? In that case, you may go for a reverse mortgage and pay off your existing mortgage debt. If you do not qualify for a reverse mortgage or you want to get rid of the current property, you can try a short sale or a deed in lieu of foreclosure. A short sale or a deed in lieu will affect your credit, but their impact will be less damaging than a normal foreclosure.

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If we buy a new f/c property for cash after ....