Posted on: 26th Oct, 2010 03:10 am
my investment property in arizona is currently on the market as a short sale. haven’t been able to sell it yet and foreclosure date is 1st week of december. i also have a purchase second mortgage loan on the condo. both loans are with wells fargo bank and the 2nd is telling me they'll charge off my loan now if i don‘t pay the mortgage. i am retired age and it is very hard on me, i have never been in this situation. i am sooo stressed out from all this going on for 8 months now and i just want this over. i don’t care if it goes in foreclosure, i am sooo done. but now i worry what is waiting for me afterwards. i hear soo many things my head is spinning. my worry and what i like to take care of is to get rid of all the problem after this condo foreclosed and not have to worry about anyone coming after me for anything. is there a way to solve the 2nd loan problem? what can i do to get rid of it? i can’t afford to pay it. will they have creditors come after me? can anybody tell me how to handle this? i’m going to try in deed of lieu tomorrow, but the bank have some crazy rules which causes me to not be able to do it as far as last time i asked. has anyone had this experience before? how can this be solved and get it over with once and for all?? what happens after the charge off? please help.
Hi ptk515,
Welcome to mortgage fit,
I think you should try bankruptcy instead of foreclosure or short sale.because you are a senior citizen and i don't think that in coming future you will ever plan to buy something with loan (house) so if you are not planning then even if you file a bankruptcy and it hits your credit score,you are prepared for it....
Now next question is whether do you want to file a ch.7 or ch.13 BK (bankruptcy).
According to me if you wish to keep this investment house (surely at affordable monthly payment plan specifically designed for you so that you can afford it) then you should file ch.13 BK....
If you do not wish to keep the house then you can file ch.7 BK.and get relieved from all the worries at once...(that is what you desire to be)...
Feel free to ask any further query if you have.........
DIPA
Welcome to mortgage fit,
I think you should try bankruptcy instead of foreclosure or short sale.because you are a senior citizen and i don't think that in coming future you will ever plan to buy something with loan (house) so if you are not planning then even if you file a bankruptcy and it hits your credit score,you are prepared for it....
Now next question is whether do you want to file a ch.7 or ch.13 BK (bankruptcy).
According to me if you wish to keep this investment house (surely at affordable monthly payment plan specifically designed for you so that you can afford it) then you should file ch.13 BK....
If you do not wish to keep the house then you can file ch.7 BK.and get relieved from all the worries at once...(that is what you desire to be)...
Feel free to ask any further query if you have.........
DIPA