In order to stop foreclosure on my home-is bancruptcy an option at this point?
Question:
Answer:
In a foreclosure, here are your eight options:
1. Reinstatement: Come up with the money to make the loan current.
2. Redemption: Pay the loan off in full.
3. Deed in lieu of foreclosure: Surrender the deed to the lender. This will have a less impact on your credit.
4. Legal delay: If you can prove that the amount owed is incorrect, you can delay the foreclosure.
5. File bankruptcy: This will delay the foreclosure, but at the end you still could lose the property and ruin your credit.
6. Renegotiate with the lender: Call the lender and renegotiate the loan. Maybe they can either refinance you or hold off on accepting payments for a short period of time. See if they can combine all your loans into one. This is your best option!
7. Sell the property: Sell the property to either an investor or a buyer.
8. Do nothing: eventually get foreclosed on and evicted. Unfortunately, the majority fall into this category. They have this notion that a family friend will loan them the money. This, of course, rarely happens and they end up losing everything.
Speak with a bankruptcy attorney to see if you can file bankruptcy and if you do, can you keep your home. If you're in Southern California, let me know and I'll see how I can help. I do not charge anything to help you out.
Regards
your more thanlikely going to HAVE to file backruptcy so they wount come after u on it...
Sell your house immediately before bankruptcy, otherwise you will ruin your credit for the next 10 years, which will make harder for you to obtain a job or career.
I am a real estate agent in the state of Alabama. Laws will vary from state to state but overall it amounts to this:
Even if you file bankruptcy they will very likely still take your house. Read all the paperwork carefully that you signed when you got the loan. It will be in there somewhere. And, by the way, federal laws governing bankruptcy were amended last year and do not wipe away all debt anymore. It was big news back in Septemeber 2005.
To stop foreclosure you should work openly and honestly with the lender. Try to work out an arrangement.
Consider working with a real estate agent to sell the house and get you a smaller, less expensive one. Let the lender know you are doing this.
Whatever you do DON'T let month after month go by with no action. They will take the house in the end. It may take several months but it will happen unless you take corrective action.
Good luck to you.
I have never even *heard* of anyone who came out ahead in the end by filing bankruptcy. All it does is buy some time - and make the end situation worse. Lawyers love it, because they make money, but it all comes home to roost in the end. The Note is still accruing interest and penalties, and it is a secured debt. The banks lawyers are going to break the home out of the bankruptcy and foreclose fairly quickly.
I'm assuming you don't have the money to bring it current, and they won't negotiate. If you have equity, a fast sale below market might save some of it. If you don't, surrendering title in lieu of foreclosure probably gets you out with the least damage to your future. Talk to an accountant about the tax implications of your situation. The money for ten or fifteen minutes of their time will save your backside from much worse.
Either sell it or go with a hard money lender so you can refinance and keep your home. Hard money lenders don't care about credit score or payment history but that's why they charge 10%-12% if not more. It's not the best option but it may be something to consider instead of bankruptcy. I hope this helps you but if you need help or have any other questions please feel free to email me tadgeman@yahoo.com.
Higher an real estate agent to sell your home, let them do all the work for you. They can contact the bank on your behalf and keep you out of bankruptcy. Need anymore help contact us. yournumber1agents@yahoo.com
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