If home is going back into foreclosure, should you file bankruptcy or sell house?
Author: admin // Category: Sell House QuicklyOur loan was in a "modification" with the mortgage company and we were late on the payments. We sold one of our trucks on Friday for $1100.00 to pay the 2 months behind and today we got the letter in mail saying they were continuing foreclosure proceedings.
We called and they said we don’t make enough, but we do so they are working on something, but I have a bad feeling that they are stalling. I want to sell the house, but my boyfriend does not want to. Our home is worth more than we refinanced for, but will be hard to sell quickly. Our credit is terrible and our score is very low. What about filing for bankruptcy or trying to sell fast..before foreclosure starts again?
I don’t think we can do much to get out of the mess we’re in.
(we missed the payments because a/c broke..we live in florida and have new baby so we had to buy window units.)
As a secured creditor, your lender will not be affected by bankruptcy. the only decision the bankruptcy judge has to make is if there is enough equity left after paying the mortgage for the other creditors to fight over.
You can always reinstate the mortgage by making up the back payments.
Otherwise sell the property. The foreclosure will take many months. Use the profits to make a new start. Reduce your cost of living and repair your credit.
October 7th, 2009 at 7:38 am
kool
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October 7th, 2009 at 8:23 am
If possible,selling would be the better option because you could potentially gain from the transaction,versus bankruptcy,which may create future financial setbacks.
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October 7th, 2009 at 8:56 am
Be responsible — sell the property and pay what you owe. Don’t try to weasel out of things by filing for bankruptcy when you are able to sell the property and pay what you owe. Besides, if you think your credit is bad now, wait until you add a bankruptcy to it!
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October 7th, 2009 at 9:13 am
its good to know im not alone in this matter im not in foreclosure yet but not too far from it, its hard to pay on time sometimes its very hard things happen along the way and are not understood by people you have to pay…
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October 7th, 2009 at 9:27 am
As a secured creditor, your lender will not be affected by bankruptcy. the only decision the bankruptcy judge has to make is if there is enough equity left after paying the mortgage for the other creditors to fight over.
You can always reinstate the mortgage by making up the back payments.
Otherwise sell the property. The foreclosure will take many months. Use the profits to make a new start. Reduce your cost of living and repair your credit.
References :
FloriaREI.com