Foreclosure Strategy Unleashed

I have been trying to sell my house and I have a buyer but I have to hold off a foreclosure for about 30 days. I have asked the bank but they wont extend the time. can I start a bankrupcty to hold off the foreclosure

I can not believe you have called your lender and told them you have a signed contract for purchase and they said NO!…They would never do that…Do you have a Realtor? Have the Realtor call for you there is NO way the lender will not wait a few weeks and collect their money…They would be too far ahead in the long run..A foreclosure is too expensive..ss

My husband left me, I can't pay the mortgages (I have 2 of them), I can't sell before 7/13 or I will be penalized 5% on EACH loan, I am unable to refinance & afford the payment so I am stuck. I don't want to foreclose. Does anyone have any suggestions?

1. Save up and pay back the arrears.
2. Work with the lenders for a repayment plan if you're already behind.
3. Work with the lenders to modify the terms of the loan.
4. Refinance and try to get the pre-pays knocked off.
5. Use a partial claim if you have an FHA loan.
6. Sell to a private investor adept at negotiating these things.
7. File bankruptcy.
8. Short sale.
9. Sell outright and ask for enough to pay the total amounts.
10. Give the property back with a deed in lieu (might be tough with 2 mortgages).
11. Walk away and move on with your life.

We filed for bancrupcy approx. 4 years ago and have been paying outrageous rent ever since. We would love to have a house and stop paying rent but the only way we could ever afford to get into a house would be something priced low enough such as a foreclosure home. Real estate agents we have spoken with are no help at all on the subject. Of course, I
understand that this is their business and why they would not want to help with this type of sale. But surely we are not the only people who have ever had this problem, how does one go about getting into one of these foreclosure homes?

You can buy a house two days after bankruptcy, if you have enough cash for a huge down payment.
Normally it takes 7 years to clear your credit record.
Without knowing your situation, I cannot tell you more, but I work with clients with credit problems and I specialize in foreclosures. Maybe something can be done, if you have a good job, at least some money in the bank, etc. You just need to find the right agent. Agents are paid by sellers, not buyers, as you know, so you have nothing to loose by working with an agent.
Take a look at my web site (below) and if you are in the area, contact me. Or you can contact me anyway for advice, if you wish.
One more thing. Foreclosures are a good idea, and, yes, you can get a good deal (you cannot buy a foreclosed property for a hundred bucks, as you might see on those stupid TV infomercials, but you can buy below market.) BUT there's a problem for a person in your situation. You see, a foreclosed property is sold by a lender. It was foreclosed because the previous owner didn't pay, right? And here come you and I and I say: "I have a client, who had a bankruptcy not long ago." What does the lender say? Even if you have a loan from another lender, you must be approved by the bank, which owns the property. Do you see the problem?
But, as I said, maybe something can be done. I need more info to tell you more.

I’ve always tried to save and pay extra on my mortgage just for times like these where jobs are not so abundant. I am now at the point where if it were necessary, I could pay it off but it seems it would be stupid to do so since there are so many bailouts or other safety nets emerging to Prevent Foreclosure. It’s almost as if we are entering the initial stages of home ownership being nationalized in which case it would really not make sense to use the money to pay off the mortgage.

Star for you.

Then no one would care about paying off debt when the government will do it for you.

Due to unfortunate circumstances my husband and I had to give up our family home. After trying to sell it, we were unable to in the time we needed to and had to let the home go into foreclosure.
What I would like to know is when a home goes to auction or a Sheriff’s Sale, what is the starting price? Is there guidelines as to where they can start the bidding as far as numbers go?

If you had mortgage insurance it will become a HUD home. It usually takes about 3 months for a HUD home to come open for bids. As stated in another answer the asking price will be what is left on the mortgage. The bidding is open for 30 days and at the end of the 30 days the highest bid that is greater than 80% of the asking price wins the bid. If there are no bids that are at least 80% of the asking price the home is put on a daily bid list and will be sold to the highest bidder that meets the 80% rule.

When you face a foreclosure, it is necessary to know all the options available and the various avenues you can pursue to save the home. Bankruptcy is not the only option. Consider all available options and choose the one best suited to the current situation. The other options include contacting the lender to talk over the forbearance or modification of the loan. Besides this, you could refinance the home, sell the home, cure arrears or redeem the property after foreclosure. There are some other alternatives to this too. However, you should be careful of entering into agreements to lease or rent the home to a real estate investor.

Debt Workouts

There are queries that plague many people, when it comes to debt workouts while tackling foreclosure. Attorneys usually contact creditors to make settlements that expect the debtor to make payments. The payments could be lesser than what the debtor owes. In other situations, full payment over a certain time span is expected. Sometimes, smaller settlements can be made and the remaining amount can be paid over a period of time.

In comparison to bankruptcy, workouts assure debtors of getting more than they expect. These actions affect the debtors for many years. This applies not only to the debtor, but also the attorney in charge of the case. Its always better to hire experienced lawyers who can gauge the case even before you explain.

Good Debt Workouts

The Chapter 7 bankruptcy stays on the credit report for about 10 years. This is reported on financial statements for longer time periods. Workouts help in avoiding the credit and emotional scars caused by bankruptcy. In the case of people with hard assets like real property, workouts let them retain greater control and increase their likelihood of keeping the assets. Soft assets like cash can also be kept under control.

How to keep property through a workout?

There are many ways to keep your property and yet, get a workout. The sooner a problem is dealt with, the more likely is the possibility of it being resolved. The following are some ways to save a property through debt workout

Repayment plan- Debtors pay a certain part of the arrears and pay the remaining amount through regular payments. The lenders need proof of income and a proper down payment to accept this type of plan. Half of the arrears and the legal fees get paid up front on the promise that the left over arrears will be paid within six months. Plans with lesser down payment can be settled with the help of loss mitigation professionals.

Deed in lieu of foreclosure- The debtor, in exchange for the forgiveness of potential deficiencies, gives back the property in hold.

Short Sale- The creditor accepts the price at which it has been sold to the third party.

Friendly Foreclosure- Creditors of friendly third parties who buy the mortgage, sell the property at foreclosure. This clears the title of other lien holders. The property is later sold back to the debtor or any other pre-decided entity.

Repurchase after Foreclosure- This involves buying the foreclosed property after it has been auctioned.

Kris Koonar
http://www.articlesbase.com/non-fiction-articles/nonbankruptcy-options-to-stop-foreclosure-119934.html

Foreclosures should be the absolute last resort for any homeowner. Everyone faces times when sufficient funds are unavailable and bills get out of hand. Living beyond our means, ignoring budgets and remaining in debt have become a common occurrence. In addition, the fluctuating economy of today and the day-to-day fluctuations in the stock market makes it easy for a person to be simply caught off guard and to end up in a position unthinkable. Many circumstances and factors combine together to drive someone to even contemplate on the decision of a foreclosure on the home and it obviously cannot be an easy situation to handle. Here are a few pointers about what you need to consider, if you are ever in such a situation.

First of all, look at your bills. Are you spending an excessive amount on luxury items? We may often imagine that we cannot live without things that are easily dispensable. Season tickets to football matches, high speed broadband Internet connection, cable TV, expensive cars, too many expensive clothes and regular eating out can all add to an already hard situation or can get you into a budget deficit. Overspending in anything pushes you closer to the red line all the time. These are controllable items. These are the expenses you can control and the situations in which can make a real difference.

There are several situations, which one may not be able to control at all and that contribute to financial difficulties. For example, you could lose your job, suffer a major loss in the stock market or suffer from an unexpected illness or injury. All of these things can cause a less than favorable financial position. If this has happened, there are still some avenues that you can try, to avoid losing your home to a foreclosure.

If cutting back extravagant spending is not the issue in your case and you have already cut out all the controllable excess, it might help to look at the more serious expenses in terms of major financial realignment. Consolidation of all your credit card debts is a good idea. Other things that might be pulling you under are the associated late fees and over limit fees of the individual lenders. These can be eliminated or renegotiated through a debt consolidation counseling service.

They will assist you in resetting your budget and can also help you bring your entire credit card bill together in a much more easily manageable portfolio. This will allow you to get in control again and will show you the best way to help the process along. Even if you are unsure of how the counseling programs can help you, they are still worth a try because even if they cant assist you, they can still help you decide which options are the best for you from a professional viewpoint.

If your best option seems to be foreclosure, find out and be aware of the consequences in the long run. Credit reporting will retain this information on your record for as long as seven to ten years. A bad credit rating affects everything you do in terms of any future purchasing and will also trickle down into your everyday life in many more ways than you can comprehend or imagine now. Be sure to seek professional help to find out all that is really necessary, to remedy your situation and prevent regret later in life.

Kris Koonar
http://www.articlesbase.com/non-fiction-articles/what-you-need-to-do-before-you-decide-on-a-foreclosure-136112.html

i am in st louis, mo.

I have a private mortgage company in St. Charles. I might be able to help you. Please email me at: hollingsheaddave@yahoo.com

My interest rate is 17.5% and my mortgage payment and lot rent is so hard to keep up with. I have never been 30 days late. But I don't want the house anymore and really don't care about my credit either. Does anyone know what will happen if I just stop making the payments and let the house go into foreclosure? If my husband and I both have jobs paying us under the table, will they be able to garnish our wages still? Any advice would help. Like I said i don't want the house, it depreciates it value, and I owe about $30,000 more than it is actually worth, so there is no sense in selling it or refinancing because no one will buy something that isn't worh the money they have to pay for it.
Trust me, I know about my credit. I work in the mortgage industry. And I can't help myself get a better loan. I owe $58,000 on this house, and after FIVE YEARS, I still owe $58,000. It is only worthg maybe $30,000. How can I sell this house? There are 30 or so homes in the community that are for sale. They are bigger, look better, and are selling for a lot less. Like I said, I have never been 30 days late thinking I can save my credit, but I give up and will seek help from family members with getting into another house. I know about still having to owe the difference, but if I have no money they can't take it from me right?

Rent it out & go live/rent somewhere else….at least that way you're not living there…the house is paying for itself while someone else pays to live there.

Nothing is lost, you're credit is will be ok & you'll be happy living somewhere else.

I don't see anything in my lease saying I cant sell. But I want to know what I legally can do. I need to sell now cause I am trying to Prevent Foreclosure.

Sell it with them in it. Transfer the lease to the new owner.
Good selling point as it's already rented and making money.