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04-16-2008, 03:42 PM
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What do I do next......
I have a brigde loan that came due in Aug. The bank will not extend it, the house has not sold yet. I owe more than I can get for it. I talked to CCCS and they said talk to a BK lawyer. Found out that the bank Paid off our mortgage on the first house. Gave us a home equity loan for the amount of the first mortgage plus enough to do the down payment on the second loan. The secured debt on the equity loan is the first home. Second home is not tied in to the equity loan. The BK lawyer recommended that we re-finance the first home and keep it as a rental. When I told him that was not an option for us he said we should do a deed-in-lieu of forclosure. What are the chances that the bank will do that when we are upside down on this loan. Our second home is with the same bank also. Bk lawyer said our only other option is chapter 13. That option is rediculous to me because we are not behind in any other payments and would not even be in any cc debt if we did not have this first house to pay for. I don't know what to do and time is running out.
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06-30-2008, 12:04 PM
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short sale property
If you no longer want the property and are upside down you may want to look at the short sale option.
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Help Stop Foreclosure - Loss Mitigation Training - Short Sale Training The posts made by 877YouKeep.com and the information available on this website are for informational purposes only and not giving legal advice, contact your attorney for legal advice. If you need additional foreclosure help contact, Stop Foreclosure - Foreclosure Process - Loan Modification - Foreclosure Loan - Hope for Homeowners - Short Sale |
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02-18-2009, 01:56 PM
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Re: What do I do next......
Short sales arent moving very well and It doesnt look like you can sit and watch the house not sell, In this market to stay away from Bk and not go under I would rent the house for a fair monthly, you might come out of pocket a little but not as much as you are now and if you can stay afloat for a year or so with the rental income you may be able to sell the home then.
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04-01-2009, 04:00 PM
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Re: What do I do next......
Depending on your state's laws you might be able to simply walk away from the mortgage without any ramifications other than a hit to your credit. I am in California and I found out that the lender has no rights to come after me for anything I am upside down if I just let the home go to foreclosure.
I also found a really cool calculator where you can plug in your home values, taxes, appreciation/depreciation, etc and it will tell you your actual cash savings by walking away and renting instead. Google walk away calculator and you can find it... |
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04-04-2009, 07:13 AM
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foreclosure on investment property
If it is investment property than they can and will come after you.
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Foreclosure Loan - Stop Foreclosure - Short Sale Help - Loan Modification - Loan Motification |
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06-17-2009, 01:55 PM
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Re: What do I do next......
I agree with the other posters. You have to remember that abank is a bussiness. They make thier descions based upon profit and losses. They will only make the descion that makes the most financial sense at the end of the day...If you have the time and patience than I would attempt a short sale, if not and you get do with damage to your credit mayb its better to stop making payments and save up the additional money each month until you get the boot from your lender. I have seen people live in thier homes payment free for 2-3 years before they were forced out by the bank. At the end of this time they had over $25,000 saved up...Thats enouph for a fresh start for many people...good luck to you
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