should i file chap 13 if my house is on foreclosure...

[frostblue2]

...proceedings but cannot make mortgage payments? i guess im in a dead end. foreclosure sale is within a week. i have a 2nd loan. i cannot sell for more than what i owe.

[whiskeyman510]

No, look into a D.I.L.F.

It can really save your credit score.

Basically it's a way of selling your house to the lender rather than them taking it by force.

They will do a title search (which you pay for) to ensure no one else has a lien on it, and they will do an appraisal (which you pay for) to make sure it's worth at least what you owe, and they can decline you for either of those reasons if they don't like what they see, but it will make you much better off in the end.

You still lose the house, but your credit score won't change radically the way it will if you file bankruptcy.

[877YouKeep]

this is not legal advice but all To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily.. If you do not make your mortgage payments while you are in foreclosure the mortgage company will motion and get the house released from foreclosure. Back to square one and now you To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. also.

Deed-In-Lieu - Not possible, you can not file a DIL if you have a sale date let alone a week outside of the sale. You can possibly get an extension if you find a buyer that will buy your property do a To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. on your property, contact a realtor in your area and ask about a To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily..

[JR_FL]

877youkeep,

Are you seeing more Deed in Lieu? The more cases that I am looking at it seems that lender are jumping to the gun to early. Freemont was a recent one. I know of two cases this week that also. One Country Wide and the other Washington Mutual. Sale date was about 30 days out on both.

[877YouKeep]

No, I have done a few but prefer the short sale if the homeowner can not afford the property. I do not do foreclosures and look for investors to help. The lenders will not do a DIL if the sale is scheduled.

[JR_FL]

I should say that it was the Hearing date. Not sale date.

[877YouKeep]

Actually, the lender would rather do a short sale than a Deed in Lieu. With a DIL they do get the property back faster but would rather not have to go through marketing and selling the property. They would rather get it off the books and close out the file. Be sure if a DIL is the route you are going that you try to get cash for the keys. If the house is left clean many lenders will give you one to three thousand dollars.