I live in Michigan. I filed Bankruptcy Chap.13 and was basicially denied, cause the monthly repayment plan would not leave me with much money to live off of. Now my house is going back into Foreclosure. My lawyer suggested that if I want to keep the house I could pay what I owe (about 13,000) and can keep making payments. Or I could surrender my home up to Chapter 13 stay here for about 8 months and save my money to put down on another house. What are my options at this point? Am I able to stay here and save some money for 8 months to a year, after foreclosure with out being kicked out? Are there any more options that I may be able to use? Thanks for your input.
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Do you want to keep your home? If not, sell the house. The last thing a lender wants is to take someone’s home. They want to get paid. Contact a Realtor (GET A SHARP ONE BECAUSE TIME IS YOUR ENEMY RIGHT NOW!) to list/market your home. Once you go to court, the lender will have representation there. You tell the judge that you are in the process of selling the home. Take the listing agreement or hopefully you can have a signed “offer to purchase” that you can show the judge of your good faith. I’ve dealt with cases like these alot. I have actually left the closing and gone across the street to the courthouse on my seller’s behalf to advise the judge that “we are closing as we speak”. The key is to go to court…..don’t run from it.
Good Luck!
Keep your house out of foreclosure. It will be very difficult to get another home(even a rental) if you have a recent bankrupcy and foreclosure on your credit report.
You did not say how much your house was worth, nor the balance on your loan, if you have 80% loan on your home you can probably get a sub-prime loan to get you out of foreclose. You should contact a local mortgage “Broker” tell him your plight and see if he is able to secure a loan for you.
Failure to do that, contact your lender, ask if you can rearrange your loan where the payments you are behind are considered a 2nd mortgage and you would like to make payments on your original loan as well as the back payments which are now a 2nd mortgage loan on your property. You should contact what they call the workout specialist at your lenders office. See if they have other plans you might qualify for. Most lenders have several plans that they will make available to you.
In order to take advantage of these programs offered by your lender you must be able to make the new payment arrangement and be able to prove it through pay stubs, letters from your employer or some other method of proof.
If you have not solved the reason you were placed in foreclosure in the first place the options I have discussed will not work at all.
It depends on the foreclosure laws in your state as to how long you will be able to stay there rent free before your lender sell your house and someone else takes it over or it goes back to your lender.
Your lender might be intersted in giving you money to move you might also check out this option.
I hope this will be of some use to you, good luck
move to a different country or change you name
I was in a situation like yours. My answer is sell the house quick. You can’t win if you keep it at this point. If you keep it and get kicked out your credit is in the tank and you would be lucky to qualify for another house.
Good luck and blessed be
An option would be to actively sell your house. You would certainly be better set financially than allowing it to be foreclosed. Also, a house sale does not reflect poorly on your credit. In the meantime, you could rent an apartment (or attempt to find a cheaper house) while you rebuild your credit.