Foreclosure University Forum

How do I buy a little extra time?

by bgwpcw, Sunday, October 18, 2009, 07:22 (3621 days ago) @ foreclosureuniversity

� � After losing my job 2 years ago, and my wife's salary at her work
� being
� � reduced by almost 50% last month, things are not good. We are
� � significantly behind on our mortgage, and we have received a
� foreclosure
� � notice. I have been in constant touch with our lender, and their
� attitude
� � is "we can't do anything, just get yourself current on your
� payments!". We
� � have significant equity in our home, and I have a rental property
� which I
� � have placed on the market. When the rental property sells, there will
� be
� � sufficient funds to get current on the mortgage, and pay down a large
� � chunk of the remaining principle. I have communicated that with the
� � lender, but they refuse to offer any solutions. The best they were
� able to
� � do was offer me a "deed in lieu", but with the remaining principle on
� the
� � mortgage only about 35% of the home's current value,(65% equity) that
� was
� � nothing more than an insult. I have considered a Chapter 13, but that
� � hinges on having income to repay the current debt within 5 years. I
� have
� � several prospects for employment as of this writing, but even in the
� best
� � case scenario, I wouldn't start work until mid October at the
� earliest. I
� � have talked to a credit consular, and they told me that without a job
� and
� � source of income, there was little they could do. Does anyone have
� any
� � suggestions to delay the foreclosure proceedings for a few months,
� until
� � my rental property sells and closes, and I begin working again>
� Thanks!!!
� Have you tried to borrow the money from a good friend or relative> Have
� you tried to take out a cash advance from credit cards> Sell personal
� belongings to people you know who will sell them back to you later or just
� sell them because they can be replaced later. 65% equity is much harder to
� replace and something you don't want to lose.

I'm certainly no expert... but, I'm also in a situation of facing foreclosure and I've talked to a bankruptcy attorney. According to him, the process can be stalled by filing Chapter 13 as a "stalling" tactic, then potentially fialing for a Chapter 7. He says, though one files, you do not have to complete the process and actually declare bankruptcy. Just the filing will delay the whole foreclosure process.

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