Foreclosure University Forum

How do I buy a little extra time?

by bgwpcw, Sunday, October 18, 2009, 07:23 (3564 days ago) @ bgwpcw

� � � 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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