my own house in foreclosure. Filed bankruptcy last year; credit is shut

Can you give some information about your house? I know everyone here would want to help if they can. No guarantees, but if you could give enough info for us to see what options you might have. We all have different expertise and are in different situations, but we'll try to brainstorm with you. I know one thing you suggested was a lease option for you to stay in the home. We'll see what we can come up with over the next few days, OK? Just know you are among friends and supporters.

God bless,

Rina

Rina, thank you very much for your immediate response. I do appreciate people like you especially in this difficult time. Again, thank you. Re the said property.. the property is approx 2600 sf with 4br and 3br. Located in an upscale and gated community which hold up it's value much better than the rest in the area despite with what's going in the market here in my area. I owed $605,000 on it and the value of the house is approx. $500K plus at this time, but we can short sale it probably about 450K N.O.d. (note of default has already been recorded and we are about 14K behind. The monthly on the mortgage is $3,700 not including insurance and prop. tax. The loan in on 30 year fixed. I hope I had given you enough info. I feel very blessed to be in this network of wonderful and caring people. Thank you so much everyone.

I'm so sorry to hear about your situation. There are a couple of options here you can consider. I will PM you so we can discuss it further, your information will be kept in the stricktess of confidence. Please don't think it's completely hopeless, it's not. God will provide a solution for you if you just keep the faith.
God bless,
Elena

I'm really sorry to hear about your situation. I hope Elena has given you some advice and what plan of action you should take. For me, personally, i think if the value is 500k and you owed 605k, that's tough to overcome. You even mentioned that you could short sale for 450k but you would still 155k short. Not to mention the 14k past due and not including the insurance and property tax.

My only advice to you is file for chapter 13 and trying to salvage it. Now, i hate to see this happen to you as it happened to one of my friends. I could not save his home because of the same scenario you're facing with right now plus other accumulated debts. However, i hope Elena could help you save your home, but at the same time, i'm also a realist and i wish you nothing but the best. Good luck!

Lloyd

Elena, I gol lost when I tried to PM you. My kids are not to help me, so I'm trying to respond to you from this area (whwever you call this) Thank you and i believe that God will move things, people and circumstances to make things happen. Thank you for the encouragement. You can PM me again if you wish and I can PM you back when I get help later. god bless.Luisa

Lloyd,

Thank you very much for your response. I appreciate your honest feeling about my situation. I will PM you when I get help. I'm not very good with navigating the computer, but I'm learning. HA HA. Chat with you later. thank you again

Luisa

Dear Luisa
You have options. Don't get discouraged.
The most important piece of the puzzle is the 14K of back payments. if you can find an investor who can come up with the 14K up front and get you current consider that as a down payment for the sale of your house. You can then offer the seller for him/her to finance the property through you (owner financing) through a sub-to agreement or on a land contract. Both vehicles pay your morthly payments. The investor can then rent out your property and cover the mortgage payment and insurance/taxes.
This is just one of the creative ways that an investor can get you out of your unfortunate situation. The only question that I have is once a lis pendens is filed, can the lender overturn once they see that you are current with your mortgage?
Good luck and please let us know if you need any more help!
N

I have a couple of questions for you. Why do you think the banks will only allow your mortgage to be discounted to $450k? When is the foreclosure sale date? How did you come up with the approximate value of the house?

Hi Luisa,

just read your posts. Are you still in foreclosure? If so, here is some advice that might help you:

Ask your bank (in writing, of course.... always in writing with POD!) for a Moratorium (usually 6-12 months). And also ask for them to add the $14K in overdue (back) payments to the back end of your mortgage. A Moratorium is, when they suspend your monthly payments, you don't pay anything for the time being, and they can not charge you any interest for the time of the Moratorium.

During the Moratorium you have to try to get your credit fixed/improved (if necessary), get debt counseling, find a 2nd job, research refinancing etc. etc. Tell your bank what your plans are, and what your (realistic) expectations are in order to be able to make your payments on time after that. Also, save some moneys every payday/week.... get into that habit, and continue that after the Moratorium has ended. That way you have enough put away at the day your mortgage is due.

Also, if your credit has improved during that time, your own lender might be able to cut you some slack by refinancing you at a better rate.... especially after what happened this week so far at Wall Street!

If all that does not work, try to find relatives or good friends, sign a contract with them. They can negotiate a short sale w/lender, take over the house and then rent it to you w/the option to buy it in 3 years.

I am suggesting all this, because a "normal" investor/landlord will NOT lease back the property to you if you are selling while in foreclosure!

Good luck!

Conny

Have you tried a loan modification??