Property: Single Family Home Purchased in 2003. Never made payments late till November 2007 About 3000 sq. ft. Nice lot, house needs a little cosmetic but mainly a good cleaning. Behind on Mortgage: Reason is family member (child) w/cancer (provided medical bills as part of financial hardship package) Mortgage: $540,000.00 Mortgage Company calls my client stating "we are here to help you in your hard time" Short Sale Attempt: $379,000.00 Offer 1: $310,000.00 rejected Offer 2: $349,000.00 (19 comments)
loudoun: Foreclosure, Bankruptcy, Short Sales, Which one is right
- 01/28/08 02:45 PM
With so many people losing their homes these days, I wanted to share some information about using to the bankruptcy system to help someone stay in their home instead of doing a short sale or a Foreclosure. Every situation is different. Since I work as a bankruptcy consultant/paralegal at a law firm, and I also am a Realtor I am finding that my knowledge in Foreclosure and Bankruptcy has come in play with my real estate business when I normally can keep the two separate. But with all the foreclosures these days and mortgage issues, I am finding myself making decisions (26 comments)
loudoun: SOMEONE PURCHASED A HOME WITHOUT ANY I.D. AT ALL
- 01/28/08 01:55 PM
(this is a re-post, was deleted in error) This was interesting today. I get a lot of people that come through the law firm I work at with the most unusual housing situations to see if they qualify for bankruptcy. Well, this couple bought a home together in 2005 and now cannot afford the mortgage. (adjustable w/neg am). OK, same with just about everybody that walks through my door. I explained the bankruptcy process to them and told them that two of mandatory items that were needed are 2 forms of ID, one with picture (license, school ID, etc.) and one (14 comments)
If you are thinking about letting the home go through foreclosure and considering Bankruptcy as an option, and need to rent a home, then RENT before filing bankruptcy. It is more difficult to rent a home after bankruptcy then to buy a home after bankruptcy. My clients have experienced this first hand because they waited until after bankruptcy to rent a home and were unsuccessful. During the time you are in Bankruptcy, you cannot do any business until after discharge if filing a Chapter 7.
If you commented on this before, I am sorry but I deleted by (33 comments)