Foreclosure stress--long--

[lfoose]

Hi all,

Just wanted to say Thanks again for letting me vent two months ago.

We've still be unable to unload that house and have come to the decision to allow the house to foreclose and file bankrupcty.

My Dh and I feel like we are walking around with great big red "L"s on our heads.

Can't say we didn't try to do the right thing.

It amazes me the decline in the market, the economy and the rise in gas prices. It costs just as much for us in gas each month as it does for daycare!

 

[cluckychick]

If they sell the house and you file bankruptcy then after the house is sold and debts paid whatever is left over will come to you in a check. If it was me I would "quick claim" the deed to the renters or someone before foreclosure for the amount of the loan, if all your wanting is to get out from under it.

I have two siblings that have filed bankruptcy, one has filed twice. The one who has filed twice just bought hisself a new house this week.

It all works out in the end and usually for the better. No more debt phone calls, no more arguing over bills, no more stress about the situation. I will you and your DH good luck in your future.

 

[Cheep Mama]

Please don't feel bad. A lot of people are in the same situation as you are. This economy is dragging many people down.

 

[Broke Down Ranch]

So sorry to hear you are going thru such a rough time. We have been there where you are a few years ago because of DH losing his job. And as hard as it may be you know what my advice is? Stop, take a L.O.N.G slow breath and let it out, then get on with your life. Let them foreclose on your old place. Credit is credit, nothing more, nothing less. When we hit bottom a few years ago our credit went out the window. And yet we are still paying our bills and are still able to buy things we need and even sometimes the things we want. There are MUCH worse things in life than losing good credit standing. This too shall pass and each day offers you something new. Grasp the new, let go of the old, and be happy that the property isn't the only one you have....

 

[DuckyBoys]

lfoose everyone makes mistakes, but I know how you feel. Once it is over with you'll feel a lot better, just try and hang in there in the meantime.

Sending good wishes your way!

BDR is right - credit ratings are only what you make them. Just pretend they don't exist for a year or two and viola, you'll be right back up there in standing. One thing that really helps your credit is doing those automatic withdrawals from your checking account for a few bills. That way it shows that you pay on time and you don't even have to worry about it. Pick small bills like the cable or the phone just in case you are short a month. I did that with my phone bill and my credit score shot up after only a year. Not that I care - I really don't play that credit game - no credit cards for me - but I will need a new car some day.

Its only a number.

 

[Charlene1234]

Quote:
We bought our house in the country almost two years ago when we hadn't sold our first home. The market was just going down but we didn't realize it at the time. We only had two people who wanted to buy it (in 6 months). The last couple undercut our price so much that it was almost an insult, which we couldn't accept it so low - but they did so b/c they didn't have the money to put down. SO, my hubby (smart guy that he is - this wasn't thought of by our realtor!?) figured out a way to increase the price of our house a little and then show on paper that they put all this money down, when they really didn't. But it satisfied the bank and the couple bought the house. If you find someone who wants to buy it, do whatever you can to figure out how they can. I know buyers are few and far between - especially right now!! Just let the know that you want to do anything you can to get them in there!!

Best of luck to you.

 

[All about the EGG]

Quote:
You do not know me from Adam....and this IS CONSTRUCTIVE advice, not an insult.

The right thing would be to keep it no matter what! Work, work, work! Foreclosure and bankruptcy are the worst things you can do to yourself and the rest of us.
DO NOT listen to padded down versions of "foreclosure aint that bad"...it is! Or, its only a number. Who pays for that number?

My advice, call your bank again, and try to work out another way.

Try not to make yourself the victim, this only helps to rationalize the situation.

There is still hope for your situation, contact the bank, lender, church, whoever.

Do NOT write yourself off the books yet!

Good Luck!!!!

 

[hoosier]

I don't know if you have ever heard of Dave Ramsey, but he has a radio show and is on FOX Business TV (which we don't get since we don't have cable or satellite). He is a multi-millionaire that gives financial advice. He went bankrupt about twenty years ago.
Whatever you decide, good luck. And remember, we all make mistakes.

 

[All about the EGG]

Quote:
Great guy, great advice, I am sure he would love to talk to you!!!

 

[countrygirl4513]

This totally ERKS me!!!! I am a Realtor and the one thing you do regardless.... is have your potential buyers pre- qualified, whether it be for a purchase or rent to own situation. If their credit score isn't at least 600... forget it. The banks won't look at them anymore with the housing market in the fix it is in, therefore, you shouldn't either. It was your agents job to get them qualified. Since they obviously didn't... he/she dropped the ball. Therefore...he/she was NOT performing their fiduciary duty to you... he/she's client. I would seek advice from your state's real estate commission and see if you have grounds for disciplinary action.
My broker is big on..."Get them on contract asap" What good does a contract do if you don't know if they are qualified to buy? It does no good. And w'the gas prices etc like they are... it is a waste of my time and money and my seller's time and money to bring a contract to the table that won't bear fruit!!!
I'm sorry you are in the pickle you are. We may be there to before too long if this economy doesn't turn around.
Not all Realtors are snakes, I know this... cuz I'm not a snake nor a backstabber. I try to do my job professionally. Which for the last 5 months... w' our market, I've had no job to speak of. Real estate is dead now and has been for a while. If I don't sell...I don't eat... I'm commission based only.