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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Do a short sale to avoid a foreclosure... Posted by Ward-CA- on June 03, 2003 at 7:42 AM In Reply to: Need Help!! posted by Chris Heisler on June 03, 2003 at 6:46 AM : I own a house in New Mexico that is being foreclosed on. We relocated to Florida a year ago with a buyer living in the house. The buyer has subsequently been unable to obtain financing and has since moved out. Due to this and other circumstances, I filed and received a discharge for Chapter 7 bankruptcy. I included the house in the filing and thought that would take care of it. However, I've recently learned that a foreclosure would still show up on my credit and preclude me from getting the particular loan I'm looking at for 3 years. I really need to keep the house out of foreclosure. Unfortunately, I was only in the New Mexico house for less than 2 years so it's been hard to sell and cover the costs. If anyone has any ideas, or can help, please let me know. Thank you. =•=•=•=•=•=•=•=•=•=•= Chris, I sorry to say that I think your recent bankruptcy, plus the ongoing negative dings on your credit record from the missed monthly payments on your loan, have already sunk your chances of obtaining a new loan—even without the foreclosure happening. If I were you I’d find a local real estate agent with success doing short sales. Give her a listing on the property and tell her to sell it for whatever she can get and then persuade the lender to take the deal even though its short a full payoff without the lender coming to you for the difference. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I own a house in New Mexico that is being foreclosed on. We relocated to Florida a year ago with a buyer living in the house. The buyer has subsequently been unable to obtain financing and has since moved out. Due to this and other circumstances, I filed and received a discharge for Chapter 7 bankruptcy. I included the house in the filing and thought that would take care of it. However, I've recently learned that a foreclosure would still show up on my credit and preclude me from getting the particular loan I'm looking at for 3 years. I really need to keep the house out of foreclosure. Unfortunately, I was only in the New Mexico house for less than 2 years so it's been hard to sell and cover the costs. If anyone has any ideas, or can help, please let me know. Thank you. : =•=•=•=•=•=•=•=•=•=•= : Chris, : I sorry to say that I think your recent bankruptcy, plus the ongoing negative dings on your credit record from the missed monthly payments on your loan, have already sunk your chances of obtaining a new loan—even without the foreclosure happening. : If I were you I’d find a local real estate agent with success doing short sales. Give her a listing on the property and tell her to sell it for whatever she can get and then persuade the lender to take the deal even though its short a full payoff without the lender coming to you for the difference. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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