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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] facing foreclosure / bankruptcy Posted by Joan H. on January 08, 2004 at 11:44 AM I purchased a non-conforming property ("stickmobile" - old mobile home on post/piers with addition on foundation) 2 1/2 years ago - it cannot be conventionally financed. Owners took back 1st at 8%. I have $36K in equity, owe $38K (with due-on-sale clause and balloon due May 2008). Payment is $400/mth. Could not get a job so when funds ran out listed it for sale at $99K, agent saying $85K is now FMV. Price down to $85K and still no takers. Have no money for Jan payment or to move. Contacted local "we will buy your house" folks - offered $1000 with trust deed for $19K - said I needed at least $5000 to move. Very afraid with property/job situation up here that I will get just one or two monthly payments on the note and then nothing more and will lose rest of equity when subsequent owners default. Also have over $20K credit card debt I can't pay on any more. No proceedings started yet. Questions: 1. If I go with distress sale, is anything over $18K net to me (cash+note) fair? 2. If I can get $20K out (5K cash+$15K TD), I have absolutely no money for closing costs or fixup (it needs cleaning, paint and new carpet). What do I do about this? 3. I have been offered $700/mth rent by a neighbor (but they want long term lease (4 years?)and option to buy - they will take property "as is"). Is this a good idea at this point? I still have the problem of no $$$ for Jan payment, delinquent RE taxes ($350) and the house insurance payment ($200) due end of the month. 4. I have been told that the credit card company cannot take a trust deed, or force a sale of the house and evict me or the tenants. Is this so? TIA Joan Follow Ups: Re: facing foreclosure / bankruptcy CalGate 9:20 AM, 01/10/04 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I purchased a non-conforming property ("stickmobile" - old mobile home on post/piers with addition on foundation) 2 1/2 years ago - it cannot be conventionally financed. Owners took back 1st at 8%. I have $36K in equity, owe $38K (with due-on-sale clause and balloon due May 2008). Payment is $400/mth. Could not get a job so when funds ran out listed it for sale at $99K, agent saying $85K is now FMV. Price down to $85K and still no takers. Have no money for Jan payment or to move. Contacted local "we will buy your house" folks - offered $1000 with trust deed for $19K - said I needed at least $5000 to move. Very afraid with property/job situation up here that I will get just one or two monthly payments on the note and then nothing more and will lose rest of equity when subsequent owners default. : Also have over $20K credit card debt I can't pay on any more. No proceedings started yet. : Questions: : 1. If I go with distress sale, is anything over $18K net to me (cash+note) fair? : 2. If I can get $20K out (5K cash+$15K TD), I have absolutely no money for closing costs or fixup (it needs cleaning, paint and new carpet). What do I do about this? : 3. I have been offered $700/mth rent by a neighbor (but they want long term lease (4 years?)and option to buy - they will take property "as is"). Is this a good idea at this point? I still have the problem of no $$$ for Jan payment, delinquent RE taxes ($350) and the house insurance payment ($200) due end of the month. : 4. I have been told that the credit card company cannot take a trust deed, or force a sale of the house and evict me or the tenants. Is this so? : TIA : Joan : 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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