bankruptcy evaluation
Fourclourse sale is due on 10/17/08, what can I do?
I purchased my house on 08/2007. Total loan $348000.00 and zero down. Then I lost my job on 10/2007. Used credit cards to pay monthly installment up to 01/2008. From January no payments paid. I found a job on 06/2008, But laid off again on 9/26/2008. My house is due to foreclose auction sale on 10/17/08. Loan balance $345000. Past dues from February is about 24000.00 . Plus attorney fees. Current house value is 310000 according to the property tax evaluation. Actual value is about 290000. (according to my neighbor’s evaluation).
Is there any way to keep my house and reduce payments under new law?
(We can borrowed few thousand dollars to pay one or two months payment if required.)
If it is not possible to keep the house, what is next? Do we have to leave on 17th?
Will bankruptcy help us?
We live in Montgomery County, Maryland.
You can file a chapter 13 but all that does is put your arreage into the plan and you have to be able to pay the trustee payments which will be the full amount of house payment plus some on the arreage. This will stop the foreclosure but if you aren’t working it just delays the process & if you don’t pay the bankruptcy they will dismiss it & foreclose without notice. Chpt. 7 requires that the house be sold. Since you are so far behind you will not qualify to refinance- there are no mortgages available for bad credit any more. It sounds like you don’t have much of an option left other than to walk away. If I were you I would go ahead & file a chpt. 7 which wipes out all debt. Since you will have a foreclosure anyway on your credit. FHA has programs for people who have filed bankruptcy & been foreclosed on after 3 years if everything is clean after the bk & foreclosure. You will need 3% down then- unless they change it- I hear it is increasing to 3.5% next year. Good luck- sorry you are having to deal with this.
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