Foreclosure in Redwood City>Question Details

therderdavis, Home Owner in Redwood City, CA

Is it a good idea to file bankrupts after getting notice of a foreclosure? Are there any other options to try to keep our home?

Asked by therderdavis, Redwood City, CA Thu Feb 28, 2013

We have been working with our mortgage company Chase for over a year and half and have gotten the run around. We tried for a loan modification and got denied. Twice. Now they are pursuing the foreclosure.

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6
Therderdavis,
There is another option, called A.C.T.S. you can get debt relief without destroying your credit, considering the situation you are in I would be happy to explain it to you in detail. Please message me privately @ sbladek@yahoo.com.
Sue
0 votes Thank Flag Link Mon Mar 11, 2013
Filing a bankruptcy action does not only affect your home and your mortgage, it must include all your debts. Bankruptcy is for those who are overwhelmed with debt not just struggling with a mortgage.

Bankruptcy may delay but not stop foreclosure.

Bankruptcy is complicated and the advice of a bankruptcy attorney is absolutely necessary if that is a path that you want to contemplate.
0 votes Thank Flag Link Fri Mar 1, 2013
Filing bankruptcy is a big deal and beyond the scope of real estate agents. I feel your frustration. I urge you to discuss your options with a bankruptcy attorney.

Good luck.
0 votes Thank Flag Link Thu Feb 28, 2013
You need to see an attorney, preferably a real estate specialist, ASAP. That way you get advice for legal options. A client of mine worked with Chase for a loan modification for almost three years before they got the modification. It wasn't a great offer but will help them keep the house. In the meantime Chase would not accept any payments. A good time to save for moving costs, rental deposit or whatever you need.
0 votes Thank Flag Link Thu Feb 28, 2013
Therderdavis,

If you can not get a loan modification and you can not make the payments on your home declaring bankruptcy may help you stay in your home a little while longer, but it will not erase your mortgage and does have long term consequences. You can also look into a short sale which would be better for your credit but does not allow you to keep your home.
If you are thinking of bankruptcy you should contact a lawyer who specializes in bankruptcies who will help you understand all of the ramifications.

Marcy Moyer
Keller Williams REalty
http://www.marcymoyer.com
DRE 01191194
650-619-9285
Web Reference: http://www.marcymoyer.com
0 votes Thank Flag Link Thu Feb 28, 2013
Hi therderdavis - Bankruptcy may be a strategy. You really need to talk to an expert about your whole situation to see if it's the right decision for you. There's a lot to consider.

Maybe you can ask friends for a referral to a real estate agent or real estate attorney they trust.

Best wishes to you.
Vicki
0 votes Thank Flag Link Thu Feb 28, 2013
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