Foreclosure in Grand Prairie>Question Details

Maddenplus2, Renter in Grand Prairie, TX

My grandmother filed chpt 7 in 2009. The mortgage wasnt included bc we werent delinquent. Now we are. she turned down the modification. Now what?

Asked by Maddenplus2, Grand Prairie, TX Mon Apr 25, 2011

I still live in the house w/my family but we can no longer afford the mortgage since my grandmother moved out. We went through the entire modification process only for my grandmother to tell the bank she wants to surrender the house. I dont know want to move & I dont know what the bank will do. Can we buy the house in a short sale or do we have to wait for it to foreclose?

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It is a process in which you need a licensed real estate agent to help navigate in a manner of success to aid in the sale of the home. Please give me a call so I can arm you with the knowledge to make a good decision on your options.

Jennifer Viner, Remax Pinnacle Group
CPDE-Ceritifed Distressed Property Expert: SFR-Short sale and Foreclosure Certified
GRI,ABR,and TAHS certification
5729 Magna Carta, Grand Prairie- 817-299-1095 direct line
0 votes Thank Flag Link Wed May 11, 2011
Contact my office where I can obtain additional information what is to your best interest. No professional can render an opinion till entire matter is reviewed. You need to act NOW not later when it is tooooo later

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Tue Apr 26, 2011
In California, the only way out of this situation is to either 1) get current on the mortgage, 2) short sell, or 3) foreclose.

Unfortunately, you wouldn't be allowed to purchase the house under most banks' rule because that would not be an "arm's length transaction"--you are too close of a relation to your grandmother.

Since you say that you can't pay the mortgage, I would say that your only options are to have her short sell or foreclose.

My regrets...
0 votes Thank Flag Link Mon Apr 25, 2011
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