Foreclosure in 48224>Question Details

Mark, Home Buyer in Detroit, MI

i recently filed bankruptcy. my lender havent contacted me. should i try save my home or move because the same house down the street is going for?

Asked by Mark, Detroit, MI Sun Jul 18, 2010

75,000 cheaper?

Help the community by answering this question:

Answers

6
Hi Mark,

Did the lender file a relief of stay?

Do you want to keep the house?

If you were able to gain debt relief from your other obligations can you now afford to keep the house even though it's negative equity?

What would it cost you to move somewhere else and look at the math of the better option. Perhaps stay put because your monthly payment is affordable. IF you move you have to pay the moving costs and try to rent a new place with a bk on your credit profile.

This are questions that you need to ask yourself and your bk attorney.

Good luck!

Hannah Fliegel, FICO Pro
415-999-9348
0 votes Thank Flag Link Mon Jul 19, 2010
Mark -

If you "recently filed Bankruptcy" - was the property included in that BK ? From what I understand, you cannot sell the property without permission of the Bankruptcy Trustee / Executor.

Best to confer with your BK attorney, they will know what's best.

Thom Colby
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
We NEVER DOUBLE-END a Transaction in our Brokerage. It is never beneficial to the Seller or to the Buyer and it is only beneficial to the Agent.
888-391-5245 Direct Cell
thom@thomcolby.com
http://www.thomcolbyproperties.com
0 votes Thank Flag Link Sun Jul 18, 2010
Mark, This inquiry is quite odd unless you do not understand what just happened when you filed bankruptcy. Your bankruptcy attorney should have explained to you prior to the filing, that you are not going to be in a position to purchase a new home for 3 to 4 years. Purchasing a home requires money: if you have that and you buy a home the bankruptcy court will scuff that up in a New York minute and if you do not have money and think you are going to get a mortgage any time soon think again.
If you retained your home through the bankruptcy you should do everything possible to retain it or you will just add to your misery because foreclosure or any form of (short sale, deed-in-lieu-of) will just add to the difficulty of obtaining credit throughout the next 10 years while the bankruptcy and foreclosure sit on your credit report.
Read my blog on the Ramifications of Foreclosure, it will enlighten you.

Good Luck
Bob Patrick
Buy a home after foreclosure, bankruptcy or derogatory credit expert
0 votes Thank Flag Link Sun Jul 18, 2010
Mark if you have filed bankruptcy would need to pose this questions to your attorney.
0 votes Thank Flag Link Sun Jul 18, 2010
Mark-
I am REAL ESTATE AGENT specializing in the Metro Detroit area. I would be more than happy to help you with finding a local attorney that can help you with questions.

Elizabeth Tintinalli
lt@lizindetroit.com
3136172699
Web Reference: http://www.lizindetroit.com
0 votes Thank Flag Link Sun Jul 18, 2010
Hi Mark,

A real estate agent won't really be able to help you answer this question directly. The most competent person(s) would be a real estate attorney and/or your financial consultant, if you have one.

The best one to start with would be a real estate attorney. There are a number of competent and reliable attorneys available, which you can find locally. I also happen to know of a firm in Rhode Island, licensed in all 50 states, that can also help you and they'll provide a free phone consultation to help you determine the best way to proceed (short sale or foreclosure). If you'd like their contact info, please feel free to email me directly and I'll be happy to send their info to you.

Best of luck and I hope it all works out for you.

-Tim
0 votes Thank Flag Link Sun Jul 18, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer