http://www.trulia.com/voices/Foreclosure/should_I_file_bankruptsyor_foreclosure_The_hou-12850there for 7 years. We cant afford anymore so we want to get out. or do something. THank youen-ushttp://www.trulia.com/voices/profile/Real_Estate_Pro-Las_Vegas_NV-292955/http://www.trulia.com/voices/profile/Real_Estate_Pro-Las_Vegas_NV-292955/Raquel, You should try to do a short sale. Much better than Foreclosure. Also talk to CPA and an attorney. I have the following Designations: -- Certified International Property Specialist (CIPS) -- Accredited Buyer Representative (ABR) -- The e-PRO certification is NAR's online training program to certify real estate professionals as Internet Professionals(e-PRO) -- Transnational Referral Certification (TRC) -- At Home With Diversity (AHWD) Sincerely, Benny Paul CIPS, ABR®, e-PRO®, AHWD, TRC Realty One Group, Inc Cell (702) 374-3210 Fax (702) 947-5755 Email : bennypaul@hotmail.com Website : www.BennyPaul.comSat, 18 Apr 2009 22:02:10 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-San_Ramon_CA-76928/http://www.trulia.com/voices/profile/Real_Estate_Pro-San_Ramon_CA-76928/your best bet is to speak with an attorney or tax professional about your specific situation the site below will also answer your short sale questions research your short sale agent before siging a contractSat, 18 Apr 2009 19:00:53 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-Ceres_CA-629498/http://www.trulia.com/voices/profile/Real_Estate_Pro-Ceres_CA-629498/Hello Raquel, is your home in Salida? If yes please contact me for information on a Short Sale (Local Agent) Cell:(209)595-9040 www.teresab.mpz.com teresab@pmz.comFri, 17 Apr 2009 03:30:57 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-Palos_Verdes_Estates_CA-67793/http://www.trulia.com/voices/profile/Real_Estate_Pro-Palos_Verdes_Estates_CA-67793/Hi Raquel. First, speak with your lender to see if they will work with you in restructuring your loan. If that works, great. If not you should find out if the lender would accept a voluntary forclosure. That means you give the house back to the bank rather than let them forclose. It saves money for the bank and hassle and stress for you. There are credit and tax implications for doing this and would try it only after speaking to a local Realtor and chatting about selling the home, even if you have to pay a bit out of pocket.Mon, 05 Nov 2007 08:13:09 -0800http://www.trulia.com/voices/profile/Real_Estate_Pro-Lady_Lake_FL-66530/http://www.trulia.com/voices/profile/Real_Estate_Pro-Lady_Lake_FL-66530/Raquel, Last word of advise. Do not sell yourself short. Keep your options open but seek lagal advise. None of us here are attorneys. We should not give out legal advise just as we would not perform surgery. I wish you the best!Mon, 05 Nov 2007 06:22:30 -0800http://www.trulia.com/voices/profile/Real_Estate_Pro-Crofton_MD-88203/http://www.trulia.com/voices/profile/Real_Estate_Pro-Crofton_MD-88203/Yes, absolutely, I agree with Linda, put the bankruptcy attorney on the list as well. Just make sure to look at all of your other options, don't jump on the bankruptcy if it seems to be the easy way out. I have seen people file for bankruptcy because the attorney made it seem like a wonderful thing when it will stay with you for a long time and may affect your ability to even rent as future landlords will pull your credit so you'll be limited in your options. Try to get a personal referral on the attorney if possible - you want to be very careful whose advice you take. You may be able to get out of this without a bankruptcy or foreclosure.Mon, 05 Nov 2007 05:54:29 -0800http://www.trulia.com/voices/profile/Real_Estate_Pro-Lady_Lake_FL-66530/http://www.trulia.com/voices/profile/Real_Estate_Pro-Lady_Lake_FL-66530/Raquel, You received a good answer here and you should look into it. But, you should consult a bankruptcy attorney with this question. There are many more variables that need to be considered. Is it just your house you can't afford? Do you have credit card debt? Are you behind on other payments? If your other credit was wiped out would you be able to afford your home? These are all questions that need to be answered to a professional before this decision can be made. An attorney may also be beneficial in negotiating with the bank for time to sell or even accepting a short sale. It is very possible that you do not have enough debt other than the house to file bankruptcy. As you can see you will get opinion here but you REALLY NEED TO TALK TO AN ATTORNEY! Hope this helps, Linda J SearsMon, 05 Nov 2007 05:48:51 -0800http://www.trulia.com/voices/profile/Real_Estate_Pro-Crofton_MD-88203/http://www.trulia.com/voices/profile/Real_Estate_Pro-Crofton_MD-88203/Ok, you said you can't afford it anymore, you can't afford the payments? Sounds like something has happened to you financially. If you feel that getting out of this house is the only way out for you, then you have a few options. First you may want to call an experienced Realtor. Have them discuss selling your house, crunch the numbers for you, and see if they think you can get out of the house and break even at least. If you owe more than the break even point, have your Realtor discuss a "short sale" with the lender. A short sale means they will accept less than the amount owed. If your Realtor can convince the lender that you cannot afford the payments any longer (they'll document it with paystubs, etc) and you have to sell but cannot get enough to pay off the loan, they may accept a short sale. I believe you have to be 30 days behind for the lender to begin discussing this with you. You'll end up with mortgage lates on your credit report but that will not be as bad as a bankruptcy or foreclosure. Bankruptcy stays on your credit report for 7 years, foreclosure for 10 years. Try not to just give up and leave - see if you can get through it a different way. If the lender has begun to foreclose, you can file for bankruptcy and that will stop the foreclosure proceedings until you can figure out what to do or can sell. If you decide to file for bankruptcy, if there is enough equity in the house, the judge will have you sell the house to pay off creditors. I suggest you contact your lender first to see if they have any options for you. In addition, call a good local Realtor to see what they suggest. I would do bankruptcy or foreclosure only as a last resort. Good luck to you!Mon, 05 Nov 2007 05:44:41 -0800http://www.trulia.com/voices/profile/Real_Estate_Pro-18411-104212/http://www.trulia.com/voices/profile/Real_Estate_Pro-18411-104212/I would suggest trying to sell your home. Not letting the bank foreclose on it. Try and work with your bank and let them know that you have listed your home and are trying to sell it. Most of the time they would prefer to see it sold rather than foreclose on it. It costs them a lot of time, money and effort to foreclose. There are also government programs out there to help you get back on track or even emergency assistance to help with your mortgage if you qualify. Check out all the resources before jumping into bankruptcy or foreclosure. It may be hard work but it will be worth it in the long run.Mon, 05 Nov 2007 05:30:12 -0800