Foreclosure in 63125>Question Details

Meh Lo, Other/Just Looking in Lemay, MO

We are a couple of months behind on our house payments, I lost my job last October and we are living on 1

Asked by Meh Lo, Lemay, MO Fri May 2, 2008

income. We already lost a vehicle and are drowning fast... Now we don't know when or what to do. We have contacted Hope, which is more like Dispair and they have not even answered our phone calls after we went in for our initial consultation. I guess we are low man on the totem pole! I'm worried because our credit is getting worst it has dropped nearly 100 points over the past few months. Our house is also in despret need of repair in almost every room, attic and major appliances. We have been slowly sinking for the past few years, but since I lost my job it got excellerated quite a bit. We don't want to forclose or short sale, but looks like there is no other option. My mental and physical health is being affected and we don't know where to turn. We don't want a free ride either. I guess my question is what point in time do we look for another place to live, and I'm worried we won't be able too.

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You sound like you may be in need of good bankruptcy filing advice. Contrary to what most people believe, filing for bankruptcy is not the end of your credit or the world. Depending upon your situation, you may be able to salvage some equity in your home, keep your personal belongings (even a car), and get rid of credit card debt. And it may just afford you some breathing room to figure out a plan to move on. Foreclosure proceedings, or a rushed sale at below market value, won't do all of that. Your federal court website may have some information for filing for bankruptcy, and you may want to consult your state's bar association for a reputable referral to a bankruptcy attorney. Often, state bar associations have programs that can offer free or low cost consultations. By the way, in case you are wondering, I used to be a practicing attorney, and practiced bankruptcy law. But since I don't know your situation and I am not licensed in your state, this is not intended to be legal advice. I hope you get some good advice, and good luck. In the meantime, you can visit the federal judiciary's website link to learn more about the process and some general information about what it may do for you. I've pasted those links below.
0 votes Thank Flag Link Fri May 2, 2008
I'm so sorry about your situation. But, you will come out of it and continue on.

Call your lender, NOW, explain your situation and let them advise you. Short sale sounds like the way to go, if you haven't waited too long. If this is affecting your mental and physical health, cut your losses and move on. It's not worth it.

I don't know if you would even qualify to purchase another house right now but, again, talk with your lender. Maybe leasing for a while is the answer.

Good luck no matter what you decide on.
1 vote Thank Flag Link Sat May 3, 2008
You need to talk to someone who can help you negotiate with your bank right away. If you don't you stand to lose even more. Call me or email me directly and I'll put you in touch with one of the Realtors I know who specialize in helping people in your situation.
Web Reference:
0 votes Thank Flag Link Sun May 4, 2008
I recommend you sell your house fast. The condition that it is in and the status of your mortgage aren't going to help though. In an average situation you would typically just list it with a Realtor. But, since you need a fast sale I recommend you sell it to an investor who buys fast. I'm an investor and most likely could help you. There are not too many situations and can't help someone in. If you would like to discuss it, I could buy your house as fast as possible and you could be relieved of all the obligations that are brought with your house.

Sincerely yours,
Will Robles

888.605.9190 ext. 1
0 votes Thank Flag Link Sun May 4, 2008
May Lo -
All of the answers you've gotten on this site are good and you need to look at your options immediately. My only advice is to do something TODAY. Every day you wait puts you farther behind. Start with your lender and take their advice as to where you need to go next. Wishing you luck. Sorry you're having to go through this experience.
Trisha Lee REMAX Boone Realty, Columbia, MO
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0 votes Thank Flag Link Sun May 4, 2008

I can refer you to a finance company that works with people in your situation and to a short sale expert.

Please email me directly: for the contacts. Best of Luck

0 votes Thank Flag Link Sun May 4, 2008
Do you want to sell to get out from under your home? I have a Realtor I work with who specializes in helping people in teh greater St Louis area to work with the bank to get their home sold under those conditions, but keep in mind that it does mean that your home gets sold and you will have to find a new place to live. Call me at 314-660-4803 and I will put you in touch with my friend who may be able to help you. you won't get anything for your home, but it will get you out from making the payments
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0 votes Thank Flag Link Sat May 3, 2008
Meh Lo,
I'm sorry you are experiencing this and especially your lack of assistance from Hope. They are very busy - are you sure they aren't working on it for you and just don't have the answers yet? Did they give you any indication of how long it would be for the next step, or even what the next step is to be? Has your lender contacted you to say if they are starting foreclosure proceedings yet? Lenders differ on how long they will let you go without paying before they do. It does sound like your best way to go may be a short sale, which is not as bad for your credit as a foreclosure. However, it may not be to that point, depending on how much you owe vs. how much it is worth in today's market. Without more details it is difficult to advise you. However, just moving out and walking away is not the answer. It can be overwhelming to deal with this, but deal with it you must, to save the biggest dents to your credit. You need to get with a reputable Realtor to advise you on what your home is worth in today's market. for a fast sale. I would be happy to help you or refer you to someone in your area.
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0 votes Thank Flag Link Fri May 2, 2008
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