Foreclosure in Tracy>Question Details

Christina, Home Seller in Sacramento, CA

I'll be losing my house to foreclosure, should I file bankruptcy?

Asked by Christina, Sacramento, CA Thu Apr 2, 2009

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Hi Christina,

Please, Do Not File Bankruptcy!

You will spend money for nothing, hurt your credit, and end up with high lawyer fees, plus you will
still be held responsible to pay your bills and Destroy your credit.

You have two Options:

1st you can start with a FREE LOAN MODIFICATION ANALYSIS! If you are behind in payments as a result of an unexpected hardship their is a possibility we can force the banks to lower your payments.
OR
Decide if you would like for us to help with a Short Sale. Something to think about...

HELP! MY HOUSE IS GOING TO FORECLOSURE, IS THERE ENOUGH TIME?

A Short Sale will save your credit from being destroyed.
Also, you will only be responsible for the portion of the laon,
that doesn't get pay - only if the loan is higher than the value of the property.

Sometimes, and sometimes not. Just starting the negotiations will not automatically put a stop to
foreclosure. However, many times we can convince a Lender to pause the foreclosure to let us
attempt to negotiate the “Short Pay”. Therefore, while there are no guarantees, it does not hurt
to step up to the plate for one last swing.

WHEN DO I NEED TO MOVE?

The purpose of a “Short Sale” is to get the needed discounts from the lender(s) so that the
property can be sold before the foreclosure auction. One way or the other, you will be moving.
The sooner you can move, the easier it will be for us to find a buyer. It is much easier to sell a
vacant house!

Hope this helps,

Best Wishes

You can call my direct line at 508-400-1190 with your questions, or visit us online
@
http://timesavers-4homesolution.com/loanmod.aspx
0 votes Thank Flag Link Tue May 12, 2009
Hi Christina.

I am sorry to hear that you are in the midst of this very stressful tranaction. Some people think that they need to file bankruptcy to stop the foreclosure process and others think that they will need to file because they will be responsible for the debt and taxes. You have many options available to you besides bankruptcy. Depending on whether or not this is your primary residence and if you still have the original loans that you used to purchase your house, you may or may not have any major financial repercussions. I would start with your accountant (their fees are usually a bit less than an attorney) and find out what you will be responsible for. A bankruptcy attorney may be inclined to sway you to BK and for that matter an Agent may sway you to listing...but your accountant can help give you an estimate financially on what route is better for you.

Make sure that you act quickly because time may not be on your side. If you would like some additional information about comparing a short sale to a foreclosure from a credit score stand point send me an email and i can provide you with a flyer that I have prepared.

It is good that you are exploring your options. Sometimes things arent as bad as we anticipate them to be. I wish you well.

Toni
0 votes Thank Flag Link Fri Apr 3, 2009
Christina,

Did you get trustee sale date? If you have at least 20-25 days from the trustee sale, then immediately put the market for sale (short sale) so that you can avoid foreclosure if you get a buyer. Bankruptcy does not always protect your home from foreclosure if you dont meet their criteria, it may delay the foreclosure process but you can check with an attorney. I would list the house to see if you can get a buyer. If you want to consult with an bankrutpcy attorney then do it immediately so that they can guide you before its too late.

If you want to do short sale then let me know, I can try to help you to sell your house. I have saved one family from trustee sale (just 15 days from trustee sale) and avoided foreclosure. Let me know if you have any questions or need any help.

Blaison Samuel
Certified Short Sale Specialist
510-366-9405
0 votes Thank Flag Link Thu Apr 2, 2009
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