Foreclosure in Chattanooga>Question Details

Tonya, Other/Just Looking in 37415

We purchased our home five months ago and I can no longer work, we can not afford the payment and repairs.

Asked by Tonya, 37415 Sat Oct 13, 2007

We do not have the $9000.00 to close using a realtor, nor can I keep our house in stage condition with my illness and 2 yr old. We need and want out immediately. FSBO might take a long time and still has some of the same issues of maintaining a clean staged house, is Foreclosure our only option and how bad will that affect our credit and our ability to rent an apartment?

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Hello Tonya.
I may be interested in working with you to help get you out of this unfortunate situation. As a mother of two, I understand what you are going through. If you are willing to consider the possibility of having my company take over the existing financing of your home, this would be a great opportunity for another family as well..

I have done this with families before to keep them from going into foreclosure and had some stopped days before their home was to be sold on the courthouse steps. Please Tonya, do not wait and let this happen to your family. I have the solution! Together, we can save your family and your credit. Please click on my name that is linked to my profile to see how committed I am to helping others.

Go to my website, to fill in your contact information and I call you back as soon as possible. I look forward to hearing from you soon Tonya.

Be at peace and prosper.

Mecshell Wright, District Manager/Investor
Home Buyer & Seller Solutions, Inc.
0 votes Thank Flag Link Sun Sep 27, 2009
where is your home located ? I am looking to buy something and I presently live in florida ...Joe
0 votes Thank Flag Link Sun May 4, 2008
Tonya, I am sorry to hear that you have fallen on hard times. If it's not to late I may be able to help you work out a short sale with you lender. Please give me a call if I can help. 423-322-7653
0 votes Thank Flag Link Thu Jan 10, 2008
I would call your lender and have an open and honest conversation. They may be able to offer options for you. One might be a deed in lieu of foreclosure.
Web Reference:
0 votes Thank Flag Link Sat Oct 13, 2007
Cindi Hagley, Real Estate Pro in San Ramon, CA
There are several options that you can consider. The best option is to talk with someone that will give you an accurate gauge on what your home will bring, and what repairs need to be made in order to get it into selling shape. If what is recommended is not an option, you could certainly consider renting the home until either your situation changes or you build enough equity to sell the home. There are other options beside foreclosure, like a short-sell, or bankruptcy, but those options will be much more detrimental to your credit and that extends these day beyond just housing. So many things base what rate you have to pay off your credit score, that if possible you want to avoid.

0 votes Thank Flag Link Sat Oct 13, 2007
Hello Tonya. A short sale may very well be a good option for you as your illness can certainly qualify as a hardship. I would contact a real estate agent who knows the ins and outs of short sales. I would not attempt to do this myself if I were you. Short sales are common and the banks will negotiate the commissions with the agents when they decide whether they should accept a short sale offer or not. The sooner you get your house listed the better. A short sale will still affect your credit somewhat, but not as much as a foreclosure. At present, there are still tax consequences as the IRS considers the loan amount that is forgiven as income and the lender is required to issue a 1099. However, the Mortgage Forgiveness Debt Relief Act just passed the House and is expected to also pass the Senate and would then be submitted to the President for his signature. I don't want to get your hopes up, but I thought I should mention that there is a chance that the 1099 may no longer be an issue by the time you sell. Below is a link to a site where you can read more about the proposed new law. Best of luck to you.
0 votes Thank Flag Link Sat Oct 13, 2007
Ute Ferdig -…, Real Estate Pro in Newcastle, CA
You might call Partnership for Families, Children and Adults, Inc./CCCS of Chattanooga
Chattanooga, TN for a free telephone consultation.

Some of the alternatives to foreclosure are: lender forbearance, "short sale subject to lender approval" and "loan loss mitigation"

Yes foreclosure damages your credit, - You will be seen as high risk for any real estate loan for at least the next couple of years; you will pay more for auto loans and credit cards etc... but only if you borrow money.

You could convert to a pay as you go lifestyle for a few years until the blemish on your credit fades away.

You would probably have a difficult time renting a desirably located apartment with the foreclosure on your record, but the average aparment landlord might let you in if your history before the foreclosure was good and there is enough income left to pay the rent and living expenses.
0 votes Thank Flag Link Sat Oct 13, 2007
Jim Walker, Real Estate Pro in Carmichael, CA
I agree with the first answer...a short sale will prevent you from having a foreclosure on your record. You do need to speak with a Realtor who specializes in short sales. This is not something that every agent knows how to do. Just so you know, if a short sale is possible for you, it typically gets noted on your credit as a "settlement" which many lenders will overlook after a year. A foreclosure will stay on your credit report and impact your ability to purchase for 7 years.

I personally know some great Realtors in Chattanooga, if you would like a recommendation of a great agent who works with short sales. Don't hesitate to let me know if you'd like me to put you in touch.
0 votes Thank Flag Link Sat Oct 13, 2007
You seem to be a good candidate for a Short-Sale. Qualification needs to be done ASAP. Let me know if I can recommend an expert Realtor in your neighborhood.
0 votes Thank Flag Link Sat Oct 13, 2007
Herman Chang, Real Estate Pro in Palm Beach Gardens, FL
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