I own a house on 113th street, Richmond Hill Queens thats in foreclosure

Asked by Wendipulous, Queens, NY Thu Jun 21, 2012

I own a house on 113th street, Richmond Hill Queens that is in the foreclosure process. I previously decided filing bankruptcy would be the best course of action since no payments have been made on the property in years and it needs a lot of repairs, but i havent filed yet. This week i received a notice from the bank (bank of america) saying i could qualify for a loan modification and the fees its incurred would be forgiven too if i qualify. Now im wondering what would be the better option for me, to file for bankruptcy or try for the loan mod. I can afford the current monthly payments on my income, but thought maybe i could turn the basement into an income suite. Any advice?

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9
Anna M Brocco, Agent, Williston Park, NY
Thu Jun 21, 2012
You really should be consulting with an attorney, don't simply rely on online information....
1 vote
Thomas Brady, Agent, Plainview, NY
Thu Jun 21, 2012
I don't think there is a simple answer. Your best bet is to consult with an attorney and an accountant. Once they had all the specifics about your situation they could best advise you. A real estate agent could advise you on the approximate market value of the house in it's current condition versus repaired condition, rental prices in the area, any other real estate specific questions you had. Good luck.
Tom Brady SFR, e-PRO, SRES GREEN BPOR
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
631-682-8660
Tom@BradyFamilyRealty.com
http://www.BradyFamilyRealty.com
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
1 vote
Elizabeth C…, Agent, Jackson Heights, NY
Thu Jun 28, 2012
Dear Friend, It appears after taking the time to fully read and understand your situation. That the best thing for you and what no homeowner ever wants to hear, is that you should file Bankruptcy. Filing Bankruptcy, gives you 2 plus years to move forward pay off some debt and bounce back. Sounds as if you're trying to find a way to stay, as we all would. Usually, when we attempt to stay, we find that we do not have the money to re-pay bills and stay current. We end up not having the money needed to maintain the house. I understand it would break your heart. However, the truth be known, homes in your area are selling extremely well. We've sold (2) within 3 weeks. That's not always the case. However, buyers are out there. Feel free to call me at 917-62-1846. I don't pull punches and I won;t hand you a dozen roses. The truth is that it is easier to stay in a comfort area for all of us. Even when we know we should be making a move that is much needed.
0 votes
Avnish Kumar, Agent, ozone park, NY
Sun Jun 24, 2012
If you are in position where your income doesn't support you enough for you to keep the house,trying for loan modification may be good idea,if your bank is not willing to work with you then you have other options available too and you dont have to file bankruptcy. Please feel free to contact me if need any friendly advice.my contact no. Is 917-957-9969.
Avnish kumar.
0 votes
Shamnoon Shi…, Agent, New York, NY
Fri Jun 22, 2012
I think it depends on so many factors. You said the house needs a lot of work. Did you try to find out how much it would really cost for the total repair? Sometimes we think it would cost a lot. But it might not be the case. Again, speak with at least 3 different construction guys and Home Depot. It would give a better idea on what to expect if you decide to repair it.Richmond Hill is a good location. You should use your due diligence to come to a conclusion. You need to consider the current market value of this house. How much it would cost you to get a house like this ? How much would you pay after loan modification? Before you go for bankruptcy you may try the loan modification. If the terms and conditions and payments are affordable for you , you might give a thought about it. If you are not able to meet the set conditions by the bank, you can go for short sale or bankruptcy based on what you think good for you.
0 votes
Janet Nation,…, Agent, Baldwin, NY
Thu Jun 21, 2012
Hello Wendi,

Unless you have a certificate of occupancy, you cannot turn your basement into an "income suite" without potentially facing financial and legal repercussions.

In my opinion, and I stress my opinion, I don't know if you have a great choice either way. Filing bankruptcy ( if you qualify) delays the inevitable at best. Although you say you can afford the loan modification, to recover the equity in your home may take years, in addition to the fact that you wrote the home needs a lot of work. Essentially it would be like paying rent for life and throwing good money after bad. There is the short sale option at least that would be a dignify way to release you of your debt obligation. At the end of the day it really is your decision, your life and its sounds like you need to make a decision quick.
0 votes
Fajardo Dela…, Agent, Flushing, NY
Thu Jun 21, 2012
I can be of service to (or use my expertise or use my
help in stopping...) and stop public foreclosure? Even if
they are already "In Foreclosure" I may be able to help....
Fajardo Delacruz
Licensed Real Estate Agent
Century Homes Realty Group llc
Direct Line: 347-932-0609
0 votes
Therese L Ko…, Agent, Bayside NY 11361, NY
Thu Jun 21, 2012
Hi Wendi, you should really consult with your accountant and your attorney. Bank of America has a new program that could reduce/forgive up to $150K from your mortgage- I don't know all the specifics. It all comes down to how much is the house worth in todays market and what you owe. You need an agent to give you numbers of what the market will bare and what the bank thinks it is worth. A comparative market analysis is where you need to start. Not having all the details - difficult to give you specifics. call meTerry K 718-614-3167 or email TKorahais@elliman.com
0 votes
Wendipulous, Home Owner, Queens, NY
Thu Jun 21, 2012
Thanks Thomas and Anna. I have been dealing with the foreclosure since 2007 and worked with many real estate agencies and a lawyer, and they always left the decision up to me. No one adviced me any particular way, except to try to short sale the house. Which i attempted several times without success. That is how i ended up deciding to file bankruptcy because i had no success in short saling and didnt really have an interest in keeping the property. If either of you know reliable real estate agents i could contact it would be very much appreciated. Thanks!
0 votes
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