I am currently in bankruptcy now but cant make the payments because i got behind so how can i keep my house?

Asked by Treva Wright, Manchester, TN Wed Feb 4, 2009

We filed bankruptcy because we got behind on our mortgage and after we filed bankruptcy we got behind again so that made our payments double.We cant afford the payments and are affraid they are about to dismiss our case and put our house up for foreclosure.Are there any options for us at this point?

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blaison samu…, Agent, Santa Clara, CA
Wed Feb 4, 2009

If you are so much behind your payment and bankruptcy case is about to dismiss then you have very slim chance of saving your house (sorry to hear about your situation). Did you try refinance or loan modification? If you tried all this and nothing worked out then you have left with only one option -"short sale". Try to contact a good agent who is experienced with short sale so that they can at least try to avoid from foreclosure by selling it short.

Blaison Samuel
Certified Short Sale Specialist
2 votes
Dena Parker…, , Tennessee
Thu Feb 5, 2009
Unfortunately, it sounds like you'll need to get your house on the market right away for a very aggressive price to try and sell it before they begin foreclosure. The notice of foreclosure usually goes out on the 92nd day of unfulfilled payments. Have an agent call them to let them know it is on the market and you want to work with them to get it sold so neither one of you have to go through the foreclosure. See if they will agree to a short sale. (While neither is favorable for you, a short sale is better than a foreclosure.) They are usually more agreeable to do a short sale because it costs them quite a bit to actually foreclose...and they want to prevent that if possible. Once you get an offer, you'll present it to them for their approval, which will buy you a few more days. You'll have to act fast though. Find an agent who can get your house listed today and start the process with the bank immediately.
Web Reference:  http://homenashvilletn.com
1 vote
Dena Parker…, , Tennessee
Thu Feb 5, 2009
I forgot one very important thing...you need to talk about all of this with your bankruptcy attorney immediately to see what they advise.
Web Reference:  http://homenashvilletn.com
0 votes
Tina Evans, Agent, Cookeville, TN
Wed Feb 4, 2009
Blaison gave good advice. Talk to the bank TODAY about possible loan modification options for you. If it's too late for that, then putting the house up for a short sale would be your next step and one you'll have to take quickly. I would probably contact an agent who does short sales (see my website address below) and discuss what the process is so you have a complete understanding of it. Depending upon the agent, the mortgagee and they buyer(s), it can take time. Most short sales are taking between 45 and 120 days. Correct pricing will drive traffic to your listing,,, staging the home will help too. Let me know if you need more help, I'm not too far from your area (DeKalb County).
Best of luck,
Tina Evans, Broker
Web Reference:  http://www.tinaevans.net
0 votes
Michael, , Farmington Hills, MI
Wed Feb 4, 2009
Get the bank agree to use Kazork to handle the short sale.
0 votes
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