Preforeclosure advice - investment opportunity

[wlh0123]

Hard working family finds itself on the wrong side of the housing bubble and seeks advice and or investor who can help us through this process.

We are being advised to seek bankruptcy protection but we want to see if there is any possible way to avoid this measure. If we do a short sale, I would prefer someone whom I know or that can help us afterwards profits from the transaction.

Our story is a long one, and it involves every bad move that a person can make. We're up against a wall and I don't want to make another one.

William
wlh0123@rcn.com

[grapejelly]

Re: Preforeclosure advice - investment opportunity

Are you looking for someone to buy your house?

If you can, I would suggest avoiding bankruptcy unless absolutely necessary, and instead trying to do a short sale with the cooperation of your lender. Be aware that there may be tax consequences for the amount of the loan forgiveness. Congress may change that but they haven't yet.

[SeanO]

Re: Preforeclosure advice - investment opportunity

Hard working family finds itself on the wrong side of the housing bubble and seeks advice and or investor who can help us through this process.

We are being advised to seek bankruptcy protection but we want to see if there is any possible way to avoid this measure. If we do a short sale, I would prefer someone whom I know or that can help us afterwards profits from the transaction.

Our story is a long one, and it involves every bad move that a person can make. We're up against a wall and I don't want to make another one.

William
wlh0123@rcn.com

Two things to know about bankruptcy:

1) While it will delay the sale of your home at foreclosure, it won't stop it unless you can put a plan in place that includes paying the mortgage in full. Otherwise the lender will be granted a Relief from Stay and continue with the foreclosure.

2) Bankruptcy stays on your credit report for 10 years, foreclosure for 7 years.

There very well may be tax consequences to either a foreclosure or a short sale. Depending on the state you live in the lender may be entitled to seek a deficiency judgment after foreclosure for any difference between what you owed and what they received.

There are absolutely investors that will buy your home, if there is sufficient equity for them to make a profit. Be watchful of scam artists. Ask for references and don't sign blank documents.

You should start by talking with your bank if you haven't already. They may offer loan modifications or other plans to help you get back on your feet.