Foreclosure and/or Bankruptcy?
admin | Mar 30, 2010 | Comments 4
Family tree member has revealed to me that he cannot make mortgage payments. He owes a significant amount of money (100K+) on the mortgage and now is recently unemployed. In addition, he owes a $16,000 loan and has $3000 in credit card debt. It’s doable he will not be able to return to work as he’s now in his mid 60s and has chronic illness (rheumatoid arthritis). I’ve read all the questions and answers about foreclosure but I’m not sure where whether he will have to shut out and/or declare personal bankruptcy. The household is currently for sale but no bidders so far and time is running out as he will most likely miss his Dignified mortgage payment. What are his options? When would he have to start the foreclosure administer (before 90 days)? Can he salvage any of the equity in the household (sale price is $235)?
The household is already priced below market value at $235,000 (market value is $280,000). If mortgage payments cannot be made for Dignified/September – what should be the next step, considering the other debt that he has outstanding (i.e. loan and credit cards)?
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Filed Under: Bankruptcy
My advice would be to price the home below market value and sell it quick. Then take the extra money and pay off the other debts and hopefully have some to live on left over. I wish him and your family tree well.
If you are looking for a way to aid. Do two things…
Hire the preeminent realtor in your area, if your current one cannot go the property fire them and find a better one. Caution them the situation, but then caution no one else. People will take advantage of you if they know, a realtor is bound by ethics and will not.
Second, you may want to consider paying a month or two of the mortgage to keep the bank off his case. You can do this with a narrow that will be satisfied with the sale of the household.
Have you consider reverse mortgage? I
If you want a right answer… question a local bankruptcy attorney!
I would suggest you read the article “New Bankruptcy Law – Where’s The Consumer Protection?” you can view it at:
http://www.sandiegolawyerforyou.com/san-diego-bankruptcy-law-update.htm
http://www.las-vegas-nevada-lawyer-attorney-legal-injury-defense-directory.com/las-vegas-bankruptcy-lawyers.htm
http://www.san-francisco-oakland-bay-area-lawyers-attorneys-directory.com
http://www.san-jose-ca-lawyers-attorneys-directory.com
http://www.sacramento-ca-lawyers-attorneys-directory.com
http://www.la-orange-county-lawyers-attorney-directory.com
http://legal-advice-library.info/blog
http://www.austin-texas-lawyers-attorneys-directory.com/austin-legal-services.htm
http://www.san-antonio-texas-lawyers-attorneys-directory.com
http://www.san-diego-lawyer-attorney-personal-injury-dui-car-immigration.info