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One the Verge of Foreclosure

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    One the Verge of Foreclosure

    I have a condo used as a rental in CA and will not be able to make the payments beginning in April. My renter will be leaving and I cannot handle the increased loss. Really cannot handling the current loss.

    Some information

    I am current on the loans as of now.
    Have gone through all funds and have been loseing about 1.5K per month
    Credit cards are gettnig our of hand.
    Will talk to the lenders about a short sale...don't hold out much hope. If they agree I cannot make the payments during the sale

    This is the pits, never thought I would be here.

    Any suggestions will be appreciated.

    New to the forum

    #2
    Don't waste your money trying to keep the rental unit. I've been there and done that. I've socked lots of CC debt trying to keep it. I have filed bankruptcy and I have surrendered the home to the Bank.

    What you'll find is, that all that trying to save it... will be for naught anyhow. It's frustrating, but you don't want to go Bankrupt trying to keep it... as I did!

    You need to speak to some Bankruptcy attorneys on a consultation basis. You'll need to weigh a short sale versus just bankruptcy (or foreclosure). Short sales almost never work... as I tried it too. I don't think more than 20% of short sales succeed anyhow. I would concentrate on what your end game is, and where you want to be in say 5 years.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

    Comment


      #3
      Originally posted by justbroke View Post
      Don't waste your money trying to keep the rental unit. I've been there and done that. I've socked lots of CC debt trying to keep it. I have filed bankruptcy and I have surrendered the home to the Bank.

      What you'll find is, that all that trying to save it... will be for naught anyhow. It's frustrating, but you don't want to go Bankrupt trying to keep it... as I did!

      You need to speak to some Bankruptcy attorneys on a consultation basis. You'll need to weigh a short sale versus just bankruptcy (or foreclosure). Short sales almost never work... as I tried it too. I don't think more than 20% of short sales succeed anyhow. I would concentrate on what your end game is, and where you want to be in say 5 years.
      Absolutly right on. This is good information for sadone. Don't throw good money after bad. Stop the CC cards and start working towards your new start. 'Hub
      If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

      Comment


        #4
        Originally posted by justbroke View Post
        Don't waste your money trying to keep the rental unit. I've been there and done that. I've socked lots of CC debt trying to keep it. I have filed bankruptcy and I have surrendered the home to the Bank.

        What you'll find is, that all that trying to save it... will be for naught anyhow. It's frustrating, but you don't want to go Bankrupt trying to keep it... as I did!

        You need to speak to some Bankruptcy attorneys on a consultation basis. You'll need to weigh a short sale versus just bankruptcy (or foreclosure). Short sales almost never work... as I tried it too. I don't think more than 20% of short sales succeed anyhow. I would concentrate on what your end game is, and where you want to be in say 5 years.

        Yes, I agree with this. It's the best thing to do right now.

        Comment


          #5
          Take it from me - we are surrendering (2) rental properties in Nevada. We have spent thousands trying to keep them going. It feels so good to have them off our shoulders.

          Just stop paying now!
          Chapter 7 filed 10/21/2008
          341 - 11/26 went smooth NO ASSET
          Took 115 days after 341 - But Finally DISCHARGED 3/25/09

          Comment

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