Last minute financial windfall...now what??

[Spartan]

Don't beat yourself up to harsh. The deal isn't a sure deal. Don't pin too much hope on it.

Besides, we can't go back and change things. Otherwise, none of us would be here today. Such is life. Move on and don't look back. The best in your life, is yet to come.

[ethrjock]

That's what my wife says. I just need to get used to the idea of not being in control of this but looking forward to the financial freedom from debt i could not possibly repay.

Thanks for keeping me in check.

Isn't there a club around here for folks past the 341 meeting waiting on the discharge?

[ethrjock]

A update for those interested:

The sales agent spoke to the trustee and his is willing to sign away his interests in the home which according to my attorney that also gives me the right t to negotiate the deal on the sale and sign the contract with the buyer and my realtor.

I don't think this will turn out to be a windfall but I could stand to take a few thousand away from the deal...but again it's still a long shot.

I was wondering if anyone knew if the deal fell thru with the buyer and considering the trustee signed away his interest in the home what does that do to the fact that the home will still go to foreclosure. Should'nt it still be written off on the bk even though the atty "signed away his interest" ( not sure what the legal term for this is)

Thanks.

[HHM]

What the trustee is agreeing to do is "abandon the property", essentially expunging it from the estate, i.e. returning it to you. Note, the Trustee has to file a notice that he is abandoning the property, otherwise, any deal will have to wait until the case is discharged.

However, this has no effect on the foreclosure. It will proceed in the normal course, if or when, they get relief from the automatic stay.

[ethrjock]

Thanks HHM. My atty called today and said the same thing. I was thinking about going to the stay meeting and seeing if the Judge would deny the stay the mortgage atty is requesting. Do you think a contract to purchase is grounds for the Judge to deny the stay?

I am also having to wait on the mortgage atty to send payoff to my atty. Not sure why they won't just give it to me. I be the payoff will include atty fees.

[ethrjock]

Thought I would give everyone a quick update:
1. the Trustee signed the house back over to me so I could negotiate the deal with the agent and seller.
2. I negotiated with the agent a discount of her fees to 3% commission and a selling price of $285k. I owe $260.
3. The stay was lifted this week.
4. The contract with the buyer is now signed. They have 4 months to get the home rezoned to commercial.

Next step is to contact the 1st mortgate company to see if they will work with me and halt the foreclosure since we need the 4 months for the rezone and the closing.

[HHM]

Just a quick note regarding the agent fees...when a selling agent states their commission, you do realize that their "net" commission is usually only 3 percent. Meaning, if you are using an agent to sell your house and they quote you a 5 1/2 percent commission, 2 percent is already set aside for the buyers agent, so in reality, having your agent agree to 3 percent may not really save you money, unless the net result is that your agent only gets 1 percent of the deal (not likely) and the buyers agent gets 2,

[SinkingFast]

We took an offer one week before the scheduled Foreclosure Auction. There was a ton of faxing back and forth between the Mortgage Lender and the Real Estate Agents. When our Lender was satisfied that we did indeed have a valid offer from qualified buyers, the Lender called the Court House and cancelled the Foreclosure Auction. We had 30 days to get the deal sold and closed.

You need to get the name, contact number, and fax number of your Foreclosure Technician. That's the person working for your Lender that is handling your Foreclosure case. Your Foreclosure Technician will tell you what the Lender will need, in the way of documentation, to send in for consideration to delay the actual Sale.

The FT collects all the info and passes it along to the appropriate parties. Most likely the Investor that's backing your loan will decide whether or not to proceed with the actual Sale. If your Lender agrees, the Lender will contact the Court House and cancel your Foreclosure Sale.

Fingers crossed for you here that you're able to pull the deal together and get your house sold. If you can, at least you'd walk away with some pocket change to show for this whole ordeal.

[ethrjock]

HHH. The buyers agent agreed to not collect his commission. You see the buyers agent is also partly the buyer. He and 12 other investors own the 30 acres next to me. He agreed to give up his commision and my agent agreed to 3%. Lucky for me.

Singing Fast: Friday when I called citimortgage the bk department said i needed to speak to the loss mitigation department or the collection department. When I spoke to the collection department they said I needed to speak to the bankruptcy department and added that if i paid 2 months of house payment they would take it out of foreclosure. I may be rushing the process a bit. The stay was just lifted Jan 23 so it may not be in foreclosure yet. The way the BK agent at the mortgage company explained it was that my case needed to pass out of the BK department before the mortgage company could do anything to help me.

Monday when I call citiMtg I will see if I can find out who the Foreclosure agent is. I know there is a local law office involved, Movent that handled the stay process but I dont think they can help me.

Right now if they stop the foreclosure when I pay 2 months house payment I would be gambling $3k. The gamble would be this: If the house does not get rezoned the buyer won't by the home. The foreclosure process will kick back in and I will have lost the $3k i have saved due to not paying my house payment.

I figure there must be a good chance the buyer will get my property rezoned otherwise they would not be going thru all this on their part. They are putting $15k down in escro, paying for the soil tests, paying their own legal fees associated with the rezoning process etc.

What would others do in my case? Gamble?

Heck. If I pay the past 2 months payments to stop the foreclosure...that might buy me enough time before the foreclosure process kicks back in and I sell the home. (I have missed Nov, Dec and Jan 07 payments).

When should I start worrying about the HELOC creditor starting their own foreclosure process?

Thanks Everyone!!