Going w/ foreclosure

[Blue_Ray]

Ok –

Need some assistance.

I talked to a realtor about trying to list my home and to get what I own on it.
To find out, nope; Not going to happen!
Not saying my home is not worth it, but due to the time, season and starting to back up on bills, the realtor insisted for us to do the following:

• Talk to a Real Estate Attorney and try to short sale or just foreclose, but heavily recommend my family to consult with a Real Estate Attorney for sure.

One thing the realtor told me is to having to be about 3-months behind on mortgage and with the money I save for about the 4-7 months staying in the house is the save as much as we can.

That way we’ll have enough to put down on an apartment. Told me it will be hard if I DO NOT have money to rent an apartment. So recommend that I save and be ready to give to where we want to live the first, last rental payments and the deposit (down). To show that I can make the rent payments. Which I agree would be best anyways.

The realtor said that I should consult with a Real Estate Attorney due to the facts of IRS and 1099 forms and making sure we don’t get letters from the IRS saying we owe this and that to them.

All, please help me out here. What all is recommend that I do. I really need some assistance.

Keep in mind of these things we gone through already:

~ Filed Chapt 7 / ended April / 08
~ Have a 1 & 2 (equity) home loan
~ On the 2nd home loan we did sign a reaff
~ Right now we’re one month behind, but could have been earlier, but I just been late on all my utility payments, which either way, I am always paying late fee’s which ever direction I choose home, car or utility payments.


Thanks all for your info.

-Ray

[Blue_Ray]

[tofargone]

Ray,

Did you re-afirm the 1st also?

With a second a short sale might be tough. Good thing is with so many people getting foreclosed on you could probably live in the house for a long time before they get to you.


I would take the realtors advice and talk to an attorney. Since you can't file BK again for 8 years you are going to need profesional advice.


Good luck.

[Blue_Ray]

Ray,

Did you re-afirm the 1st also?

With a second a short sale might be tough. Good thing is with so many people getting foreclosed on you could probably live in the house for a long time before they get to you.


I would take the realtors advice and talk to an attorney. Since you can't file BK again for 8 years you are going to need profesional advice.


Good luck.

Thanks for the post and I'm aware I can be living there for a while, but I am worried about the re-afirm on the 2nd (didn't sign one on the 1st mortgage).

So if walk when the 1st kicks us out, what happens to the 2nd mortgage? Do I have to pay it, taxes ,,,ect,ect,,,,

Thanks and I know I can live there, but how about the refirm

[StartingOver08]

Blue Ray, I don't know if this is possible - but can you talk to your attorney and ask him to reopen the BK case to add your 2nd mortgage? Then just walk from the house.