Forclosure...what's next??!?!

[Robin]

I have a home I purchased 12 years ago, rented out beginning five years ago, and it's been on the market since 1999. Due to far far greater circumstances I was unable to make the payments since last June, now they have forclosed, at least I received the court documents stating that the house is to be sold. I unfortunently listened to friends advice and now I don't know what is going to happen. Will I have to file bankruptcy? I'm so crazy over it, I've just turned my back on the whole situation, since the circumstance that put in the money bind, is beyond belief, and far more important to me than my house, money, or any material thing, although, I don't want to be stuck paying for this house, that I haven't even lived in since 1999, and frankly wish I'd never bought. I think the lender back then snowed me as well, it's not always in one's best interest to purchase a home, and I know after this fiasco, I never will again. Any insight would be greatly appreciated.
Best regards,
Robin

[HHM]

Does the house have any value (probably not if you haven't been able to sell it since 1999). Did you hire a real estate agent to market it or were you doing it yourself.

If you don't want the house, you can call the bank and voluntarily surrender it. The only issue becomes if the the house is worth less than what you owe. If that is the case, the bank will come after you personally for the deficiency balance.

You may have other reasons to file BK (it kinda sounds like it), but if presently, the only reason to file BK is to keep the house, but you don't want the house, then you don't need to file BK.

[marjorie]

Forclosure

Maybe you think about selling the property, and not loose out completely.

I have a home I purchased 12 years ago, rented out beginning five years ago, and it's been on the market since 1999. Due to far far greater circumstances I was unable to make the payments since last June, now they have forclosed, at least I received the court documents stating that the house is to be sold. I unfortunently listened to friends advice and now I don't know what is going to happen. Will I have to file bankruptcy? I'm so crazy over it, I've just turned my back on the whole situation, since the circumstance that put in the money bind, is beyond belief, and far more important to me than my house, money, or any material thing, although, I don't want to be stuck paying for this house, that I haven't even lived in since 1999, and frankly wish I'd never bought. I think the lender back then snowed me as well, it's not always in one's best interest to purchase a home, and I know after this fiasco, I never will again. Any insight would be greatly appreciated.
Best regards,
Robin

[HRx]

Robin,

What's your current credit, debt, and financial situation like? These factors will play a major role in helping you to determine whether filing BK is the right thing for you to do. If the lender looses money on the sale of the house, they will balance bill you the negative equity. You need to see what happens after the sale of your house occurs. This way you'll have a number(s) that'll enable you to determine which course of action is best for you.

Good Luck!

[tbontra1]

I may have a solution.

Hello,
Sorry to hear about your problem. Please drop me an e mail at if you are still in the middle of this. I am an investor and think I can help without you having to bring money.

[debtisbad]

Robin,

I agree, as I do not ever want to own a house again. I grew up thinking that is what one is supposed to do. Not true in today's society. We are too transient, don't know our neighbors, and have to move on a dime for many different reasons. Also who in their right mind wants to pay so much for a real estate agent. I have said before on this board, that if I could have my way, I would like to live in a rv. That way, I would never feel stuck. You know 20-30k for the rv (used) and I would very quickly have no house payments, property tax ect. And I could travel. I swear that if I did not have kids this is the route I would take. I almost would like to do it with kids. It would be quite an education for them!

[Minnymouth]

debtisbad,
You idea of the RV/traveling has been a long time dream of mine.....maybe when I retire.......
Yes real estate can sometimes be an anchor around your neck... dragging you down.

If you move around a lot because of work, buying a home is a waste of time and effort. Just when you think your home is the way you want it - its time to sell and move again......

The company I used to work for moved me every 2 years up and down the mideast coast. Did this for about 12 years.... Then settled where I am now.

Bought a home here about 9 years ago and the rest is bankruptcy history....

Someday I will do the RV travel thing and venture into another phase of my life.....

[debtisbad]

Minnie,

I am going back to school for nursing and I am no spring chicken! I have Bachelor degree that is not worth anything. Plus, as far as I know they can't outsource our bodies.....yet. I have always been an optimist and love helping people. This BK thing has just about killed me. I am doing better than when I woke up, but if the headache would just go away...and I know it is stress cause my atty filed today. Anyway, nursing pays well and you can work anywhere (babyboomers all over the US) so I thought, hey, I could live in an RV and just see and work other areas I might not see otherwise. Just gotta figure out what to do with kids and such. Though still think what a great experience for them as well!