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Posted by Don on October 26, 2004 at 05:11:02:
In Reply to: Let it go posted by Mickie on September 25, 2004 at 13:19:27:
: I own a 2 unit duplex with 69K owed that I have not been able to sell. Paying 700mo mortgage, but I can't get an appraisal decent enough to refinance. Could someone please explain the ramifications of foreclosure on credit, financially, etc. Any suggestions would be appreciated.
You have been trying to sell for some time and can't you say. It is not the end of the world if you do have to go into bankruptcy. If you see no way out and it is inevitable that you are going to do that just do not pay the payments and let them take the process to foreclose and then take the bankruptcy because it will wtop the foreclosure with an automatic stay. The court will then cut the payments and the interest and the taxes that all will go through the court. Now you can realize an income from the property if you take off every penny of expense. Repairs, laundrying, food clothes heat and electricity, cable tv, medical expense and drugs, doctors visits, Water, sewage, telepone bills, insurance and auto insurance also. Auto payments and other transportation, other debtors,
as credit cards, etc, taxes, maintainence or child support, tution, for children or private schools, child care, Religious and or charity, FOOD, mental
and stress related doctor bills, expenses back and forth to the job, auto repair and tires, other
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