In Reply to: Re: PLEASE HELP-Sheriff sale listed/want to keep my house Posted by Terry on September 05, 2005 at 22:35:50:
: : : I misstated that we filed a chapter 13, it was a chapter 7 with no reaffirmations. My husband wasnt working at the time. We live in Ohio. Please if there is anyone out there that can help...Please be my angel. Should I contact the person (attorney?) that is listed on the sheriff sale site? Thank you for your time. God bless and take care. Peg: : ************************
: : That is a good idea. They are the trustees handling the foreclosure for the lender. I would also be talking to the lender direct to see if any kind of workout could be done. You still have some time. Try these guys first. Not all offering to come to your rescue will be angels.
: : Steele V. Propp: : Foreclosure Specialist: : Minneapolis, MN: : email@example.com
: Contact the bank, many times they will reinstate the loan. They will probably want to add all the late fees and expenses on to the morgage raising the payment. Unless you can come up with the lump sum of the fees. If there is Mortgage insurance and the bank won't talk to you contact the insurer. At this point it is the insurer who is calling the shots for the bank. They don't want to pay the loss to the bank.
If it does go to forclosure You will need 10% at the time of the sale and the balance in thirty days. At the sale there will be investers and probably a Bank representive to jack the price up. So if the bidding starts at $74,000 it will probably go higher. If you do decide to buy it at the sherrifs sale you need to get your financing setup now. Be warned though that it will be almost impossible to find a bank to loan you the money. Best bet is to try to reinstate the mortgage. Oh yeah tell hubby he might want to get involved. If the house sells for less then owed the bank turns it into the IRS as a loss to them and a gain to you. That means he will be taxed on that amount. If you find you are going to have to let the house go, one option to sell the house fast and avoid the forclosur is to go to a sherrifs sale and try to sell to one of the investers at the sale. If you have 20 to 30,000 equidy in the house that shouldn't be a problem. That way your credit won't be damaged anymore then it is. The forclosure will be on your credit report for 7 to 10 years and Land contract will be about the only way you will be able to buy another house in that time period. I live in the next county to the west (Wayne) I been through two forclosures in the last two years, one I has forclosed on and one I was buying land contract that was forclosed on I bought the last one at the sherrifs sale. The morgage was for $82,000. The bidding started at 69,000 and only me and the bank was bidding on it I figured they would only go to 82,000. I was wrong they ran it up to 97,200. I think I should have let them have it and then bought it off of HUD.