Possible Foreclosure

Posted by Robert Woodrow on December 04, 2002 at 13:01:53:

In the year 2000 in conjunction with a builder I began several speculative building projects in a supposedly budding development. Since then the development has just not happened ... one of three units sold and I have personally gone into debt more than I can handle (approx $150,000). I have taken a job out of town with a much higher income in order to dig myself out.

My current situation is that I have rented my own home a 3200 sq ft $400,000 home, for $2600 a month ($1000 less than my monthly costs). I have had two contracts on the spec home (also a 3200 sq ft $400,000 home) which have fallen through. I am renting a small carriage house for $1300 a month. I cannot at this time continue making payments on the spec home. I have had a judgement against the house rendered that has increased the money owed by $12000. I have reduced the price to rock bottom $365,000 which, if I can sell it for that price again, I will have difficulty closing on the house because I will have to come to the table with over $12000 of money I do not have.

Suggestions??? What is the impact of foreclosure on my already extremely bad credit??? I could break my lease and move to the spec home and in the end may end up with two homes again next Summer when the lease on my residence has expired and may be facing a situation of foreclosure again.

Follow Ups:

• Which state is (url) - Reinstatement Services, Inc. 13:46:05 12/04/02 (2)
  • Re: Which state is - Robert Woodrow 16:43:49 12/04/02 (1)
    • Damage Control (url) - Reinstatement Services, Inc. 14:10:18 12/05/02 (0)

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: In the year 2000 in conjunction with a builder I began several speculative building projects in a supposedly budding development.  Since then the development has just not happened ... one of three units sold and I have personally gone into debt more than I can handle (approx $150,000).  I have taken a job out of town with a much higher income in order to dig myself out.  

: My current situation is that I have rented my own home a 3200 sq ft $400,000 home, for $2600 a month ($1000 less than my monthly costs).  I have had two contracts on the spec home (also a 3200 sq ft $400,000 home) which have fallen through.  I am renting a small carriage house for $1300 a month.  I cannot at this time continue making payments on the spec home.  I have had a judgement against the house rendered that has increased the money owed by $12000.  I have reduced the price to rock bottom $365,000 which, if I can sell it for that price again, I will have difficulty closing on the house because I will have to come to the table with over $12000 of money I do not have.

: Suggestions??? What is the impact of foreclosure on my already extremely bad credit???  I could break my lease and move to the spec home and in the end may end up with two homes again next Summer when the lease on my residence has expired and may be facing a situation of foreclosure again.


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