Re: fourclose

Posted by Heather Peck on December 26, 2007 at 14:33:01:

In Reply to: fourclose posted by mario zavala on December 26, 2007 at 00:35:25:

Mario - Chapter 13 may be an option if you are now able to afford your home, but it will mean making your regular payments in addition to money towards what you're behind. If this isn't an option for you, complicating your situation with a bankruptcy won't help you.
I'm not an attorney, and you should speak to one or more who specialize in this area, but make sure the attorney isn't just going to make your situation worse. Some will tell you bankruptcy is the option, but it isn't always.
If bankruptcy doesn't help you, and you don't have any equity, talk to your lender about doing a short sale. It is a little better on your credit than a foreclosure, and some lenders will even offer you funds, up to $1500, to assist you in moving, after you sell your home. In addition, check with a local real estate professional and tax professional that can tell you if you qualify for a new program that forgives any tax consequences of selling your home at a loss.
What ever you decide, its never easy to come to terms with losing a home, but sometimes its easier to move on.

Heather Peck
Realtor, Foreclosure Specialist
Las Vegas

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