How can my house from foreclosure if the bank begins the process?

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We bought a house a few years ago in Texas. We live in this house. We are independent and we have hit the industry hard. We have no house payment made in five months. The money is slowly coming back and we can now give $ 1,200 per month, but we can not pay debts zurück.Wir called our mortgage bank (SunTrust) and they told us we had to talk to a consultant to mitigation. We received a letter saying the house will be sold on January 7. The loss mitigation people tell us we have to wait until they call us before we can help. They say it takes up to 30 days to receive a call. Well, if we wait for his call, the house will be auctioned. What can we do? They will not talk to us. We have a loan guaranteed by HUD. Now we have hope and demanded that obviously did not help. HUD is a wealth of information about rebuilding online, forbearance, and repayment plan options. We can not try to help someone around us to qualifizieren.Wenn for these options, we can not achieve the reduction of losses, these are our options? We received some letters from bankruptcy lawyers. The letters refer to chapters seven and eleven. If we can save our home with the bankruptcy, which is the best way? Any ideas on how to provide loss mitigation to know us a little longer for us to work for them? Thank you for your help.

  1. Reply
    May 4, 2011 at 1:22 am

    Hello, I live in Florida and I own a real estate investment company, this is what I personally know about this situation. Once you receive a letter that the foreclosure process has begun, all hope for regaining the property back is lost. Of course you could try to negotiate with the bank but usually that doesn’t work out. The law down here is that once the letter has been received, even if for example I buy it, I can not let you rent or live at that property at all. But whatever you do, do not file for bankruptcy, you will have horrible credit and you can forget about loans for anything or getting good interest rates. Don’t get your hopes down though, I don’t know everything, your best bet at this point is to contact a local real estate lawyer so he can give you your options. Hope this helps

  2. Reply
    The Bride Beatrice
    May 4, 2011 at 1:38 am

    You may want to declare Chapter 7, but this means you would have to cease your business practices. Chapter 11, you can keep your business as long as you are able to arrange a payment plan for everything you owe. Many bankruptcy attorneys will do a free initial consultation and will advise you on which chapter to file and also WHEN. Timing is important. I lost my own small business last year and it saved us completely; just be sure you have some income you can live off of, even if it’s temporary or PT temporary. I gave up on my business and went back to working for others — you just can’t take risks now the way we could two years ago…Good luck!

    PS – Bankruptcy does not ruin your rep forever; in about six months with hard work, you can restore your credit to something workable and also you will actually have an easier time getting people to lend to you once you’ve declared (since you can’t declare again for another 10 years and you have no current obligations post-discharge). Of course, try not to borrow too soon or else you may find yourself in the same hole, only with higher interest rates!

  3. Reply
    May 4, 2011 at 1:39 am

    Here are some of your options. Hopefully this gives you some ideas to begin researching and a few of them might work in your situation.

    1. Defend the lawsuit as long as you can to stay in the house mortgage-free for months or years.
    2. Save up or borrow money from family to get the mortgage back on track completely.
    3. Work with the lender’s loss mitigation department for a loan modification.
    4. Work with the lender’s loss mitigation department for a repayment plan or forbearance.
    5. If you have an FHA loan, use the partial claim.
    6. Sell to a private investor and lease the property back until you can purchase it again.
    7. Sell the house on the open market and move out.
    8. Sell the house at a short sale for less than the total amount you owe the lender.
    9. Offer the bank a deed in lieu of foreclosure.
    10. File bankruptcy to stop foreclosure or have the debt discharged.
    11. Refinance through a hard money lender or specialized foreclosure lender.
    12. Just walk away from the house, let it go into foreclosure, and move on with your life.

    Hope that gives you some ideas. Good luck.

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