Is there somewhere to get a credit equity in my home, but now I have to save terrible credit?

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I’m facing eviction. I lost my business. I have a newborn son and her two school-age girls. I would like to get either a loan to start the capital of the late part of my mortgage or sell fresh new start to my house with a profit or rent my apartment and / or bankruptcy of the file (last resort) . I really do not know what to do. And if I honestly, I really want out of my state and a new start all around me. Who wants to buy a nice house in 1900 sqm sc included in a very private, very quiet 3BR, 2BA, vaulted ceilings, garage, private garden with 8ft stucco walls, garden maintenance? Or maybe we could trade in real estate?

4 Comments
  1. Reply
    Jon H
    April 29, 2011 at 9:31 pm

    I’m a mortgage broker from Edmonton Alberta, I would recommend not going into bankrupcy as this will have long reaching effects on any future plans of owning a home or starting a business. In my opinion I would talk first with your lender and see if they could refinance your loan to affordable levels. Or if that’s not what you want sell your home and take what equity you can and start again. A lot of people think bankrupcy is an easy way out, but from my experience it will have a big affect on your future plans

  2. Reply
    Jim H
    April 29, 2011 at 10:11 pm

    I.m sorry to hear your challenges, if you have equity in your home, I would find the best real estate broker (interview 3) determine the true market value of your home and have them sell it asap.

    Call you bank and tell them of your situtaion, they may have a program such as a “Workout”

    If you have no equity, ask the lender about a deed in lieu of foreclosure. This could protect you credit.

    Banks do not want to foreclose.

    Perhaps a real estate attorney or good broker can be objective and offer some sound advise.

    Your family is important and hang in there.

  3. Reply
    HeartStone Investments
    April 29, 2011 at 10:13 pm

    Please send me pictures of the house, let me know what is due in back mortgage, who the lender is, and how much you would need to move, what your monthly payments are, and the complete address of the property. I may be able to help you avoid foreclosure. Anyone one in the same procession can contact me as well gcharles@heartstoneinvestments.com

  4. Reply
    Janet P
    April 29, 2011 at 10:23 pm

    Man, Jim is the only response that you got from someone not trying to scam you out of $ and identity.

    You may need to settle on selling w/o a profit, I don’t know enough to help with that.

    Bakruptsy will not stop the foreclosure.

    If you are really in bad shape you are better to move into a family members home and rent your place out to make the mortgage payments.

    Also, talk to your bank, I am amazed how many people don’t talk to them. They honestly may have a solution to aviod foreclosure.

    BTW, you can move, but your credit follows you there too.

    Good luck to you! Avoid the sharks on here, they are out trolling for victims, and that is the last thing you need.

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