mortgage ch7 and close?

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UtahMul need some advice. I’ll try to be brief. I am a prefabricated houses that were built before 1976, and since I bought in 1994 (which was easy), it is now very difficult to obtain loans on top. My wife became ill several years ago and we had to get some of our equity. Our only option is to take a new mortgage of 11.5%. We thought it would be possible without the storm and to improve the situation later. Well, that never happened and now we just do CH7 (because of medical debt) and are now walking from the house, because we can not sell (because of someone who wants a loan of 11.5%) and the house is too small for my family. The only reason we have kept long in this house, there is a remote location and the draw will take place on Monday 3/22/10 suurus.Olen meet my lawyer a reaffirmation of the house. The lender said they would not move interest rates, but do not need (tax months ago, I stopped paying for them to talk). But I have consistently told them that I want to keep the house. Do you think the mortgage company would do if I put my foot down and said I want this payment and the interest rate or simply a house. My loan is $ 160K, I’ll pay $ 1,600 per month. I think to tell them I want my taxes are $ 1000 I do not really see a place worth more than $ 160K for 2 reasons …. econmy current and it’s worth, if someone does not get a loan for? The only way I see this place going is when sekkudaVeel money from the buyer a question …. I read that it is fairly easy to buy a house immediately after the ch7 forecloser But if you are now?

  1. Reply
    January 27, 2011 at 11:21 am

    At this point, if I were you, I’d try to pull out all the stops. Go ahead and put your foot down with the bank.

    If that doesn’t work, your options are pretty much to just foreclose. After a foreclosure, you can forget about buying a home immediately. Your best bet is a lease to own. See if you can find a good enough sized house with the right payment, and lease it. Then try to work out some kind of ownership with the owner after the fact.

    If you sell your house to a cash buyer, you may be able to get an amount equal to your payoff if you leave the house in good shape. That’s also something to consider.

  2. Reply
    January 27, 2011 at 11:56 am

    I think you should ask someone works in the bank instead.I’m sorry I can’t help you, I don’t know well about this subject.But you can come here ( ) and have a look, may be helpfull.

  3. Reply
    January 27, 2011 at 12:32 pm

    11.5% is crazy. If the bank won’t negotiate in good faith, ie the $ 1000 a month, (and I do not think they will), then they will have one more house on their inventory—you have that leverage if it is worth anything.

    If you are willing, then go into foreclosure. My home in Sandy, UT went into foreclosure in 2002, by the way. My ex wife lived there more than a year rent free, while all the threats of foreclosure swirled around. One thing is, you should start already to pack, and be ready to move when the house is sold. They want you out pronto. In the mean time, save up your $ 1600 a month. Keep it safe out of your checking/savings. I actually went to Bank of Zion and got a safety deposit box–also kept it at a new apartment I had to rent in a secret place–under the bottom draw in the bathroom where no one goes. Any ways, after the foreclosure, came bankruptcy, then discharge of all my Bank One Home equity loan, and all the credit cards. Not bragging, it was a breath of fresh air.

    Two years later, I got two loans, one for 80%, and one for 20%. I have almost paid off this place living frugally, and the CH7 will still be on my credit report until 2012. True story.

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