Need pre-foreclosure help ASAP

[JWM in SD]

“Don’t know what FB means.”

F**ked Borrower….sorry for crassness of it, but it is what it is.

Like others here have said, you should consider short sale or bankruptcy depending on the total circumstances (RE debt plus Commercial Debt.)

[needhelpinoside]

Thanks JWM – that made me laugh! No worries about the crassness as I have called myself a lot worse for getting into this situation.

Nope, no way possible for us to keep the house. So now it’s just finding someone to help us with the next step. I definitely want to avoid the bankruptcy route, though.

Thanks for the advice everyone. I will check into all that you have suggested.

Sincerely,
FB in Oside

[needhelpinoside]

Thanks JWM – that made me laugh! No worries about the crassness as I have called myself a lot worse for getting into this situation.

Nope, no way possible for us to keep the house. So now it’s just finding someone to help us with the next step. I definitely want to avoid the bankruptcy route, though.

Thanks for the advice everyone. I will check into all that you have suggested.

Sincerely,
FB in Oside

[needhelpinoside]

Thanks JWM – that made me laugh! No worries about the crassness as I have called myself a lot worse for getting into this situation.

Nope, no way possible for us to keep the house. So now it’s just finding someone to help us with the next step. I definitely want to avoid the bankruptcy route, though.

Thanks for the advice everyone. I will check into all that you have suggested.

Sincerely,
FB in Oside

[Anonymous]

needhelpinoside:

If you delay looking for a place to rent, your credit may be worse and you may have a harder time. You may want to look for a new place to rent sooner, instead of later, so you will have more rental opportunities open to you.

[Anonymous]

needhelpinoside:

If you delay looking for a place to rent, your credit may be worse and you may have a harder time. You may want to look for a new place to rent sooner, instead of later, so you will have more rental opportunities open to you.

[Anonymous]

needhelpinoside:

If you delay looking for a place to rent, your credit may be worse and you may have a harder time. You may want to look for a new place to rent sooner, instead of later, so you will have more rental opportunities open to you.

[partypup]

“Please believe me when I tell you that I am now very aware of what you refer to as exotic loans. Please understand that I do know the mistakes I made that got me to this point. Please also understand that there are countless people that do not understand real estate as you do. I thank you for reading my request for help.”

Needhelp, I just want to extend my sincere sympathies to you for your plight. It is unfortunate that folks liek you who come to boards such as this, looking for advice and guidance, are persecuted for decisions you have made. While I think you, I and everyone else on this board would agree that your choices were foolhardy, it doesn’t sound like you were a speculator. Rather, I get the sense that you, like millions of other Americans who increasingly feel shut out of the American Dream, simply wanted a bite of the carrot that is dangled before all of us. I’m really sorry that you and your family are experiencing this misfortune right now.

That said, I agree with the majority advice here: it is imperative that you do a short sale, and if you can’t find a loss mitigator or other third party to make that happen, try it yourself. If that doesn’t work, pack your stuff and leave. Your credit score is going to tank more than it alreayd has, but it sounds like you and your family are very close. Hopefully, one of you will keep a decent score that will enable you to pool your money when the time is right and start over again.

Lastly, and this is extremely important: rent as cheaply as you can from here on and save EVERY penny you can find. There is a hard wind coming, and I can’t stress how important it will be to remain liquid. This time next year, housing woes will be the least of your worries.

[partypup]

“Please believe me when I tell you that I am now very aware of what you refer to as exotic loans. Please understand that I do know the mistakes I made that got me to this point. Please also understand that there are countless people that do not understand real estate as you do. I thank you for reading my request for help.”

Needhelp, I just want to extend my sincere sympathies to you for your plight. It is unfortunate that folks liek you who come to boards such as this, looking for advice and guidance, are persecuted for decisions you have made. While I think you, I and everyone else on this board would agree that your choices were foolhardy, it doesn’t sound like you were a speculator. Rather, I get the sense that you, like millions of other Americans who increasingly feel shut out of the American Dream, simply wanted a bite of the carrot that is dangled before all of us. I’m really sorry that you and your family are experiencing this misfortune right now.

That said, I agree with the majority advice here: it is imperative that you do a short sale, and if you can’t find a loss mitigator or other third party to make that happen, try it yourself. If that doesn’t work, pack your stuff and leave. Your credit score is going to tank more than it alreayd has, but it sounds like you and your family are very close. Hopefully, one of you will keep a decent score that will enable you to pool your money when the time is right and start over again.

Lastly, and this is extremely important: rent as cheaply as you can from here on and save EVERY penny you can find. There is a hard wind coming, and I can’t stress how important it will be to remain liquid. This time next year, housing woes will be the least of your worries.

[partypup]

“Please believe me when I tell you that I am now very aware of what you refer to as exotic loans. Please understand that I do know the mistakes I made that got me to this point. Please also understand that there are countless people that do not understand real estate as you do. I thank you for reading my request for help.”

Needhelp, I just want to extend my sincere sympathies to you for your plight. It is unfortunate that folks liek you who come to boards such as this, looking for advice and guidance, are persecuted for decisions you have made. While I think you, I and everyone else on this board would agree that your choices were foolhardy, it doesn’t sound like you were a speculator. Rather, I get the sense that you, like millions of other Americans who increasingly feel shut out of the American Dream, simply wanted a bite of the carrot that is dangled before all of us. I’m really sorry that you and your family are experiencing this misfortune right now.

That said, I agree with the majority advice here: it is imperative that you do a short sale, and if you can’t find a loss mitigator or other third party to make that happen, try it yourself. If that doesn’t work, pack your stuff and leave. Your credit score is going to tank more than it alreayd has, but it sounds like you and your family are very close. Hopefully, one of you will keep a decent score that will enable you to pool your money when the time is right and start over again.

Lastly, and this is extremely important: rent as cheaply as you can from here on and save EVERY penny you can find. There is a hard wind coming, and I can’t stress how important it will be to remain liquid. This time next year, housing woes will be the least of your worries.

[sdrealtor]

ROTFLMAO…Talk about self serving! I have yet to meet a Realtor that completely understands Short sales. In fact, after speaking to my attorney friend he explained how just about every Realtor doing short sales put their clients at extreme peril because thye dont truly understand the law. BTW, my attorney contact is not a bankruptcy attorney.

[sdrealtor]

ROTFLMAO…Talk about self serving! I have yet to meet a Realtor that completely understands Short sales. In fact, after speaking to my attorney friend he explained how just about every Realtor doing short sales put their clients at extreme peril because thye dont truly understand the law. BTW, my attorney contact is not a bankruptcy attorney.

[sdrealtor]

ROTFLMAO…Talk about self serving! I have yet to meet a Realtor that completely understands Short sales. In fact, after speaking to my attorney friend he explained how just about every Realtor doing short sales put their clients at extreme peril because thye dont truly understand the law. BTW, my attorney contact is not a bankruptcy attorney.

[Anonymous]

Short Sale and foreclosure in California

I too was entertained by the loss mitigators comments about the self serving bias of lawyers towards bankruptcy.

1. The bankruptcy code has become much less useful to many debtors. It is one of the reasons so few lawyers have gotten into this real estate deflation field this time. However, be on the lookout for a bill Congress which will give bankruptcy Judges the right to unilaterally restructure loans with exploding arms.

2. What is a short sale – it is a workout plan. It is part of the gamut of options an owner should consider. Who did the negotiating with lenders in the past… Lawyers. Before suggesting bankruptcy a professional suggests a workout plan if one is feasible. Who do you think practiced the art of a short sale. It used to be a sale facilitated by a short payoff. Realtors did the Realtor work and lawyers did the law work. And, the consumer was protected and correct in the assumption that a short sale released the consumer from a deficiency. Why – because lawyers made sure the paperwork was in place.

Now we have newly minted short sale specialists and loss mitigators going around and telling upside down sellers – a short sale will cure their loan problems automatically. Even though the information is critical in the sellers selection of options they will ignore or improperly counsel sellers on subjects like recourse vs non recourse loans, sold out juniors liens, the effect of judicial vs non judicial foreclosure, and perhaps most importantly they will let a seller march into a closing set up for the lenders benefit and the buyers benefit (and the realtors fees) without anyone making sure the proper documents are in place. Documents which may be necesary to protect the seller from deficiency.

Loss mitigators and short sale specialists simple boggle my mine. You know a lawyer is not supposed to call themselves a specialist in this area.

Anyone professional and educated enough to understand the potential complexities of each transaction would take each clients situation seriously enough to protect (themselves and) their clients by having them properly advised and protected by mal-practice insurance.

Again, I am not be anti-Realtor. It just my belief that a Realtor, a lawyer and even a Realtor/Lawyer has to know their limitations.

[Anonymous]

Short Sale and foreclosure in California

I too was entertained by the loss mitigators comments about the self serving bias of lawyers towards bankruptcy.

1. The bankruptcy code has become much less useful to many debtors. It is one of the reasons so few lawyers have gotten into this real estate deflation field this time. However, be on the lookout for a bill Congress which will give bankruptcy Judges the right to unilaterally restructure loans with exploding arms.

2. What is a short sale – it is a workout plan. It is part of the gamut of options an owner should consider. Who did the negotiating with lenders in the past… Lawyers. Before suggesting bankruptcy a professional suggests a workout plan if one is feasible. Who do you think practiced the art of a short sale. It used to be a sale facilitated by a short payoff. Realtors did the Realtor work and lawyers did the law work. And, the consumer was protected and correct in the assumption that a short sale released the consumer from a deficiency. Why – because lawyers made sure the paperwork was in place.

Now we have newly minted short sale specialists and loss mitigators going around and telling upside down sellers – a short sale will cure their loan problems automatically. Even though the information is critical in the sellers selection of options they will ignore or improperly counsel sellers on subjects like recourse vs non recourse loans, sold out juniors liens, the effect of judicial vs non judicial foreclosure, and perhaps most importantly they will let a seller march into a closing set up for the lenders benefit and the buyers benefit (and the realtors fees) without anyone making sure the proper documents are in place. Documents which may be necesary to protect the seller from deficiency.

Loss mitigators and short sale specialists simple boggle my mine. You know a lawyer is not supposed to call themselves a specialist in this area.

Anyone professional and educated enough to understand the potential complexities of each transaction would take each clients situation seriously enough to protect (themselves and) their clients by having them properly advised and protected by mal-practice insurance.

Again, I am not be anti-Realtor. It just my belief that a Realtor, a lawyer and even a Realtor/Lawyer has to know their limitations.

[Author]

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