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Conference nyoss1::market_investing

Title:	Market Investing

Moderator:	2155::michaud

Created:	Thu Jan 23 1992
Last Modified:	Thu Jun 05 1997
Last Successful Update:	Fri Jun 06 1997
Number of topics:	1060
Total number of notes:	10477

306.0. "Foreclosure/Bankruptcy" by ASDG::CASAS () Fri Nov 06 1992 00:23

    
    
    Hi ,
    I have some questions, I have to decide to do the following, and
    still have so many questions in my mind, I hope one or some of you can
    help me answering these questions?
    
    If you had no equitity in your house and HAVE to move.
    
    	Would you consider foreclosure.? (what is really foreclosure... I
    mean, what if the bank can option the house for at least a reasonable
    amount, do I have to pay all the balance? a portion?. Would the
    bank really try to option for a good price/ or would it let it go
    for anything, because I will be paying the rest?)
    
    Is there any other choice??
    
    Is deed in lue of foreclosure as bad as foreclusure ( I mean 
    credit wise)? (What is the difference between forecl. and deed in lue)?
    
    Would my credit be ruined if I opt for foreclusure.?
    How would my credit be ruined.. I mean what would really be affected.?
    e.g if I try to buy a car, would they denie it.? rent an apartment?
    etc.
    
    
    I do apprecitate ANY help.
    
    Blanca

T.R	Title	User	Personal Name	Date	Lines
306.1	The details matter; ask a lawyer	TLE::JBISHOP		`Fri Nov 06 1992 09:11`	17
	Get a lawyer, as the exact details of the impact on you depends on the state you live in, the terms of the mortgage and other papers and your personal situation. Most lawyers offer a free initial consultation, but expect to pay for real help. Don't go to the bank with your questions! It is very likely that your loan is made to you in such a way that you can't just hand over the house and walk away free. Foreclosure is a process where the bank takes your house; if you willingly turn the house over ("deed in lieu of foreclosure") you are saving them some court costs but you're not changing the overall transaction much. There's no substitute for professional help when you need it, so I'll repeat myself: Please go get a lawyer's advice! -John Bishop
306.2	become a landlord	ETVS03::LOGRANDE	Stone Carver	`Fri Nov 06 1992 11:46`	7
	Rather than throw away your investment why not lease it out until you have accumulated enough equity to make selling more palatable. Contact a local real estatate agent to get an estmate on what level of rent you might reasonably expect (some of them will manage the property for a fee). D:LG>
306.3	replies	ASDG::CASAS		`Fri Nov 06 1992 23:32`	15
	re -Note -1 Thank you, I have a lawyer, she advices me to get out of the property forget about paying anything. I just don't like to do so. I believe that I should know about the repercussions before I make the big move. She believes, I should do move and then things will take care of themselves. I am going to change her, it is just that everything adds up. re Note -2. Good idea, I will do so. Blanca
306.4	There are several note on this in the Real Estate conference	FRITOS::TALCOTT		`Mon Nov 09 1992 15:58`	3
	TALLIS::NOTES$LIBRARY:REAL_ESTATE Trace
306.5	The banks don't want us to know about homestead act	WFOV12::CHANG		`Thu Apr 08 1993 11:12`	2
	You can also look into the homestead act at the clerk of deeds and find out how that might help you.
306.6		29067::J_OPPELT	decolores!	`Sat Jul 23 1994 16:34`	12
	re .-1 Homestead act only protects your house (and the equity therein) if the claim being pressed against you is for something other than the loan on the subject property. So if you allowed foreclosure on some other investment property, or if you got sued for some liability claim, or if you bankrupted against a bunch of consumer debt (assuming you are reaffirming the mortgate on your residence), then the homestead provisions will protect your house. But if they are foreclosing on your residence, homestead is useless.