Help!! house in foreclosure - Posted by christi

Posted by NJDAVE on April 26, 1999 at 14:38:10:

I’m not an attorney and I’m certainly not offering you legal advice, but I seem to recall reading that if you’re in a bankruptcy plan (irrespective of the chapter) you will need the BNK trustee’s approval to enter into a sales agreement.

Have you tried negotiating a forebearance &/or loan modification plan with your lender?

It would certainly seem less expensive and less complicated than entering into a sale and leaseback agreement. Did you consider the tax liability that will surely result if there is any debt forgivness?

My advice? Face the foreclosure head on with your lienholder. If your argument is supported with a comprehensive Proposal and FACTS, you have a good chance at saving the house. But, you’d better get a move on. Tick tock.

Help!! house in foreclosure - Posted by christi

Posted by christi on April 26, 1999 at 13:13:47:

I am looking for an investor in the Kansas City, MO area that is interested in a deal…

I am wanting to quick sell my house to someone to get it out of foreclosure. They can refinance the house and then lease purchase it back to me for 2 years. At that point, I want to purchase the house back. The reinstatement figure is $15,200 of which I have about $7,000. The selling date is May 13, 1999.

My story is last year I lost my job and had to go into Chapter 13 bankruptcy to stop a foreclosure on my house. I made my trustee payments faithfully only to find out about a month and a half ago that I should have been paying the mortgage payment on top of that. I thought the mortgage payment was in the trustee’s payment. Needless to say, the mortgage company started foreclosure proceedings again.

It’s just my daughter and I and we would really like to keep our house. We don’t really have any place to go to.

If you can help or need further information, please e-mail me above so we can talk over the phone.

Thanks for your help in advance.