What's better, foreclose, or file bankruptcy...?
Do NOT file for bankruptcy! The only one who will win is your lawyer. Like the others said, sell your home. Call a "we buy houses" guy in the paper or from a bandit sign. Most likely they can put you in with the local short sale expert. If you can still afford your home but had a hardship that is over go to http://www.preforeclosureusa.com/us and contact them or some other loss mitigation company. They specialize in keeping people in their homes not buying them at a discount. Again, don't do bankruptcy as the laws have changed and you will probable have to pay all the debt back anyway in the form of payments.
Should I file Chapter 7 Bankruptcy?
I'm a realtor that has had my income cut to less than half. Here's my current situation. My home is the biggest problem. I own a home that I owe $400K on. It is worth about $440K at best. I owe the IRS about $16K. Half of which is over 3 yrs old. That is the only amount (the 3 yr+ old amount) I can put into Ch 7 BK. I owe about $12K in credit cards that are past due. I'm 2 mos behind on my car payment so I know they're going to come get it soon. I am working now in sales but don't clear enough to pay all my bills. I'm putting my house on the market this month, but the market stinks so I do not expect it to sell before they'll foreclose. I'm thinking of moving out and renting a place and trying to sell my home, but if I can't then I am considering filing Ch. 7 BK. My income for the year is under 40K. I have no other assets. Does this sound like my only option- try to sell the home & file Ch.7 BK if it does not sell? I am also trying to rent my home. Thanks in advance.
If I short sell a stock and the company subsequently went bankrupt, will I make money or lose money? Will the stock get suspended? Why?
Theoretically this is very nice situation for you, but there are some potential difficulties in closing out the short position after the company declares bankruptcy and is delisted, and the resolution of that bankruptcy (through reorganization or liquidation) yields the final cancellation (in most cases) of the underlying shares.That is, you have to find shares to deliver to the lending party. In some cases this is handled as part of the delisting, and in other cases there might be a pink-sheet market with adequate liquidity, but not always. What happens when you short a stock to zero? has some trade mechanics and details, though it is focused on the idea of shorting a stock that is already bankrupt.
Can anyone explain in simple terms what "short sale" means in terms of foreclosure?
A short sale in real estate is when a current owner of a house, with the assistance of a real estate agent, submit a document to the lender requesting that the house offered as collateral on a mortgage loan be sold for less than the mortgage loan amount. This is a request and may or may not be approved by the lender. Each lender has it's own criteria and time line for approving or disapproving a short sale. A short sale can cause a negative on your credit report for several years. With the approval of the short sale the bank is agreeing to write off the balance of the mortgage loan, therefore any loss during the sale should not reflect on you. Most lenders will not file a deficiency judgment against you. Depending on what state you reside in if you allow the property go through the complete foreclosure procedure then the lender under state law could legally be allowed to come after you for a deficiency judgment. Most deficiency judgments are allowed in states that allow the judicial foreclosure procedure. Even though lender are legally allowed to pursue you for a deficiency judgment in states that use the judicial foreclosure procedure, still most will not. Doing so would tie the lender and the property up in court in order to obtain the deficient judgment which might or not be collectible, based on the fact that the borrower could file bankruptcy or insolvency, therefore, all the money and time spent by the lender would have been fruitless. Then the judge could deny the deficiency judgment. What most lenders will do is send you a 1099 indicating that you had a gain from the foreclosure procedure. This is because the lender has determined that they had a loss, therefore the IRS has determined that if one party had a loss, someone in the procedure had to have had a gain. That person is you. You would have to file this gain on your current year federal taxes. For tax and legal matters you should always consult with you income tax consultant and attorney. I hope this has been of some benefit to you, good luck. "FIGHT ON"
Can my parents file for bankruptcy if they own property in mexico?
All assets, including those outside the U.S. are required to be listed in a bankruptcy proceedings. Owning a house in Mexico they can still declare BK, but the rental property can be taken by the creditors. Why would your parents go bankrupt unless they have a whole lot more debt than just their home? Giving you the house to keep it out of the BK would be considered bankruptcy fraud and the transfer could be reversed and the BK case dismissed. Generally speaking, it is not wise to declare bankruptcy just because of a foreclosure. Considered selling the home in the U.S. by a short sale or by a "deed in lieu of foreclosure". Talk to the lender, but don't mention the house in Mexico. I would first go talk to a CPA or a tax attorney for advise. Often a tax attorney is also a CPA. I'm sorry to say, but talking to a bankruptcy attorney could be the wrong thing to do. Often BK attorney's advice people to declare bankruptcy for their own selfish reasons....they make a fee and they don't if you don't. Unless they have a lot of credit card debt or other unsecured debt bankrupcty would not be the smart way to go.
Where can I find information about a short sale home?
Short sales are handled by Realtors. It generally negotiated with the lender. A short sale means something less than the mortgage amount. If the property has not foreclosed, the mortgage balance is private information. No it shouldn't take a year unless the homeowner files bankruptcy. MAKE YOUR BEST OFFER ALWAYS. Don't shoot yourself in the foot trying to buy a DEAL. If you want a deal, but a mobile home.
Can a judge force a short sale or foreclosure of a house if all payments are made on time?
The home loan was originally taken out about four years ago and we refinanced right before she left me, so I don't think I would have to buy anything out from her, the house has not went up in value? currently working on refinance right now. Everything checks out except a car that my wife co signed for which we are currently working on getting out of her name or paid off, but we don't know how much time we have left
What's the difference between a trustee sale, auction and foreclosure?
what's the difference between trustee sale, auction and foreclosure ? One of the houses we looking at is a trustee sale (but it doesn't say in the property information..we found it out when we tried to get a loan from the other broker.. ) .. The real estate guy accepted our offer and we got pre-approved for a loan. it seems too easy to us .. Did we miss something ? what do we need to know about a trustee sale ? thanks ..