Anyone use a mortgage fraud atty / service to prevent foreclosure?

[uofaguy]

[Boscoe]

Hey - haven't heard from you in awhile.....

Don't even bother fighting it - let it go to foreclosure but try to file the bk before the foreclosure sale occurs. This will limit the damage to your credit.

It is not worth spending a dime on. The bank will foreclose as you stopped paying, but all of this will get discharged in the bk.

How is your quest to file a chapter 7 going? You really need to go for it - being done 90 days later would be great for you and your family......

[uofaguy]

Hey Boscoe -

We are on the same page and I will definitely file BK before formal foreclosure begins.

I meet with another attorney this evening. This one is a with a firm that specializes in real estate and BK matters. I have met with 3 prior attorneys, but did not feel comfortable with them (as none even mentioned the fact that the means test is not applicable for our situation - biz debt). I am redirecting my search for attorneys with a real estate/business background as hopefully they can better advise on my particular situation and not try to push me to a Ch. 13 like the others.

I know that BK is inevitable - I am just so angry given the fraud involved. The last thing I want is to repay this builder's fraud over the next 5 years if forced to a Ch. 13. Well, I've learned some costly & painful lessons from this ordeal!

I'll keep you posted.

[Boscoe]

Is the lender connected to the builder? If the builder's fraud contributed to your bk, and they are connected to the lender, and the builder is now bk themselves, then run this by your attorney.

Remember to be sure that >50% of your debt relates to this investment activity. And for the real estate, that means NET DEBT, or how much you will owe realistically after the properties are sold. Which for your case is very difficult to determine since they are only partially complete. Another attorney question.

Mine was 100% constructed and CO'd a month before I bk'd. Now we are trying a short sale. The only reason I want this done soon is that my tax liablility for 2007 will be a few thou higher if I don't have a loss to offset the stock cap gain I realized from a decent sized stock sale I did in January just before I gave up the ghost and knew BK was for me.