I purchased a new home in Virginia but fell into hard times. Because the builder threatened to sue me if I didn't go through the purchase I went ahead and bought it even though it cost me a lot in closing costs since I still had my old home. The mortgage broker told me that the best strategy would be to just sell the new home right away. However, I have had difficulties in selling it. It is rather expensive and I don't think my real estate agent has done a good job. I have lowered the price but don't have a buyer. Is there some strategy or help anyone could offer as to what course of action to take to avoid foreclosure? I am not behind yet but will soon be if it is not sold soon. I have considered selling my old house although I don't have enough equity to really make a big difference in the payments on the new house. Hopefully it would give me enough money to last until my wife can work again. Otherwise, if I don't think I can surivive in the new house, should I try to find an investor to buy the new house or try to give the house back to the mortgage company? I have read about a deed in lieu of foreclosure but don't know if they would accept it. Any insight would be apprciated.
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What part of Virginia do you live in? -
In Loudoun County.Comment
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Where abouts in Loudon County? Most homes in the Dulles, Sterling and Potomac Falls areas seem to be selling relatively fast.
Man, you really shouldn't have fealt obligated to keep the house from the builders threat to sue. You would've been better off just losing your earnest doposit, and other initial new building fees.
How much of a loss are you anticipating if the house sells? Foreclosing is better that BK, but you'd be stuck paying off any negative equity from the foreclosure, however, the amount paid and can negotiated down, and you can negotiate a reasonable repayment plan. But crunch some preliminary numbers to see if this option is right for you.
Contact the attorney below..........his group is very knowledeable when it comes to BK/debt cases that are somewhat more on the complex scope. Make an appointment to utilize his expertise from his free consultation.
His name is Tommy Andrews, Jr. Tel - 703.838.9004. He and his group do excellent BK work for the D.C. Metro area. Consult with him to determine if BK is right for you situation.
Good Luck!Last edited by HRx; 06-06-2005, 06:06 AM.The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.Comment
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Actually as far as buying another house down the line, forclosure is worse than bankruptcy.Edyta...
Discharged April 2005Comment
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