deed in lieu?, short sale? need help.

[doglover1970]

I need advice. We (wife and two children) live in Texas. Our finances have gone downhill drastically (large loss of income, due to jobs and selling trust fund monthly payments). We voluntary allowed two vehicles and a boat to be repossessed. We did two loan modifications, but still are struggling to make ends meet. Now we are two months late on the home again. We have pretty much decided that we need to move out of this house, as we cannot afford it. We owe probably 8 to 10 thousand less than the house would sell for in ideal conditions, but it does need foundation work.
We are planning/hoping to move into a townhome and begin to rebuild our lives, etc. My questions are, with the repos and needing to get out of this house, what would be the best way to get out of our predicament. Any thoughts, advice are greatly appreciated.

[awayalways]

Well first I would try to sell/short sell or deed in lieu the property to your lender. Then perhaps file BK (if you dont think you'll be able to pay it all back) because someday some collector will come looking for that money for the deficiency on the boat and cars . I hear Texas is a great state for bankruptcy exemptions.

Hope it all works out for you guys. aa

[DeadManCrawling]

If you are set on this course, go for it. Simply stop paying and wait for the foreclosure to happen while you save money and stay in the home rent-free. The process can last some time.

I am not sure if TX is a judicial state, but if it is, you can make things take MUCH longer by filing an answer to the foreclosure complaint. This is called a Notice Of Default. You usually have 20 days to file an answer. You can find generic forms to get started online, but an attorney is a better route. All you need em for, really, is this one document, and you can delay the foreclosure for a signigicant time. Or you could retain them and have them fight it fully, which could buy you anywhere from a year to three years. It all varies by ase and district, and may be worth it.

We originally were going to fight our foreclosure, but have decided instead to negotiate with the bank for a mod. In any case, we have a backup plan for either outcome. You should, too.

Best wishes

[doglover1970]

thanks for the information.

[Mi Bankruptcy]

Where are the moderators? This guy has made more than one post pimping his services

[justbroke]

Where are the moderators? This guy has made more than one post pimping his services

What services.

[DeadManCrawling]

What services.

Maybe it was something that was posted and deleted by mods before we got back to the page. That's my guess, anyway.