Foreclosure in Ohio (HELP)

[bricky642]

Hi Everyone, new here. I filed Chapter 7 last year and did not reaffirm home. I thought i would be ok, but playing catchup with bills, more ex wife payments, and then layoff winter 2009 until spring 2010. I went through mediation this past summer and unfourtanatly the bank would not work with me. I do have my home for sale, have had alot of interest, but no offers in our wonderful housing market. I do have a nice home with about 20K??? in equity. I am trying to buy the house, with some help from a family member, but the attorney with the bank (KeyCorp) has been slow to respond. Has anyone had any experience with banks offering them 20-25k under what i owe and getting a deal from the bank? My concern is if i give them what i owe, the house may not be worth it, and i do not want to be underwater with a family member. Any advice please, I have about 3 months left. Thanks and sorry about the long post.

[ryan]

Not sure, but you may not be getting replies here due to the question you're asking being a bit confusing (at least to me)

You say, for instance, you're "trying to buy the house" ? ..do you no longer own the house? Or do you mean, you are still trying to negotiate a loan mod based on a new lower principal amount? Maybe you can clarify.

[bricky642]

Thanks Ryan, sorry for the confusion. I do still own the house, and am trying to get my principal amount lowered. i spoke to my attorney today, and we are going to offer the bank 20K less than what i owe which includes penalties and late fees. I hope they accept it. He thinks it is a win -win situation for both me and the bank. Anyone think they may accept?

[justbroke]

No one can predict what the bank will do, especially a first lien position lender. It's totally up to them.