Posted on: 30th Sep, 2009 08:08 pm
We were foreclosed upon in Texas (now live in WA). The house has not been sold yet. There is oustanding of approx 163k, 40k of which is a second that was gotten to enable us to get zero down financing. Now, the second, Citibank, is filing against us. What can we do ... what are our options ... what are their limitations? We really do not know what to do, we're unemployed and living with relatives.
One option is you can alwsy file for bankruptcy and get rid of this debt
As of now you cannot do tnythign else toher than wait. Once forclosed you cannot do much about the deficient amount
As of now you cannot do tnythign else toher than wait. Once forclosed you cannot do much about the deficient amount
Hi boogles,
As a second lender, Citibank can sue you for the debts. If you are unable to pay the debts, then the lender may place lien on your other properties even. You may try and negotiate with the lender so that he forgives the amount or lowers the payments so that you can pay it off. However, it would always remain the discretion of the lender as to what steps he would take.
As a second lender, Citibank can sue you for the debts. If you are unable to pay the debts, then the lender may place lien on your other properties even. You may try and negotiate with the lender so that he forgives the amount or lowers the payments so that you can pay it off. However, it would always remain the discretion of the lender as to what steps he would take.
you can apply for BK. if that is not possible initiate process of short sale. also negotiate with second mortage lender.