Posted on: 01st Mar, 2009 06:28 pm
hi, thank you for reading my post! i'm not exactly sure what to do but i need some advice!
i bought a condo in 2007 for 239,900. at the time, i had 60,000 in equity. i used some of th equity to pay off bills and my mortgage now is about 270,000. in less than a year the price dropped by more than half on the value of my home. now, all the condos in my development are in foreclosure and short sales. they are selling for 120,000. so, i'm upside down on my loan by over 150,000.
in oct 2008 i decided to take a job in denmark. since i could not sell my house, my lender would not work with me because i was not behind, i decided to rent it. however, i could only rent it for 1000 dollars and my mortgage is 1900.
long story short, i got laid off after i moved to denmark from my job and i haven't had any income since october 2008. i've been borrowing money and using credit cards to pay other credit cards... so now i'm a financial mess.
i am current on all my payments except as i said i'm borrowing money to stay afloat. i'm coming back to the us in a few weeks to try and start looking for work. i can't even come back and live in my own home because i rented it out.
basically, is bankruptcy my only option? up till now i have been financially stable. i did not buy a home with a bad deal or something i couldn't afford... the market has just tanked and i am powerless to do anything. it also sucks because i have a second mortgage with a credit union. they were most unwilling to help me and gave me the whole "you bought the house now its your responsibility to pay the debt". they even said they would not let me short sale it because they would get nothing.
my property is in virginia and if anybody has any advise or suggestions, i'm all ears. i'm at like 35,000 in debt with credit cards, the house and i have student loans.
can you file bankruptcy without a job?
i bought a condo in 2007 for 239,900. at the time, i had 60,000 in equity. i used some of th equity to pay off bills and my mortgage now is about 270,000. in less than a year the price dropped by more than half on the value of my home. now, all the condos in my development are in foreclosure and short sales. they are selling for 120,000. so, i'm upside down on my loan by over 150,000.
in oct 2008 i decided to take a job in denmark. since i could not sell my house, my lender would not work with me because i was not behind, i decided to rent it. however, i could only rent it for 1000 dollars and my mortgage is 1900.
long story short, i got laid off after i moved to denmark from my job and i haven't had any income since october 2008. i've been borrowing money and using credit cards to pay other credit cards... so now i'm a financial mess.
i am current on all my payments except as i said i'm borrowing money to stay afloat. i'm coming back to the us in a few weeks to try and start looking for work. i can't even come back and live in my own home because i rented it out.
basically, is bankruptcy my only option? up till now i have been financially stable. i did not buy a home with a bad deal or something i couldn't afford... the market has just tanked and i am powerless to do anything. it also sucks because i have a second mortgage with a credit union. they were most unwilling to help me and gave me the whole "you bought the house now its your responsibility to pay the debt". they even said they would not let me short sale it because they would get nothing.
my property is in virginia and if anybody has any advise or suggestions, i'm all ears. i'm at like 35,000 in debt with credit cards, the house and i have student loans.
can you file bankruptcy without a job?
Hello:
Sometimes companies are more willing to deal with other companies that will put some fire under them. You are right, it is not in their best interest to have a home that is upside down, but they will probably try to come after you for the difference. In February part of the Stimulus Bill signed was to aid people in your situation. Our company specializes in this (loan modifications). Seeing if we can help you costs you nothing and it is a fairly easy and quick process. Visit our site to see what we can do for you...it can't hurt!
"http://www.themortgagereliefnetwork.us/foreclosurehelp/index.php?sourceid=default&aid=estralitagreen"
[link deactivated as per forum rules]
Sometimes companies are more willing to deal with other companies that will put some fire under them. You are right, it is not in their best interest to have a home that is upside down, but they will probably try to come after you for the difference. In February part of the Stimulus Bill signed was to aid people in your situation. Our company specializes in this (loan modifications). Seeing if we can help you costs you nothing and it is a fairly easy and quick process. Visit our site to see what we can do for you...it can't hurt!
"http://www.themortgagereliefnetwork.us/foreclosurehelp/index.php?sourceid=default&aid=estralitagreen"
[link deactivated as per forum rules]
i actually know a couple of people that used them in my neighborhood. i believe they let you know up front if thye are able to help you or not. if you have a case or they feel you quallify for modification with your lender, then they'll start the process, if not, they'll let you know.
they helped 3 families i know but didn't take the case of 1 (something about the ratio of their monthly income and expenses) ... but so far ... nothing bad yet about the company.
they helped 3 families i know but didn't take the case of 1 (something about the ratio of their monthly income and expenses) ... but so far ... nothing bad yet about the company.
(877) 258 - 3691
this is their toll free number you can directly call them and discuss with them.
As far as i am concerned although i haven't availed their services but i think this is legitimate service provider.
this is their toll free number you can directly call them and discuss with them.
As far as i am concerned although i haven't availed their services but i think this is legitimate service provider.
i own a condo i bought it for 190.000 its worth 80.000, im now married and have two kids my husband and i quilify for a second mortgage.can we get a knew home that would be in both our names and then try to short sale this condo it's only in my name.the new home will be in both names .if not can i just file bankrupcy
Hi ashley harper!
Welcome to forums!
A query similar to yours has been answered in the given page:
http://www.mortgagefit.com/problems/buyhome-shortsale-condo.html
Take a look at it. Hope it helps you.
Sussane
Welcome to forums!
A query similar to yours has been answered in the given page:
http://www.mortgagefit.com/problems/buyhome-shortsale-condo.html
Take a look at it. Hope it helps you.
Sussane
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