Posted by Ed Copp (OH) on August 05, 2001 at 08:58:56:
Go back and include the house in the bankruptcy, if you still can.
You say that you do not want to lose all that you have paid. I say you already have lost all that you paid, it was rent. If the house has no equity then there is nothing to save. You could possibly find someone to just take the house BUT your name would remain on the note, subject to the due on sale clause, and that deal would be conditioned on the new buyer making the payments on time. My guess is that yoy would still be uptight from time to time, and for no profit.
Just ditch the house. You are starting over, so why do you need this chain around your neck.
If you can not get the house in the bankruptcy at this time, then offer to deed the house back to the lender. If they will not take the house back that way, then “pitch camp” and stay till the sheriff comes to move you. Save your rent/ house payment money; in a roll in your pocket. Find some income and look for a modestly priced place to live.
You might benefit from a lease/option deal to get you started again.
bankruptcy - selling on contract - Posted by Darren Cole
Posted by Darren Cole on August 05, 2001 at 04:36:00:
Dear Sirs, I am in a pickle. I lost my job two years ago. I have been going through a worker re-training progam. As part of that program, I have lived on a measly stipend, and was not allowed - as part of the program -to have any outside work. I abided by the rules, and was basically starved out. My problem, shortly after I lost my job I fell behind in my mortgage – therefore - I took on a feorbearance agreement ($200.00 more per month). Now my problem. I was forced to file bankruptcy (chapter 7 ). Otherwise, when I got a job I would have garnishments from my judgements, and probably lose my job. Well I was behind May and June - I paid them. I now owe July and soon…Aug. 15, the August payment. The Comnpany was originally another mortgage company, but now is Countrywide. I have seen nothing but bad news about them, and they are threatening to call my loan. (no equity to speak of, – two year mortgage - little down). I tried to rent it recently, and get first and last month rent to bring it current. My question is…It has not rented. I have not been able to rent it yet and I am getting uptight. I have dealt with the note buying business before and… my question is… can I find someone to pay me some down and take over payments??? (seller contract???) I recently read a CREO article saying it could be done, but do not notify the lender, Of course. Please give me some advice on my situation, as time is of the essence. My ch. 7 is not yet discharged. But I do not want to lose all I have paid, but if that is the case, then I need to put it on my Ch.7, so that it is not sold at auction for less, and then I end up owin thousands. Please reply immediately.