Users Online Now:
1,680
(
Who's On?
)
Visitors Today:
208,925
Pageviews Today:
279,553
Threads Today:
102
Posts Today:
1,104
02:20 AM
Directory
Adv. Search
Topics
Forum
Back to Forum
Back to Thread
REPLY TO THREAD
Subject
What can be done within 3 days to stop a foreclosure?
User Name
Font color:
Default
Dark Red
Red
Orange
Brown
Yellow
Green
Olive
Cyan
Blue
Dark Blue
Indigo
Violet
Black
Font:
Default
Verdana
Tahoma
Ms Sans Serif
In accordance with industry accepted best practices we ask that users limit their copy / paste of copyrighted material to the relevant portions of the article you wish to discuss and no more than 50% of the source material, provide a link back to the original article and provide your original comments / criticism in your post with the article.
[quote:File for BK 1344669:MV8xNTYwNzMzXzI1Nzk5NjY4X0Y4MzQwQTIy] If you file for bankruptcy the bank is "stayed" from collecting on the debt, ie. foreclosure, until the court determines the quality of the "asset". This could take quite some time. Meanwhile you live rent free. When you file bankruptcy you give the court all your assets until they can determine their value and the offset to your liabilities. The bank would have to petition the bk court to exclude the asset, because it is burdensome (without equity). That takes time. Most banks are not proceeding with foreclosure to sale because once they take title to the property it appears as a debit on their balance sheet. A note, even non paying, appears as a non performing asset. When the bank's balance sheet hits a certain liability to asset ratio the Fed requires the bank to deposit more capital in order to stay in business. So they go to the Fed window of last resort. But no one wants to do that because there are alot of strings attached. This is why many banks are not continuing with foreclosure. Unless you have been served with a notice of sale stay put. Don't leave until they kick you out. The longer you can stay the longer you can live rent free. That's the best anyone can hope for today. Property values are dropping like a knife and most people are underwater. They will never recover what they paid for their property. Best case scenario live in the place 1 year rent free 12 x $1000 mtg payment = $12,000 Try to save $12,000 today. This could be your blessing in disguise. Best to you and yours. [/quote]
Original Message
What can be done within 3 days to stop a foreclosure? I have a friend that signed for his sister to buy a house and she didn't make payments. He just found out they will take it next tuesday if something isn't done.
Pictures (click to insert)
General
Politics
Bananas
People
Potentially Offensive
Emotions
Big Round Smilies
Aliens and Space
Friendship & Love
Textual
Doom
Misc Small Smilies
Religion
Love
Random
View All Categories
|
Next Page >>