Shoud we sell the house with SS or file CH 13 first? Perfect SS candidate? HELP!

We have no lates as of yet, but May 1st will put us 30 days down on the 1st mortgage. (We have a 2nd mortgage also)

Should we list our house for sale now with it being contingent on the bank accepting a SS?

Wait until we get a letter of default after 90 days, then file CH 13…then sell it? We want to save some money for the new rental, but don’t want a foreclosure on our records either.

(We have to file CH 13 because of the 93K in credit debt)

I assume the 1st will want to foreclose because we only owe them $360K and the 2nd is $130K…should sell for $440K easily!?! Florida home with pool, granite, etc…immaculant condition

the 1st mortgage company (homecomings) just left a message for us. Wanting to know where the money is. What do we say so they don’t rush the foreclosure process? Does it make any sense to give them partial money? ($3120 is the 1st mortgage with PITI)

does anyone want to buy or find someone to SS this house?

thanks! From what I have been reading, we are the perfect SS candidate because of the large 2nd mortgage.

No one on this site will advise you about the Ch 13 because we are not qualified or licensed.

However, if you file BK then try to sell, you have to get the trustee’s permission to do it, and they will decide what is to be done with the proceeds.

If you sell, then file BK, there is no mortgage to worry about.

Neither bank will rush the foreclosure process, firstly, there are set legal conditions they have to fulfil, and second, they really don’t want to do it anyway.

If you’re sure you’re going into foreclosure, it doesn’t make any sense to send any money when you’re going to sell the house, but again, I can’t advise you either way, I’m not qualified.

Check your personal messages.

How much does the property value.

Is There anyone in here have experienced buying the bankruptcy property?

as stated, there is no way for the lenders to rush the process.

many pros in the workout community state that you communicate your bank the situation and see what they have to say. you are not upside down too badly at this point so there is a number of options likely including short sale and forebearance.

since you also have large other debt, I would recommend to find a credit counseling service and meet with those folks.

well, March of 2006 it appraised for $495K, but values have dropped in the area. $450-460K is more realistic now.

I figured CH 13 would be better than paying someone who handles CCC to ruin our credit and still owe a ton of money. Any experience with that? I only heard of nightmares (I own a mortgage company). We make too much money for a CH 7…

Don’t pay a company to ruin your credit. You could do that on your own for free. Maybe you should just try listing your house after talking with your lender about what they will accept.