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-   -   Which is worse bankruptcy or foreclosure? (https://www.askmehelpdesk.com/showthread.php?t=145041)

  • Oct 25, 2007, 06:57 PM
    joyceann
    Which is worse bankruptcy or foreclosure?
    We are upside down on our loan

    WE PAID $120,000 10 YEARS AGO- WE HAVE ARM LOAN AND NOW OW $125,000
    (THE HOUSE IS DEPRECIATING DUE TO SEVERAL MITIGATING FACTORS)
    IT APPRAISED FOR $110,000
    Last year in October it was $750 @ 7.15
    This october- today- 2007 it is $1173 @ 104 with a cap of almost 15! It raises ever 6 months

    DO I GO BANKRUPT?
    SHORT SALE?
    FORECLOSURE?

    WHICH IS BETTER ?
    WHICH IS WORSE?
  • Oct 25, 2007, 07:34 PM
    RichardBondMan
    Who is your lender? One of the leading mortgage lenders has just agreed to adjust ARM's to help prevent foreclosures for over what they said was for 80,000 of their borrowers. This might offer you some relief?
  • Oct 25, 2007, 07:35 PM
    Fr_Chuck
    Short sale the best since it has little effect, but for bankruptcy or foreclosure, it can depend on all your other debts, late pays and so on
  • Oct 26, 2007, 04:22 AM
    joyceann
    Countrywide. They said they would refinance if the house could appraise for $135,000. It won't

    I worry about my husbands health in this- he is stressed to the max. I don't know what to do I keep getting dueling advice
  • Oct 26, 2007, 03:23 PM
    swapwap
    I would call them and tell them of your situation and see what they have to offer. If they know your going to default, perhaps they will listen to reason. After all they are the ones who cause all this mess in the first place with their sub-prime lending tactics.
  • Oct 26, 2007, 03:26 PM
    joyceann
    I did for over a year. They said they will refinance if house can appraise at $135.00. IT CAN'T

    THEY WON'T

    Thanks for caring
  • Oct 26, 2007, 03:56 PM
    swapwap
    hum. You know appraisals are often all in the eye of the beholder. I have personally received two different appraisals done at the same time, without either of the company's knowing what I was doing and I get a 5% different in value. Might not sound like a lot but when your talking 300k, it was. You don't know what you don't know. Nonetheless, there are lenders out there that will finance for more that 100% of the value. These banks today have a vested interest n working things out with you. The are losing money hand over fist right now. I shutter to think they would not work something out with you. Perhaps you haven't spoken to the right person or department yet.
  • Oct 27, 2007, 05:38 AM
    joyceann
    Thanks for taking the time to write
    Countrywide supplies its own appraiser ONLY

    How curious right?
    Besides as embarrassed as I am to say I have roof leakage- no money to fix and it is growing. I AM TOUGH OUT OF LUCK

    I just need to know which is going to hurt us worse in the long rin
    BANKRUPTCY
    SHORT SALE
    FORECLOSURE


    I must choose one. Mortgage is due on the 1st
  • Oct 27, 2007, 08:35 AM
    swapwap
    Just my opinion/ You need to evaluate your entire financial situation in order to make that decision. Bankruptcy can be done several different ways, possibly allowing you to keep your home if you want it. Foreclosure puts u out on the street. Selling short keep up in debt, even worse than you are now, if it were even possible to sell, then also puts u out on the street.

    You could however go set up a place to rent from while your credit is good(assumed), have a big yard sale, move your things into the place you are moving to, then declare bankruptcy or allow foreclosure. The answer if really a total financial answer rather than just a which is worse.
  • Oct 27, 2007, 01:46 PM
    joyceann
    Wow-


    But tonight I am going to a halloween party

    Thanks all!

    Thebeastwithin.org

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