HELP! Facing Foreclosure In Atlanta
Hey everyone. I am going through a lot right now and wanted to see if anyone had any advice. Heres my situation:
So let me start by saying I am a recent college graduate, 22 years old, and dont know how I should face my problems right now. I was contacted by an associate of mine who said that his cousin in atlanta, ga was looking for investors to help partner up with him on some deals. They made it sound so great, had me speak to others who did it before, etc. Basically I would use my good credit, they would supply the down payment, etc. and we would fix the house up and sell it in a year. I live in NY by the way, and trusting the source it came from, I agreed. I took a trip visited the property. Everything looked ok. They showed me escrow account balances, saying that the payments would be made on time for the year. So im thinking great. And I get $15k at closing? It was too good to be true. Now 6 months later, I am 20k in unsecured debt, a mortgage 4 months due for $135k (they paid the first 2 months) and heading for foreclosure (in default right now), plus a second mortgage that they ran off with for $30k (was supposed to do repairs).
Please help, any advice would be grateful. I was personally thinking of sucking it up and filing for bankruptcy because i dont know how I can get myself out of this hole.
[ Edited by LGNFinancial on Date 03/16/2007 ]
thanks everyone for the answers so far. whats the best way of finding an investor to buy me out? if i can bring the payments current is there another way to handle it?
What are the details for the buy out. What kind of property is it.
Well its an 1100 sq ft home, and its 2bd, 1 bath on Oak Knoll Circle, in Atlanta GA.
Are you the only name on the title and mortgage? If they are on either or both you better get a good GA bulldog attorney.
Jim
Well I am definately worried. Worried about my credit, the rest of financial future, and the possibility that law enforcement would come after me for something I was unaware of. Im not sure what you mean when you say "If they are on you" though. No one is on me yet, the house is in default, but I am trying to save my credit and avoid bankruptcy or foreclosure. Even if I sell it and have to take the loss. I am just looking for solutions. I am just getting started, and trying to climb myself out of this hole I have created for myself.
Hi there. I may be able to help you. I know that area very well and my office is right in the area. Send me an email an we can chat more
oh ok jim, I misunderstood you. Yes I am the sole owner of the property.
my thinking would be that you need to contact your lenders.
Tell them whats going on. tell them that you want to work with them. Then go find yourself a short sale specialist. Do what you can to get that sucker sold.
Is it turn key? Can you do some gureilla(sp?) marketing?
Thanks BARGAIN KING for your two cents
Bargain King is OG at this RE game.
I wish I get half as smart when I am older..26 and counting...
i sit back and read his posts and learn a alot!
I would like another $.02
[quote]
On 2007-03-16 00:33, bargain76 wrote:
learn how to analyze deals and pass on the mediocre ones, latch on to the good ones and devour the great ones.
How do you do this?
I always check at Lowes; want to spend money there, but in our area at least the prices are always higher and the selection poorer than Home Depot or Menards. Prices tend to be best at Menards but quality is generally crap- especially lumber! So most of my business goes to Home Depot- but I always visit all three to compare...
Chris
I never use a debit card for two reasons. 1) if there is fraud, the money is already out of your account. you have to fight to get the money back. 2) my bank sets up the debit card to over draft into a savings, money market, credit card, or another checking account. so they can clear out your primary checking and another account.
I totally agree. I do not know the PIN of any card I have and I would not reust anyone here in the US much more overseas where PINs and cards are concerened after some of the programs I have seen about ATM ripoffs
Check out a site calle the landlord protection agency. They have access to a deadbeat database whenre you can report good and bad info
You can also check out a company called Atenantscreen or any tenant screning service to say if they have that option
HELOC rates are also heavily dependant on the total LTV of all loans that the HELOC will put you at. If this HELOC brings your total LTV to 80% and your credit is decent then no, it is not a good rate. But if it brings your total LTV to 90% or 100%, then yes, it is the best you can expect.
Chris
HELOC rates are based on the LTV (the higher the LTV, the higher the rate) but it is also based on the amount of the loan. Loans under $35k have a higher rate than $35-$75k. So the best HELOC rate will be have a low LTV and a high line of credit. Being NOO doesnt help either but this would mean that you probably are going full-doc.