BK - Foreclosure
House purchased in 1997, BK filed in 1999. The BK was never completed, dropped by courts after 18 months. Bank allowed loan to be restructured in a forebarance agreement. Bank sold the loan to GMAC, now they are wanting to foreclose on the home - stating that the loan is in default? Home is worth 127k fmv, about 101k left on the loan. What can be done to save this home owners home? They want to stay in the home. This is in the state of Illinois. The new bank GMAC has the loan in about 18k delinquencies including taxes and penalties. Any suggestions? Thanks.
Chubby, I would consult a lawyer and go from there. Let me know how it goes. Good luck
PEJames is almost K-Rekt!!!
By consulting an Atty the Homeowners can redo or re-open the Ch 13 BK.
considering their ability to pay 150% to 200% of the ARREARS: This would prolong their frustration and give them a few months B4 losing the home at auction!
Sounds like they need to either:
SELL their Home QUICKLY to obtain some of their equity and get time to transition into decent & affordable living arrangements
or if they can afford payments and are interest in sharing Equity then ...
BRING IN PRIVATE INVESTOR + insure your own: (Finder's Fee or Equity split)
PM me I maybe interested in reviewing this deal with you!
Derrick Ali