Gravity357 Posted November 2, 2007 Report Share Posted November 2, 2007 So my dreams of repairing my credit have died. I was notified that the sale of my house in Tennessee fell thru because the the guy didn't qualify for financing. The realtor said that the real estate martket is weak right now (I wish I could make 6% for having that small of a brain) and there were no prospects on the house. The lenders , Litton and Ocwen, Ocwen shows repossed/foreclosed on my credit report and Litton is showing 120 days late. Now this place called United Mortgage are calling me, so I'm assuming they bought the loan from Litton. My question to all the smart people here are should I look into Bankruptcy to hold off the chance for having a default judgement brought against me? If anyone has had dealings with these companys your insight would be much apreciated. Should I worry about a deficiency judgement? Link to comment Share on other sites More sharing options...
Ahntara Posted November 2, 2007 Report Share Posted November 2, 2007 If you are facing the foreclosure process and the RE market is too flat for a sale, you may wish to consider turning over your Deed in Lieu of Foreclosure, or bankruptcy. Your credit is trashed, but at least you avoid any legal action (either voluntary or involuntary).As far as BK; do you have other assets to protect, another house maybe? Link to comment Share on other sites More sharing options...
utsava777 Posted November 2, 2007 Report Share Posted November 2, 2007 Regarding judgement: it depends, how can they collect the money? They can collect the money if they know your exact bank account number, they can get that from a check, so it is time to change it. Then, they may know where you work...if not, you are fine, if there is nothing to get and they don't know where to go, they may not even get a judgement, and if they do, don't worry about it, except you worry about credit.If you worry about it you can eather file bankrupsy. So then you don't get the collection calls. Or you can hire an attorney to eliminate your debt. I found these people out of Houston, they ELIMINATE the debt, and that is much better, than debt consolidation etc. It costs you about 10% of the amount. But why pay even those attorneys?If you don't have to worry where to collect the judgement, the good news is, that if you don't do anything, and stop paying those bastards, you have MONEY.Just keep it and don't mess with the credit world again, you have money now, and don't need them anyhow to ripp you off againxangelx:)++ Link to comment Share on other sites More sharing options...
Gravity357 Posted November 3, 2007 Author Report Share Posted November 3, 2007 Thanks for the answers. Link to comment Share on other sites More sharing options...
AntiPlastic Posted November 5, 2007 Report Share Posted November 5, 2007 I'm not near knowledgeable enough to help you, but my friend Kris has a site with a lot if infohttp://www.ethical-foreclosure-solutions.com/Much like this forum, info alone is a start Link to comment Share on other sites More sharing options...
robynhgl Posted November 7, 2007 Report Share Posted November 7, 2007 Try calling a good FHA lender. Right now they are helping out people like you who are having problems with their current mortgages. From what I've been told they are refinancing a lot of those types of loans. They even shut down loans for people who want to buy distressed properties so that they can focus more on people who have mortgage problems and need assistance now. Link to comment Share on other sites More sharing options...
firstsource Posted November 13, 2007 Report Share Posted November 13, 2007 If you can show that your late payments on your home started when an ARM started to adjust, then the FHA SECURE loan could be a wonderful solution for you. If you fit this scenerio, then DO NOT FILE BK, as that will kill your chances.Charles Link to comment Share on other sites More sharing options...
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