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Make payment?

Discussion in 'Foreclosure, Repossession, Auctions, Short Sales' started by aapost, Oct 13, 2008.

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  1. aapost

    aapost Law Topic Starter New Member

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    We are in the pre foreclosure process in Las Vegas, Nv. We were told by our modification broker that if we make one payment, the foreclosure process would have to start over again, therefore buying us more time till eviction. We need about 6-8 months, before we can relocate to Washington. Should we file bankrupty? All other debts have been paid on time and more than minimums. We just need more time...
     
  2. presutin

    presutin Moderator

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    Here is what I am not getting: You should be paying your mortgage first not your debts and not more than the minimum!!!

    Mortgage debt is the one that really messes up your credit report and scores if you fall behind. Take a break and redirect the money you are paying for the other debts into your mortgage payment.

    Bankruptcy should be your last option... Seek the help of a credit counselor to see what they can do to work with the other debt you have.
     
  3. aapost

    aapost Law Topic Starter New Member

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    Our home is valued at $200,000 less than we bought it for 1 and a half years ago and any one that knows the market in Las vegas should know that we have not bottomed out. Why would I continue to put 40,000 a year into a home that may not see any equity for at least 7-10 years? Had we had a crystal ball we wouldn't have bought. In the mean time we have other small obligations (maybe $6000).
     
  4. seniorjudge

    seniorjudge Super Moderator

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    Your loan is in default.

    One way to get it out of default is to pay it off.

    Another way is for the lender to foreclose.

    That's it.
     

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