Sat, Jul 04, 2009
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Ways To Slow Down Or Stop The Foreclosure Process? |
JohnCl
352 Posts
Member Since: 01/12/2004
Duluth, GA
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Posted: 21:02 on 03-07-2004
Does anyone know of any ways to slow down or stop the foreclosure process to get more time?
JohnCl
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dym
5 Posts
Member Since: 03/07/2004
Chandler, AZ
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Posted: 21:26 on 03-07-2004
Ask for a loan modification (will probably require a payment w/in the past 60 days and the account probably needs to be atleast a year old). Have them snail mail the info, spend a week or two reviewing it, then snail mail it back. It'll be denied, of course, but it soaks an extra month.
Then do the same thing requesting a forebearance.
Then file for Chapter 11 (or 13, the non-corporate one, definitely not 7). Sit on it for under 60 days, then re-tract it. (not the actual term, but should give an idea of what it entails).
None of this is to be taken as legal advice. It might work for you, it might not, but those are options.
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falkwillis
57 Posts
Member Since: 04/02/2003
Brooklyn, NY
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Posted: 21:55 on 03-07-2004
If owner files bk13 just to stop the sale and then pulls it out again after a couple of weeks (days), sorry, don't know correct term, does that affect his CREDIT as a regular BK, or not at all (if he was only in BK 14 days, let's say, do the agencies already pick it up??).
Thanks!
Falk
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KevinIL
64 Posts
Member Since: 08/19/2003
Rockford, IL
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Posted: 22:13 on 03-07-2004
yes, filing BK shows up on the credit report. However it will show as dismissed instead of completed.
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falkwillis
57 Posts
Member Since: 04/02/2003
Brooklyn, NY
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Posted: 10:18 on 03-08-2004
So, is a dismissed (after 3 weeks) bk already messing up their credit up for the next 7-10 years?
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KevinIL
64 Posts
Member Since: 08/19/2003
Rockford, IL
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Posted: 17:20 on 03-08-2004
It would be a negative entry but not nearly on the order of magnitude of a completed BK.
Also, even though a BK stays on your credit report for 7 yrs you can still get credit usually within 2 yrs of the discharge. You'll pay higher interest rates for the privilege though.
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falkwillis
57 Posts
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Brooklyn, NY
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Posted: 20:29 on 03-08-2004
Thanks, Kevin!
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