QUESTION
My wife passed away and I can no longer afford to pay my mortgage, I put my home up for sale, but the bank says, they may start to foreclose.
Asked on Jul 06th, 2014 on Foreclosures - New Jersey
More details to this question:
My wife passed away and I can no longer pay my mortgage, I told the bank that I was putting my home up for sale. I have missed 4 mortgage payments and the bank keeps calling me and telling me that they want to start foreclosure on my home which is only 4 years old. I have it on the market for about 29 days now and not one person has contacted my realitor to look at the house. The bank keeps telling me to lower the price, but I have BAD credit and I need the cash to buy another home. I am afraid that if they foreclose that me and my 19 year old daughter will be homeless. This has been keeping me awake at night, missing work and causing a lot of anxiety. I tried to work with the bank, but they just don't want to hear it. They have gotten out of the residential mortgage business. The bank will get their money, I just need time to sell my house. Is there anything I can do to get the bank off my back ? Any help you can give me would be greatly appreciated. I went with a local small bank.
1 ANSWER
Personal Injury Attorney serving Fall River, MA
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First of all you need to list the house at a price that it will sell for, not the price you need to buy another house. The simple fact is you need to deal with the foreclosure and deal with the as soon as possible. If they start moving on foreclosure proceedings you may always file a chapter 7 bankruptcy, which will stop the foreclosure proceedings and usually give you about six months to a year before the bank forecloses. You do not want the bank to foreclose simply because you wanted to make money off the sale of your house. What you do not want is the house foreclosed upon before you file bankruptcy, because any amount that is owed that did not cover your mortgage will be placed as income for that calendar year on your IRS taxes.
I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options.
Email messages/Online Correspondence are akin to conversations and do not reflect the level of analysis applied to formal legal opinions. Email/Online responses do not form an attorney-client relationship.
Joseph F. Botelho, Esq. BOTELHO LAW GROUP Attorneys At Law http://fallriverbankruptcyattorney.com/ 901 Eastern Ave. Unit 2 Fall River, MA 02723 Office: 888-269-0688 FAX: 877-475-8147
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Answered on Jul 07th, 2014 at 9:24 AM