What Can I Do?
The first lien holder on my home began the foreclosure process over the summer. I found an investor who wants to buy the home and has been in the short sale process with both lenders since September.
The first lien holder said two weeks ago that they would accept the short sale if the 2nd lien holder issued a release of mortgage.
The 2nd lien holder has been very hard to deal with and non responsive. Today, I get a letter in the mail stating that they sold the mortgage. I have less than 30 days for the sale date. Is there anything that I can do at this point? Is it too late for me to file Bankruptcy
Thanks for the comments. First, let me say that the property has no equity. I just spoke to the new mortgage holder and they asked that I submit a short sale package via fax today and they will reponsed in 24-48 hours. I have already moved out of the home beacuse it needs alot of repairs that I cannot afford. I was considering chapter 7 at this point because I thought it would be better for my credit than having a foreclosure.
There is a lender that will do a foreclosure bailout if you have enough equity in your home. They will do it at 65% LTV. Do you have equity in your house to get you caught up and payoff your 2 lien holders?
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My home has no equity