foreclosure

I'm saying...

....that it might be in ones interest to get the right folks to help them when faced with financial hardships. A good accountant and a good attorney would be my guess.

 

You couldn't make a sub shop work on a college campus?

 

Nope....

.....and McDonalds closed, Starbucks closed, the bookstore closed, the pizza joint..brothers and two guys, in business for 40 yrs, closed, eckerd drugs closed,.......what happened is the student housing migrated to the west side of campus, the basketball arena was replaced by the RBC arena off campus, and there is no parking. so if you don't make ends meet while the kids are on campus, lunch, then you're done. add to that, summer break, spring break, Christmas break......it sucked. Lastly, even if all of the demographics above were not the case, I was the owner, and the chump who was being ripped off from everyone, be it my employees to the vendors. Hard lesson to learn. Dukey/marlin.

 

after reading this thread, i feel even more sick to my stomach.

 

Could you explain the process to me. My mom and her husband are losing their house and i know there are things she's not telling me. I've already caught them both in lies. They are either bs'ing themselves or just think i'm gonna believe that they can just leave their house and just wash their hands of it.

 

just think i'm gonna believe that they can just leave their house and just wash their hands of it.


basically they can

 

Wouldnt the lender go after bank accounts, try to garnish wages, place lien's on anything they may own, etc?

 

aren't they gonna be responsible for all the money they owe on the house? arent' their fines and penalties?

 

jbg, they should try to sell it instead of just walking away. If the mortgage company takes it back, they will sell it for very little to get rid of it and then chase after them for the difference. For example, let's say it is a 200K home and they owe 175K on it. The bank wants to get it off their balance sheet so they will let it go to the courthouse steps where more than likely it either won't get sold or it will get sold with a huge discount because at the courthouse steps, you have to pay in cash and nobody is paying anywhere near full price in cash at the steps. So, let's say it gets sold for 125K. The difference in what they owe and what the bank got is 50K. The bank will chase them for it which will leave them with a terrible debt or push them into bankruptcy which isn't such a good idea either. By chasing them, they will eventually sue and can garnish wages, place lien's on anything they own (including their estate if they die), etc.

A better option is get that sucker on the market, get an offer for it and even if the offer is only for 150K, take that to the bank to see if they will do a short sell (WITHOUT RECOURSE) on it. And, be up in their face about it. Use the leverage of bankruptcy to get them to agree to it. Just make sure your realtor can show them that 150K is the true market value and that's all they could ever expect to get if they took the house themselves. Short sell without recourse (meaning the bank won't chase them) is vastly better long-term for them than a foreclosure or a bankruptcy. For that matter, it truly is better for the bank as that is what the house is truly worth currently and they likely aren't going to get more than that at the steps or by taking the house back.

 

pretty sure banks cant just take anything you own. (stuff in your house, cars etc)