Notice Of Sale? July 23
And now the monent we've all been waiting for, the notice from the county trustee that this propority will be auctioned on July 23 at 10:00. I spoke with the trustee a short while ago, and she said in this area most homes don't get bid on, they just go back to the bank? My question for today, at this point would selling the house do any good? Seeing as how I am 7 months behind in house and CC payments? Besides saving me the BK fees of course. I guessing my credit rating is already history. Another question, do counties set a minuim bids? What happens if somebody low balls?
Do you owe more on the house then it is worth? If so and you do sell it, would you have to make up the difference between your mortgage balance and what you realized from the sale? Remember there are fees that must be paid in selling a home, so you should factor those costs in as well. And if houses in your area aren't selling, the time element may come into play here. We gave up our house in the BK 7 because we owed much more then it was worth. Were you attempting to keep it but now decided not to? It sounds like even if you sold it (and it may be too late for that) you would have to make up so much in arrears it might not be feasible anyway. And what about back taxes? A lot to think about. Another question: were you getting notices from the lender telling you that if you made up the arrears you would be OK? I've heard that foreclosures look worse on a credit report then "included in BK", but at a certain point it probably doesn't matter since the credit has taken such a bashing. You might just want to roll with the punches and then concentrate on re-building your credit. When your discharge is through, you will feel a great sense of relief.
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