best alternative other than short sale in pre-foreclosure?

Hello there, this is Ritch and newbie to this forum.  I’m living in LA and I’m in pre-foreclosure stage.  Are there any good options for me other than entering in a short sale in order to pay off outstanding debts? Or is it the best alternative as yet?

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Permalink Reply by Satar Naghshineh on April 18, 2012 at 5:39pm

Haha Brian. I like the "keep your home short sale" option.

Permalink Reply by Satar Naghshineh on April 18, 2012 at 5:44pm

Hi Ritch, I also responded to you on the other website.

No one can answer your question without knowing the specifics of your issue. How much credit card debt do you own? how many loans on your home do you have? What are the amounts? How much is the property worth? Is it cheaper to rent? Do you even want to rent? What made you fall behind? Is your hardship temporary? etc...

If LA is Los Angeles, let me know and I can run the numbers and see what you can do.

Permalink Reply by Bill McKinley on April 19, 2012 at 4:11am

Hi Ritch

My first suggestion is that you contact a HUD certified housing counselor. Here in Santa Rosa, CA Catholic Charities has HUD counselors available, may also be true in LA. HUD certified counselors are FREE. I also suggest you contact a bankruptcy attorney just to discuss your options and alternatives. What you may find out is that you can file a Ch 7. or Ch. 13 and then work on getting a loan modification. Your odds of getting loan modification increase dramatically by working with a HUD Counselor. This is what I suggest to my clients and so far it has been successful. 

 

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