NEED HELP!!!! WHAT SHOULD WE DO!!!

NEW -> Contingent Buyer Assistance Program
[quote author="redline" date=1235604706][quote author="Fvo2" date=1235556588]The only reason I would still want to keep the house because it is our HOME, this is for sentimental values.</blockquote>


Being sentimental can be very costly and typically clouds judgment when trying to make sound financial choices. As for the $75K, that's if you can get someone to consider buying the house at your price correct? Anyhow, good luck.</blockquote>


True, but she did buy back in 2002, so even in this current market, her making some money off this is possible. Look at IPO's charts, a good number of the homes bought in early 2000 are being sold at a price higher than the owner paid. Not everyone is loosing their underwear in this market, relatively speaking.
 
[quote author="JLegend" date=1235641160][quote author="redline" date=1235604706][quote author="Fvo2" date=1235556588]The only reason I would still want to keep the house because it is our HOME, this is for sentimental values.</blockquote>


Being sentimental can be very costly and typically clouds judgment when trying to make sound financial choices. As for the $75K, that's if you can get someone to consider buying the house at your price correct? Anyhow, good luck.</blockquote>


True, but she did buy back in 2002, so even in this current market, her making some money off this is possible. Look at IPO's charts, a good number of the homes bought in early 2000 are being sold at a price higher than the owner paid. Not everyone is loosing their underwear in this market, relatively speaking.</blockquote>


That's what i was thinking too, but she/he better get out quick!
 
[quote author="redline" date=1235604706][quote author="Fvo2" date=1235556588]The only reason I would still want to keep the house because it is our HOME, this is for sentimental values.</blockquote>


Being sentimental can be very costly and typically clouds judgment when trying to make sound financial choices. As for the $75K, that's if you can get someone to consider buying the house at your price correct? Anyhow, good luck.</blockquote>


$75k is the maximum homestead exemption in bankrutpcy, you could get less, or nothing, depending how much the house sells for. For example, if the sale price, less mortgages, less other liens, less cost of sale, is a positive number, the debtor can keep that amount up to $75k. Based on when this house was purchased, it is likely that seller could get the enitre $75k, unless there are some huge HELOC's on the property.
 
Glad to hear that you sought out help and got some information. Just remember that it doesn't stop there. Do your due diligence and make sure that your plan meets your needs. There are pros and cons to every decision you make in this sort of situation, so do your best to make sure you understand the those pros and cons.



Good luck and I wish you the best
 
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