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07-05-2006, 08:58 AM
| | Junior Member | | Join Date: Jul 2006
Posts: 4
| | | Where to start??
What is the name of your state? Missouri
Long story short:
We built a house (my first, and probably last because of the situation) and everything ran over budget + getting ripped off by contractors, etc. It all looked good on paper but now we can't make the payments. I know Im screwed in any case but should I just look for a lawyer and let it foreclose? Are there lawyers that specialize in this? |
07-05-2006, 09:11 AM
| | Senior Member | | Join Date: Aug 2005 Location: St. Odo of Cluny Parish
Posts: 28,187
| | Quote: |
Originally Posted by cc_guy What is the name of your state? Missouri
Long story short:
We built a house (my first, and probably last because of the situation) and everything ran over budget + getting ripped off by contractors, etc. It all looked good on paper but now we can't make the payments. I know Im screwed in any case but should I just look for a lawyer and let it foreclose? Are there lawyers that specialize in this? |
List it and sell it at fire sale prices.
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07-05-2006, 09:16 AM
| | Junior Member | | Join Date: Jul 2006
Posts: 4
| | Its actually on the market now. The market is so flat that we have only had 1 person interested. I already dropped the price by $75,000. I'm trying to sell for the value of the loan + agent commision.  We just keep getting in a deeper hole.
Boy, am I learning a tough lesson. |
07-05-2006, 09:20 AM
| | Senior Member | | Join Date: Aug 2005 Location: St. Odo of Cluny Parish
Posts: 28,187
| | Quote: |
Originally Posted by cc_guy Its actually on the market now. The market is so flat that we have only had 1 person interested. I already dropped the price by $75,000. I'm trying to sell for the value of the loan + agent commision. We just keep getting in a deeper hole.
Boy, am I learning a tough lesson. | What county are you in?
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07-05-2006, 09:28 AM
| | Junior Member | | Join Date: Jul 2006
Posts: 4
| | | Im in jefferson county, mo. |
07-05-2006, 10:28 AM
| | Senior Member | | Join Date: Aug 2005 Location: St. Odo of Cluny Parish
Posts: 28,187
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Originally Posted by cc_guy Im in jefferson county, mo. | Yes, that place is grossly overbuilt and the real estate market is in a severe depression.
I don't know how a lawyer could help you but a good real estate agent should be able to.
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07-05-2006, 11:24 AM
| | Junior Member | | Join Date: Jul 2006
Posts: 4
| | | I guess I'm looking at the worst case scenario. We're getting behind on the payments quick and at some point soon if it doesnt sell I'll have to bail out completely. I was asking about a lawyer because I don't know what to do, expect, or ask before we get booted out of there. |
07-05-2006, 11:47 AM
| | Senior Member | | Join Date: Nov 2005 Location: Alabama
Posts: 2,106
| | | At this point all a lawyer can do is help you decide whether bankruptcy is possible or adviseable. | |
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