Where to start??

[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?

 

[seniorjudge]

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.

 

[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.

 

[seniorjudge]

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?

 

[cc_guy]

Im in jefferson county, mo.

 

[seniorjudge]

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.

 

[cc_guy]

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.

 

[weenor]

At this point all a lawyer can do is help you decide whether bankruptcy is possible or adviseable.