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What Are Our Options?

Due to a lawsuit, we have been forced into a chapter 7, and our home has been foreclosed on. We tried a chapter 13, but couldn't meet the repayment terms. 
Our home is going to auction in 2 weeks; what options do we have as far as getting in to a new home? 
Thank you
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April 28 - Des Plaines
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Answers (6)

Well if you want a mortgage you will have to sit through a waiting period once the foreclosure and bankruptcy are finalized. You will also need to have rebuilt credit. The waiting period can last a few years for your situation. So you will not have many options unless you pay cash. The best thing for you to do is to speak with a knowledgeable lender to see if you can get started on refinancing. If you need additional assistance, feel free to reach out. Good luck!
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April 29
Sorry to hear about your situation.  You should compile a few months rent money because you will have to double down on the security deposit or pay 3-6 months in advance.  You may also require a co-signer.  For other people in a similar situation you may want to consider a short sale.  Often times it slows and a sale avoids the foreclosure altogehter. 
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April 29
The foreclosure process takes a year or longer. You waited too long to try to do something. You could have done a short sale and diminished the damage to your credit. Too late now
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April 29
Sadly, you must wait until time diminishes the foreclosure.  Take this time to work on your credit and budgeting.  I wish you the best of luck.
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April 28
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Julie,
Your options will be few if any for about 5 to 7 years from when the foreclosures or BK (whichever is last) is completed.  Don't get fooled into some schemes that sound good but in reality aren't.  Find an inexpensive rental and rebuild your life and credit.  I'm sorry for what you're going through and that I'm being blunt. 

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April 28
Not so many options right now, unfortunately. Plan to rent at this point, or contact your lender to see if this can be postponed and perhaps a modification can be done. I hope you have been in touch with your lender regarding your options. I don't know if you are in Des Plaines, Illinois but if you are, and there are court dates that you have been notified of, by all means GO to the court date. You can delay the proceedings if you simply respond to the court summons in person. I think you may be beyond that window of opportunity.

Assuming this does not work and you will be losing your home to foreclosure shortly, you will need to wait a minimum of 3 years before buying again. Rent, get your credit back in shape, and whatever you do - do not make any late payments going forward.
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April 28
 
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