Foreclosure

questions & answers

Question: Last year we fell behind on our home payments. We tried to work with the lender for months, Instead they set a foreclosure date. We only owe $265,000 plus the arrears on our home which is now appraising at $422k. We were forced to file Ch. 13 in order to stop the foreclosure and save our equity. My spouse now has a high income job offer out of state. We want to rent out our home instead of selling & dismiss the BK but still owe over $18k in arrears. With our bad credit due to the BK, what are our options for getting a loan to pay the arrears? Our home will rent for $2800 and our payment is 2k.

Answer: This is a very complicated legal and financial situation that you should discuss in detail with an attorney. There are links to free and low-cost legal services on this website (at http://www.azlawhelp.org/accessToJustice) and the LegalLEARN Helpline toll-free telephone number is 1-866-637-5341.

QUESTIONS

  • Last year we fell behind on our home payments. We tried to work with the lender for months, Instead they set a foreclosure date. We only owe $265,000 plus the arrears on our home which is now appraising at $422k. We were forced to file Ch. 13 in order to stop the foreclosure and save our equity. My spouse now has a high income job offer out of state. We want to rent out our home instead of selling & dismiss the BK but still owe over $18k in arrears. With our bad credit due to the BK, what are our options for getting a loan to pay the arrears? Our home will rent for $2800 and our payment is 2k.

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