Hi group!
Here is our situation. Any responses will be greatly appreciated.

We bought a home two years ago. Now we need to sell it before the end of
the year. We had it on the market since March, the asking price is
enough to cover the loan, we wont be making any money on the sell of the
house. So far no takers. We live in Denver and the Real State market has
gone flat in the past year.
If the house does not sell by November it may have to go into
foreclosure. If this happens we are contemplating BK since our credit
will be ruin by the foreclosure.
My husband is military retired and gets a military pension, I have being
on disability for the past 3 years due to cancer and multiple surgeries.
We are moving out of state due to health problems, we are in our late
50s and can not afford to put off the move until the house sells. Any
opinions on this?

Thanks in advance...D & S

There's really no way to advise you without a detailed review of
your finaicial situation; the information you provide just isn't
enough for this.

I *strongly* recommend speaking with an experienced consumer
bankruptcy attorney. He or she can obtain this information and
let you know how your should proceed.

--
Brett

************************************************** ***************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* lawyer@erols.com *
* http://www.erols.com/lawyer *
* *
* Small Business Estates & Estate Planning *
************************************************** ***************

The Small Print: This response is for discussion purposes only.
It isn't meant to be legal advice and you shouldn't treat it as
such. If you want legal advice, speak with a local lawyer
familiar with your state's laws who can review *all* of the facts
and the law applicable to your situation.
************************************************** ***************


<dorski55@webtv.net> wrote in message
news:11883-3F2D83A3-16@storefull-2157.public.lawson.webtv.net... Hi group! Here is our situation. Any responses will be greatly
appreciated. We bought a home two years ago. Now we need to sell it before
the end of the year. We had it on the market since March, the asking
price is enough to cover the loan, we wont be making any money on the
sell of the house. So far no takers. We live in Denver and the Real State
market has gone flat in the past year. If the house does not sell by November it may have to go into foreclosure. If this happens we are contemplating BK since our
credit will be ruin by the foreclosure. My husband is military retired and gets a military pension, I
have being on disability for the past 3 years due to cancer and multiple
surgeries. We are moving out of state due to health problems, we are in
our late 50s and can not afford to put off the move until the house
sells. Any opinions on this? Thanks in advance...D & S

The real estate market is really hot in most parts of the country these
days, especially the last 6 months. So, it's hard to understand why a house
you bought 2 years ago won't sell for the balance on the mortgage. If you
have it listed through a realtor, that could be the problem because the
amount you would get after paying realtor commissions might be less than the
balance on the mortgage. Another problem could be if the house is in a
"problem neighborhood", but even those properties haven't gone down in value
over the past 2 years. You could try renting the house with an option to
buy, or just a straight rental. The idea would be to get enough in rent to
cover your mortgage and expenses. You would then be able to get some tax
advantages from the rental, but more important would be that it could buy
you some time to avoid bankruptcy. Since you are moving out of state, you
should probably use a realtor to obtain the tenant, collect the rents, and
manage the property on your behalf. Just don't allow a clause in the
agreement that gives them a sales commission if the tenant buys the property
in the future. If problems occur and you end up losing money on the deal,
you might end up still having to file bankruptcy, but it's worth a try. If
you are really lucky, get a good tenant, and the property values go up, you
will come out ahead.

Also, without giving out your address, you might want to post the type of
house, asking price, and general location (like nearby cross streets). Who
knows, maybe someone here will know of a buyer. If I lived anywhere near
Denver, I'd ask you more details about it (off line) because deals like
yours can turn out to be good for real estate investors. But, I'm too far
away for that to make any sense.

Good luck.

<dorski55@webtv.net> wrote in message
news:11883-3F2D83A3-16@storefull-2157.public.lawson.webtv.net... Hi group! Here is our situation. Any responses will be greatly appreciated. We bought a home two years ago. Now we need to sell it before the end of the year. We had it on the market since March, the asking price is enough to cover the loan, we wont be making any money on the sell of the house. So far no takers. We live in Denver and the Real State market has gone flat in the past year. If the house does not sell by November it may have to go into foreclosure. If this happens we are contemplating BK since our credit will be ruin by the foreclosure. My husband is military retired and gets a military pension, I have being on disability for the past 3 years due to cancer and multiple surgeries. We are moving out of state due to health problems, we are in our late 50s and can not afford to put off the move until the house sells. Any opinions on this? Thanks in advance...D & S