We have in the process of loosing everything after 45 years of working. Our real estate ventures in AZ plunged us in to a financial crisis when the market crashed. We continued to throw money at all the properties thinking & hoping the market would come back which it has not.
Fast forward — now we are faced with foreclosure, personal & corporate bankruptcy. At or ages (65+) this is not something we planned to face. Up until 6 years ago our credit was spotless, we were making a very good living & very little debt. The economy and real estate crash has devastated us.
Besides loosing a great deal of money on real estate investments, my business (sales in insurance) decreased by 70% due to the economy (my specialty was construction therefore most of my clients filed bankruptcy). That along with pumping money into our real estate to keep us afloat drained our resources and at the end of the day lost all our assets and are in foreclosure with our current (& last) house along with considering bankruptcy.
We were approached by a law firm to sue our lender for “preadatory loan”. Back in October feeling desperate we went forward & sent money to the law firm. After some research and no results from this “supposed lawsuit” our house is in foreclosure & we have several people trying to get us to short sale. #1. Would you have any insight into mbs litigation; #2. Would it be better to pursue short sale than go through foreclosure; #3 Will bankruptcy stop or delay foreclosure? #4 Judgements have been filed for the defaulted real estate & creditors. Can you offer any insight and/or recommendations.
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.We Are 65+. Our Business and Personal Real Estate Investments Have Tanked. What Should We Do? - Lou by Steve Rhode