Need suggestions

Just found this forum, thought Id see what it has to offer. Here's my situation:

House in foreclosure- we don't live in it anymore, dont care if the bank takes it, would prefer not to have it anymore
Chase CC, Sears CC, Misc. Credit equals roughly $10-12K.

Id like to avoid bankruptcy as would everyone else, what are my best options? I read that 99% of debt consolidation companies are a crock of S. Please help!

You can contact a real estate agent and ask if they can work a short sale on your home. This is where the lender will agree to a sale below what you owe rather than taking back a property in a flat market.
You can also aply on this site for a free consultation and you will be contacted by a consolidation professional that will help you with no obligation. You may have signed up for that already. If not go to the side bar and click the free consultation link. No they are not a crock! There is a ranking chart above with feedbacks. Good Luck.

Call Chase and ask for a short sale or a real estate agent?

The real estate agent can arrange that with Chase. I had it done when I was going into foreclosure. We sold the house below market value to move it and satisfied all but 5000.00 of the loan. The balance was spread out over ten years by a separate company arranged by the mortgage company. No foreclosure on your credit record is a good thing.

I called an investor friend of mine he's going to appraise the home and see if he can find someone to buy it. Wouldnt a real estate agent want commission and closing costs and everything?

Ffrog--that's good info to know!! I didn't know you could do that, then pay it out over the years--wish I had known that years ago!!..Thanks..KAren

I am still paying that! Its a pain but it kept me out of watching the auction sign go up!
Yes the real easte agent would want a commission but that is built into the sale. Closing costs are different from state to state.

Well I got a free credit report and it appears one of the CC cards has been charged off. Anything I can do about that or should I let that ride? The bank took my car and said I owe whatever they cant get out of it from a sale so theres nothing I can do about that now right? So I actually only have about $5800 in debt. Should I still go through this debt consolidation company shown on the right of this page?

I did a short sale in October when we were facing foreclosure. I did not sign anything to pay the difference and I was short THOUSANDS! My lender tried to get me to sign all kinds of stuff-promissory notes,etc. for the "forgiven" amount. I figured I couldn't dig myself into a deeper hole so I signed nothing. I went to closing with nada-I paid nada and was rather shocked they paid my realtor (who did JACK and did not even show up to closing) his full commision as well as the buyers agent. It can be done. Oh-and they credited the buyers 10k for "repairs". Whatever-it is over, I didn't get my stuff thrown out on the street. It was stressful, it was hard but it is over with and it is a great feeling. We will see what happens when I get my fat 1099 I was promised.

Short sales save you from foreclosure if you can just get someone to put in an offer on the house. My house sold wayyyy below what it was appraised at not including realtor fees, closing costs and all the other junk they throw in there. If you can go that route-give it a try.

Ensure Chase has 3rd party authorization to speak to your realtor.

That guest post was me....

Well my wife just told me the bank foreclosed on the house today so even if we had someone that wanted to buy it were SOL, right? I think we're better off filing chapter 13 so they cant come after us for the differance of what we owe and what they sell it for.

Every lawyer I talk to (even on here) says bankruptcy costs $1500. Anyone able to do it cheaper?

Sorry to hear that they foreclosed on your house. Well, we walked away from our short sale with 90k in cc debt and 2 car payments. We were short at least 50k on the sale of our house even though we did a short sale.

JP Morgan Chase was the bank that owned my loan even though I always thought it was GMAC/Homecomings(Chase was never on any of my paperwork until the end). They will come after you for the difference. They tried to get me to sign all kinds of things but I chose to get a 1099 for the forgiven amount. Haven't gotten it yet but...

Since I didn't go thru an actual foreclosure-things are a little different in your situation. I would contact an attorney and see what your options are. Since they just foreclosed-maybe there is still something you can do. See what they say.

Yes, that sounds ballpark for attorneys fees but you can always speak to one for free.

Keep your head up. Things seem rough right now but remember...you are not the only one going thru all this. Have you seen the news lately? Wow it is crazy out there right now. Things gotta get better. They have to!

mbanks-What state are you in? There is a redemption period in some states that give you more time before the foreclosure is final! Which can give you time to find a buyer....

Yes-that is what it is called..redemption period. Thanks volleyball mom! I could not think of it. There may still be time.

I know you said you really don't care to save the house but you may be able to keep a foreclosure off your report if you could short sell it.