My mother-in-law’s situation:

1) 72 years old. Single. 40 year old deadbeat son living in her spare bedroom.
2) Owns home with 0K loan balance on a realistic value of K. No other debt.
3) Her total income(social security + small pension) is about equal to her fixed costs (mortgage, tax, insurance, utilities)
4) She has been draining her small savings to pay for food, emergency repairs, uncovered medical expenses. That balance is approaching zero.
5) No assets other than household goods and an old car.

Desired outcome:
1) Get out of house and rent small apt with no room for son, lower rent, vs mortgage payment, close to daughter.
2) Get rid of car.
3) No need for decent credit other than to get apartment lease started. She’s never going to buy anything that would require credit.

Bottom line is she needs to lower her monthly fixed costs, get rid of parasitic son and move closer to my wife and I for logistical and financial help.

So my question is does she really need to declare Chapter 7 or can she just do a foreclosure and walk away? I believe a simple foreclosure is the best thing for her; simpler and less stress. Any other thoughts and things she needs to consider?

I’m looking at this as a simple process: 1) Rent apartment and start utilities. 2) Move. 3) Stop paying mortgage. 4) Deal with bank on foreclosure but I don’t really know what she has to lose by just ignoring them.

Thanks.

My other house went to foreclosure and now the mortgage insurance company is suing me for 0,000. I don’t want to file for bankruptcy, but do I have to?

I have a homestead on my home. I’m retired and living on a pension and barely make ends meet (I know I will have to find a part-time job soon after the little bit of cash I have runs out). I don’t have anymore money in the bank except for my pension, no stocks, I took money from my life insurance policy which I already spent, no other properties, no jewelry, and I drive a 17-year old car. I do have money in my 401k and IRA, which people tell me they cannot touch. I know I can’t go to jail. What can they take from me or do to me, legally? Any advice is very much appreciated. Thanks.

My grandparents are retired, they get their SSA checks every month, and food stamps. Currently what they receive is enough to pay for bills, mortgage, credit cards, and other expenditures; in other words, the income they receive is enough to get them by. Over the last couple of months they’ve been thinking about leaving their house for good. They refinanced the two mortgages they had on the home mid-2010 and were able to avoid doing this for a while. As I’ve mentioned before, they are not running short on money. Eventually they made up their minds and decided to leave the house once and for all to live with their son who offered them a place to live. There are several reasons for this decision and I feel that they are not relevant to what I’m asking.

My questions are these:

- What will happen to the house once they are gone and stop paying the mortgage? I will assume that foreclosure will inevitably happen, but what concerns me is that they are not physically there to answer any questions or to meet with anyone or reply to any letters/phone calls. I want to know if there is a special kind of foreclosure that deals with cases like these.

- Can it affect them legally in any way?

- Who will take possession of the property?

- From some research I did online on bankruptcy it became obvious that they were not suited to receive the discharge since their financial situation is relatively stable, but I want to know if this could be an option to relieve them of their home and other debts without having to just quit living in their home.

By the way, the property is in Clayton County, GA.

I bought my home in 2006 and put down $ 100k, yes its 20% down for a $ 500k house. I have put in another $ 50k in upgrades and remodel. Fast forward to 2009, laid off, no income I resort to using my credit card to pay my mortgage while my house was being listed by my realtor. 6 months went by, then a year, the house remained unsold. I’m up to my limit in credit card debt, thinking to sell the house for $ 350k, which will give me approx. $ 50k to pay my credit cards. Year and a half later, house is in foreclosure; credit card at max limit. No job, no car (sold it to pay credit card debt), ..and now living like a deadbeat.

Credit card companies still call and say "hello". Same story told to them over and over, no income, no job, no money etc. They "understand". Then they sell the debt to collection agency, same thing again. I told them my story..and they don’t care. "When are you gona pay?" I say with what? I can sell my t-shirt and underwear, but that might be worth 25 cents. What good will it do? So now, they are suing me in court. Went there and told the same story…judgment for the plaintiff. Okay, now they want to garnish my wage…but I don’t got no job. They want to freeze my bank acct…I have none. They want to..probably kick my ass..that they can definitely do..but that would hurt them, because if I get hurt and sue, they probably owe me money.

So here is my dilema, should I file Bankruptcy ..as there are other creditor waiting in line to sue me. Or should I go to court and and plea guilty but have no way to pay?

Yeah, I know..I’m a deadbeat, but I don’t blame my misfortune on no one except myself. Lost my life savings and people are laughing at me. What a cruel world this is. To file BK or not to file BK? If I do, I will have a fresh start says a friend. If I don’t, my friend says that the creditors will put my balance on my credit report, and renew it every 7 years…meaning that I can call the credit reporting agency to remove it, but they have a right and probably will repost my balance…as nothing had been collected. Is this true? I thought a negative item must be removed after 7 years, but it could be put back in and stay for another 7 years?? Please help. Thanks in advance.

My HOA’s Attorney raked up excessive unjustified fees on me for their own personal gain. I was late paying my HOA fees initially and willing paid the stated late fees along with my HOA dues. However, the Attorney collecting these fees does not accept credit card payments over the phone or online, etc. Therefore, I mailed the amount owed. To my surprise, I later received another letter indicating I owed another 0 for late fees. I ignored this notice b/c I thought that they probably didn’t input my payment in their system prior to the letter going out. So I received another letter stating I owed the 0 plus additional fees, and so on. Basically, each time I paid the stated late fees via mail, the Attorney claimed my payment didn’t arrive on time to their Office, and therefore I owed additional late fees.

In addition, all of my payments were applied towards Attorney late fees rather than my HOA dues. My dues were only 0 per year, but within that year I paid over 0 in additional fees that were never applied towards the full amount owed to my HOA. The Attorney continued to take their money off the top and say that I still owed a balance towards my HOA dues. As a result, I stopped paying b/c I felt I was being ripped off and the fees continued to increase. They ended up suing me for the amount they claimed I owed along with more Attorney fees and court cost.

Since I mistakenly missed the initial court date, when I showed up for the second court date where they filed a judgment against me, they won simply b/c I missed the initial court date. Now they are garnishing my bank account for the amount owed from the judgment.

Currently, I’m unemployed and my home is in foreclosure. I recently filed chapter 7 bankruptcy to stop the sale of my home so I can have time to secure a job and work out a modification on my home loan and get it out of foreclosure. I have not had the meeting of creditor’s as of yet. Can I discharge the past due HOA fees from the judgment/garnishment? I am willing to pay the past due HOA fees I accumulated after the garnishment since I intend on keeping my property. Also, I live in Georgia. Thanks for your answers.

I’ll make this quick. Do to some circumstances my wife and I fell behind on our mortgage. Our lender is countrywide. We have a 100% financed sub-prime loan with an 80/20 ARM and prepayment penalty. (A piece of trash loan I know, we know better now) Also there is another Lender…Franklin Credit which makes up the 20…We filed for bankruptcy in 2006 and have been making payments for two years now…due to the economy and a few unfortunate illnesses we were not able to stay current on our chapter 13 payments…so there was a motion filed by our trustee to close the bankruptcy unless we could become current by a certain time…..

When we contacted our lawyer he told us that we had three options…
1.bring the payments current(9,000.00) of course we don’t have that…
2.Let the bankruptcy go and hang on until foreclosure on our house starts then try to start another chapter 13….
3.Modify our current bankruptcy and pay them a fee to file this motion…go get chastised by a judge…and make our payments higher.
Oh I guess there were four options…4.convert to chapter 7….

At the time the bankruptcy was initiated there were no problems in making the payments….but then the bottom fell out…I am in transportation….my overtime was cut to 0….my wife has had a significant reduction in hours and I had a surgery that kept me out of work for two months…all of this has led to the fall behind…..

Ok so I have two questions relating to this situation…..

1. Can/Should I try to refinance the loans during the bankruptcy…The mortgage payments are made through the trustee….but we still get statements from countrywide….our current statement is 3000.00 a month UNBELIEVABLE…..If we can’t refinance there is no way we can afford this ridiculous arm after the bankruptcy…

2.Will president Obamas new plan help us during bankruptcy…we don’t know what to do…stay here pumping money into bk13 that was primarily done to save our home that we may not be able to keep after the bk….or convert to chapter 7…let it all go…uproot our family and start over…or possibly get some help from Obamas new plan.

We need guidance…we are good people with good jobs…good family…and good morals…we were admittantly irresponsible in money management…we own our part and we have drastically changed our lifestyle….but we were also taken advantage of as first time homebuyers so we want them to own thier part as well….

Please anyone who can give advice on my situtaion would be greatly appreciated…please don’t soilicit us…we are in trouble…our family is in trouble as many others…we need good soild,honest advice to get back on track…..Thank You.

My parents filed for chapter 13, and they’re still paying the entire amount on their home, minus interest. The lawyer said they would not lose their home in this case, but a friend of ours was on a foreclosure website and found their home on there with the bankruptcy lawyers information as a contact.

Can lawyers put your house on those sites 1, without your permission or knowledge, and 2, is that legal? what can be done?

If house is in foreclosure plus have a 2nd house. 1st mortgage and line of credit 2nd are current on one house, two mortgages on foreclosed house are behind, plus there’s a credit card in collections. Which bk is best option, in CA?
What is a super?

I am facing bankruptcy. Can someone share their experience with me privately? djspocket@yahoo.com

I am scared to death. We are seriously considering filing Chapter 13. Will our credit card company just cut off our cards? They have already lowered our credit limit from ,000 to 0 a month due to a foreclosure. I have not been able to find a job in the real estate industry which I believe is due to this foreclosure.

for then i had to i had to file bankruptcy chapter 13. at the time i was unable to pay for the heath insurance. and has equity in my home and now if i dont pay the fee in the chapter 13 they can dismiss and foreclosure. and after the bypass i also went into depression and now i OK but its to late and i have let myself have bad bad credit what can due. i need some ideas so i dont go live on the streets help

My GF has a few accounts that have went into collections. Accounts that she had prior to us getting together. We have both fell into a little bit of financial trouble seeing as how our condo (that we are renting) has went into foreclosure right from under our feet. She was told from one of her friends to contact a debt consolidation company and they will help her to take care of the k worth of debt that she has that has went to collections. i have found other things online (please see following link)

http://www.creditinfocenter.com/debt/DebtConsolCompanies.shtml

that advise against such things BUT there is no real reason WHY… we would both like a chance to breathe and would like a 2nd chance to get our credit back into a respectable boundary. I dont care if the consolidation company is going to make money off of us as long as we can start paying down these bills a little at a time and get back on track with the rest of society. Neither of us have and repositions or bankruptcies she just has some credit card issues and a "cosmetic" medical bill that needs to get paid off…

thanks in advance for any info.

for then i had to i had to file bankruptcy chapter 13. at the time i was unable to pay for the heath insurance. and has equity in my home and now if i dont pay the fee in the chapter 13 they can dismiss and foreclosure. and after the bypass i also went into depression and now i OK but its to late and i have let myself have bad bad credit what can due. i need some ideas so i dont go live on the streets help

I filed chapter 7 bankruptcy due to a failed business and was discharged about 9 months ago. In my bankruptcy filings I surrendered my house and moved out after the filing. To this date the bank has not yet foreclosed on the property and I was just taken to court for the 450/month HOA dues for the past year. The house has been empty all this time and now I am out over K. I thought about renting out the place to recover some of this money , but I am concerned that there may be consequences to renting when you are technically in foreclosure. I want to accelerate the foreclosure process and get rid of this issue and get on with my life, but not sure how to proceed. Any guidance would be appreciated.

We started renting the property Feb 2010 and have always paid the rent on time or early by deposit into their bank account. On October 1st they called us and told us to stop paying rent and that we would not be getting our deposit back and that he is filing bankruptcy and the house is in foreclosure so to stay until the bank contacts us and to save our rent money to move to a new place. They have not paid on the mortgage since March 2010 and Bank of America filed for foreclosure in the court on Oct 17, 2010(I found this information online yesterday). I was just wondering how much time we had because we are trying to save up as much as possible to move. We don’t want someone from the bank to knock on the door and say get out either because we have a 7 year old and a 7 month old. Does anyone have any helpful advice?
Yes we signed a 1 year lease before we moved in.

THIS IS A FHA LOAN IN ARKANSAS SALINE COUNTY is a foreclosure and judgement the same my realtor told me that and i dont believe her so im seeking opinions out there. i had a home that is in preforeclosure it goes to the court house october 19th does that mean i have to go to court. im very confused and i dont know anything about foreclosures if you could tell me if this is true also i want to know whats the next step when will it show up as foreclosure on my credit right now it shows foreclosure in proceedings, best awnser 10 points i promise i need help please be very details like a book for dummy details because i dont know what this means i have no clue i need help i just want to know if its a automatic judgement and then they start garnishing my wages i need a very detail step by step what happens i also herd a 1099 on my taxes i dont even know what that means either please help?
48 minutes ago – 4 days left to answer.
Additional Details
this is a FHA LOAN AND I LIVE IN ARKANSAS!
hey i know the difference between them my question is this realor told me that a foreclosure is automatic judgement she said that on october 19th when ur house is being sold in front of the court house i have to go to court but i was never serve by anyone all they did was send me papers telling me that there saleing my home on october 19th in front of the court house, is this a automatic judgement when its sold does the judge issue it automaticaly this dont sound right at all, i thaught they sold the house bill me for the rest if i dont pay it then they take me to court and get a judgement isnt that right how does this technically work please?
i dont want the house i got screwed out of it i was younger and dumb i also co sign on the thing with a x girlfriend and we was never married, so it was all really stupid now im facing it to go to foreclosure i want it to because i dont want to be stuck with her in it and she being late on the payments all the time like she did i got her where i want her in foreclosure and i want this to be sold and ill just be stuck with bad credit that i dont care i can always start all over and fix my credit again with it beign foreclosed rather than being stuck with her 30 or more years screwing my credit up. even a bankruptcy attorney on chapter 7 couldnt even help me with her screwing my credit up for the next 30 or more years
17 minutes ago – 4 days left to answer.
Additional Details
HERES THE LETTER I GOT FROM THE LAW FIRM —————————–Saline County, 10/19/09, October 19, 2009; 518 S Gibson St, Benton, AR 72015; Dyke, Henry, Goldsholl & Winzerling, P.L.C.; Harris and Nearn; 10313-1000—
16 minutes ago

http://tgip.net/counties/counties.php?co… THIS IS WHERE IT SHOWS ONLINE WHAT THIS IS I DONT UNDERSTAND NONE OF IT

Long story short, I got divorced a few years ago and now I’m left with the bills that my wife used to pay. I make about 40k a year and I live in a relatively low cost area, but I have a 00 a month house mortgage (30 year, about 17 years into it now) and another 2nd mortgage (I still owe about 50k) that has the house as collateral, 600/month (wife took it out when we were together in my name.) I cannot keep living like this and I want to just start over.. but how? I don’t see how foreclosure would work if the 2nd mortgage has the house as collateral. Is there ANYTHING I can do to get rid of these payments? I pay them on time but at the end of the month I have very little for anything else, i’m using a friends computer and my kids sometimes go hungry. I do not qualify for food stamps. PLEASE I will do ANYTHING, bankruptcy you name it.

Here is the scenario: Mortgage payments are behind and to prevent foreclosure he filled for chapter 13. He missed two payments and now the mortgage company is requesting removal of the automatic stay to continue to foreclose. What are the options for this person in terms of renting an apartment or house…

I’ve been looking at an informational site and couldn’t find anything that would answer this question plain and simple. For Chapter 7 it said you could keep clothes and furnishings and something else but it wasn’t house. It said everything of value had to be liquidated to pay the debts. For Chapter 13 it said something about mortgage, but it made it sound like it had to be paid off in 5 years, which I know for what my sister owes on her house, she’d only come close if they weren’t charging any interest during that time. If worse comes to worse for my sister and she ends up with her cars going into repossession and house into foreclosure, and she files bankruptcy, can she keep her house and one car, or would she have to sell them and start from rock bottom all over again?

My boyfriend has been going through foreclosure mediation for months now. He continuously receives letters from the court with follow up appearances, and continues to go to each. His new court date is January 20th

Last week, he received a letter in the mail pretty much saying that the he was declined the opportunity to pay what he has fallen behind on.

My boyfriend will not be proactive about the letter he received regarding the decline and is convinced that nothing will happen because he thinks he still has to go back to court on January 20th. I am scared that the letter makes the court date obsolete and they can put the house in foreclosure.

My question is – am I right? If so, when can the house be put in foreclosure? Will they notify us? Can they throw a sign on the house without notifying us? How soon will they do that?

He is filing for Chapter 13 bankruptcy this month and I want to make sure the house is saved!!

I am going to give the information as best as I can. Hopefully someone can help and hopefully there’s even something that can be done.

Several months ago we were told we were going to be foreclosed (,000 or so behind on a ~00 a month mortgage). We live somewhat paycheck to paycheck with no money saved. Anyway, we filed Chapter 13 to try and protect the home. Two months after going through the steps to set up the Ch13, we went to court to face the trustee and creditors, and it was then the trustee said we owed two months worth of payments on the Ch13 (roughly 0 a month), within two weeks.

At this time it was either pay the mortgage or pay the 0 to the court. The court was paid and now, a month or two from then we got a letter from our lawyer stating that the mortgage company has been removed from the Ch13 terms due to us missing the mortgage payment. Now they are trying to continue with the foreclosure.

Is there ANYTHING possible to try and prevent the foreclosure?
Thanks