I live in Michigan. I filed Bankruptcy Chap.13 and was basicially denied, cause the monthly repayment plan would not leave me with much money to live off of. Now my house is going back into Foreclosure. My lawyer suggested that if I want to keep the house I could pay what I owe (about 13,000) and can keep making payments. Or I could surrender my home up to Chapter 13 stay here for about 8 months and save my money to put down on another house. What are my options at this point? Am I able to stay here and save some money for 8 months to a year, after foreclosure with out being kicked out? Are there any more options that I may be able to use? Thanks for your input.
201931
Do you want to keep your home?  If not, sell the house.  The last thing a lender wants is to take someone's home.  They want to get paid.  Contact a Realtor (GET A SHARP ONE BECAUSE TIME IS YOUR ENEMY RIGHT NOW!) to list/market your home.  Once you go to court, the lender will have representation there.  You tell the judge that you are in the process of selling the home.  Take the listing agreement or hopefully you can have a signed "offer to purchase" that you can show the judge of your good faith.  I've dealt with cases like these alot.  I have actually left the closing and gone across the street to the courthouse on my seller's behalf to advise the judge that "we are closing as we speak".  The key is to go to court.....don't run from it.\n\nGood Luck!
554397
First, before filing Chapter 7, ask you attorney to work with your creditors to see if they can reduce the debt owed by paying a certain percent of the debt owed (i.e. $.25 on the dollar) with a monthly payment plan in place.  If it is in your budget to do so, this is your best avenue.\n\nIf this is not an option and you do have to file, it will take a little while to rebuild your credit.  BE PATIENT.  You will not be able to buy a house or car (without paying outrageous interest rates or exorbitant fees) right out of the gate and will more than likely end up in the same position once again.\n\nYou will be bombarded by credit card companies to "help re-establish your credit".  It would not hurt to get ONE credit card with a very low line of credit ($500).  Use this only in case of emergencies and pay off as quickly as possible.  \n\nMost important is to be patient and not get yourself into the same boat again.  Within a few years (3 or so), you should be able to pursue home ownership or car purchases.
311939
One of the previous respondents is absolutely correct. Almost any mortgage company offers a "hardship assistance" program, and they're actually anxious to work with IF a) your past payment history has been satisfactory and b) you are able to establish that your inability to pay is only temporary.\n\nIn actuality, many people can prevent foreclosures, credit score wreckage, and other financial disasters, just by contacting the lender and requesting forebearance and other hardship assistance. Most borrowers are afraid to let their lenders know about hardship, but the fact is that the last thing that your lender wants is for you to default on your loan. \n\nForeclosure is time-consuming, paperwork-intensive and expensive. Foreclosure buyers rarely pay anywhere near the actual market value of a home, so a lender who winds up with a portfolio of re-claimed real estate doesn't receive anywhere near the same kind of money from a foreclosure buyer as they stand to make from you, even if it takes you a little longer than the lender had hoped for you to pay your debt.\n\nTo keep it really simple - your lender doesn't want to foreclose on your house. They want you to pay the loan, because that's the outcome where they're going to have the least hassle, AND make the most money.\n\nIf you're having trouble making payments because of unemployment, reduction in income, illness or injury that prevents you from working, divorce, or other unexpected personal events that make it impossible for you to pay your mortgage loan, you absolutely must contact your lender, and ask to speak to someone about their hardship program.\n\nBe prepared to explain to the lender what you intend to do to restore your ability to make regular payments. If the lender can't envision how you're EVER going to be able to make the agreed-upon payments, you're no longer a good credit risk, and they're obligated to protect their investment by taking back their collateral assets. As long as you can convince them that you'll be able to resume payments within a reasonable period of time, I'm 99.99% positive that they will be quite supportive, and work with you to get your affairs back in order.\n\nGood luck to you!
278812
There are many lendors who will give you a home loan one day out of bankruptcy, look in your yellow pages, they usually state this in their ad.  As long as you have a good job, and been there a long time, they will give you a loan.  And dont sign a lease for a year, do a temporary thing, so you can get a house asap!
650671
She should speak with the current mortgage lender regarding a "Short Sale".  This type of transaction is used when the house sells for less than the mortgage owed.  Yes, the difference must be paid back.  A payment schedule is created by the bank.  It is a better option than bankruptcy - but will still effect her credit score (or anyone else's score that is on the loan).  However, most people who have a short sale are still able to buy another home (while bankruptcy could proclude one from doing that)
335821
I did it 10 years ago and it worked out for me but don't be misled.  There are 2 different bankruptcy clauses.  Chapter 13 and chapter 7.  One is based on a person that was paying on time and suddely were thrust into the situation because of a hardship like being laid off or extreme medical bill occuring.  This is the better situation, Chapter 13.  Chapter 7 is for someone that ran up their credit and lived beyond their means.  It is hard to recover from Chapter 7.
551947
Keeping lines of communication open is good. Also, try to make any payment you possibly can. At this point, you may have to bite the bullet and get ANY job just to pay the bills. You can still search for a permanent job but it would be crazy to lose a house you almost have paid off if you can go down the street and get a job at fast food, a retail store, etc. Heck, deliver pizzas! If you can possibly do so, get a roommate. Do whatever it takes to bring in some money (legally) and keep the lender aware of all your efforts. Once you get 4 mths behind, they can start the foreclosure process. If your credit is okay, and since you have some equity in your home, you may be able to take out a home equity line of credit - but I'm not a big fan of treating your home as a bank, esp when the problem is that you have no money to pay the mortgage as it is....it's like robbing from Peter to pay Paul. Because you're going to have to then pay back on the HELOC as well. So this would be a last resort.
414661
refi and get out of that crappy ARM before you lose everything. Bankruptcy laws cannot help you in this situation (you'll probably lose the house) refi or sell it and take the loss (sounds like you bought too much home anyway)\n\noh you can refi at ANYTIME!
292932
Man!  Do I disagree with the comment about filing your own bankruptcy!  \n\nIf you are low income, there are provisions in the law allowing for some financial help.  Just ask the bankruptcy attorney.
529575
If most of the debt is credit cards, they may be able to negotiate a smaller monthly payment to reduce the debt. It isn't in anyone's best interest for them to file bankruptcy. If they sell their home and file bankruptcy, the home could be brought back into the bankruptcy if it is sold within 6 months of filling. Some property can be brought back into the estate for a year. Bankruptcy laws changed about a year or so ago. You can no longer just discharge your debts. In most cases, you must meet certain income criteria to get a discharge. If you don't qualify, you will need to file a repayment schedule which could run from 3-5 years. Given the new bankruptcy laws, I would suggest that they make a list of all their creditors and income and see if something could be worked out at a lower cost to help them get out of debt. I am very sorry for their current situation. You may also suggest for them to contact a consumer conseling agency. Most cities have something such as this. They can sometimes work out a payment schedule to help you get out of debt without filing bankruptcy. As a last resort, you could contact a bankruptcy attorney. I would contact the District Court, which handles bankruptcy, and ask them of some names of lawyers who do a lot of bankruptcies. They cannot recommend anyone, but could give you several names you could contact. \n\nCreditors will come after both of them if they are both on the loan papers, even if only one used the cards. If one files bankruptcy the other one will be responsible for the debts if they are jointly owned. There are exemptions for your home which varies from state to state. It is usually called a homestead exemption. California used to have a high exemption for bankruptcy. A bankruptcy could help them to keep their home. Good luck.
549105
Sorry to hear of your situation...maybe try a refinance to lower the payment? Try to sell it and pay that mortgage, maybe you can even turn a profit. You're going to lose it anyways so try to keep your name clear and maybe make money too.\n\nDon't just lay down man, FIGHT!\n\nYour tax...The tax is usually for the whole year and it depends on what their accounting dictates. Yes, you will be liable for the portion of property tax for the period you are on the title, the bank will owe the remainder if any. Many states send a bill in the sixth month of the year for the whole year so you may owe the previous six months plus the 3 more in foreclosure.\n\nGood luck, I wish you well\n\nMike
502454
If you own a house and a car, you will be forced to sell them both first to pay off your creditors.  You aren't allowed to own any assets when filing bankruptcy.  It also takes about seven years before it's removed from your credit history, so think about that too as it will affect your ability to get a loan/car/house in the future.    Have you thought about a consolidated loan?
340025
Some of your question depends on whether you have some special circumstances, but you don't mention any in the question.  Here are some things to do:\n\n1.  Go to your lender and explain the situation, and try to come up with a payment plan you can live with.  The lender doesn't want to foreclose unless it has to, especially in a down housing market like we have now.  But if you have not been in touch with them, they have no idea whether you are trying your best to get current or whether you are just a deadbeat.  So, go and meet with the bank or lender.\n\n2.  Find a credit counselor.  NOT a commercial service that charges a fee:  Those are complete rip-offs.  You want a non-profit credit counseling service run by lenders.  They can help mediate for you and can often work out a payment schedule like I described above.\n\n3.  If you are too far behind, see if you can sell your house.  It is much better to sell and start over with a clean slate than it is to lose the house in a foreclosure.  Then your credit will be ruined.  But a sale is just a sale.  Depending on how long you have been in the house and how much equity you have, you might even walk away with some money in your pocket.  Talk to a real estate agent TODAY about how much your house might sell for.\n\n4.  If worst comes to worst, think about whether you have friends or relatives who could buy the house (either now or at foreclosure) and then resell it.  This can work two ways.  If you are in a temporarily down market but the house and the neighborhood are basically good, then they can buy the house and sell it to an outsider without the pressure of a foreclosure hanging over everyone's head.  Otherwise--and this is true right up through the foreclosure itself--they may be able to buy it and then re-sell it to you; they would essentially become your lender.  And it doesn't have to be one friend.  If you have 5 or 6 friends or family members who can buy it together, it will work the same way.\n\nYou are in a tough situation, but there is hope if you act fast.  Good luck!!
106419
It sounds like you are behind but not at the foreclosure stage(over 90 days past due)\n\nFirst off, your mortgage company does not want to go to foreclosure. See if you can negotiate something, i.e. interest only, debt extension or restructure.\n\nDepending on the rest of your credit, your income and the equity in your home you might be able to find a lender or investor who would be willing to help you save your home or buy it immediately and walk away with some cash.\n\nNot ideal but when you get behind on a mortgage it is tough.
102562
To start, let me say I'm not a lawyer.  I'd suggest that you  contact a bankruptcy lawyer and have him go over all the details.  They usually allow a free consultation.\n\nThat said....I'm going to bet that you will not qualify for a Chapter 7.  Read the link below, and it goes into the new bankruptcy laws.  I think you will find you earn too much money and will have to go Chapter 13.\n\nYou are playing with fire if you think you can hide that 1099a.  If it was filed with the IRS, and you don't declare it, they will send you a bill for the amount.  It may even trigger an audit.  So I'd file it and take the $6000 bill.\n\nThe good part (there is a good part?) is that you can include that $6000 on your bankruptcy.  Past taxes are a "priority" debt, and the IRS gets to be first in line at bankruptcy time.  Therefore, you treat them like any other creditor, and they get paid by the trustee every month over the "plan period".  Fortunately, you don't have to pay interest or penalties on the debt.\n\nOn the other hand, if you file for Chapter 7, you still have to pay that tax bill, but you now pay interest and penalties.  So file that 1099a.  Remember, get some advice from your lawyer, I don't want to give you bad advice.\n\nYou can't skate on child support with a bankruptcy, if that is what you were hoping.\n\nGood luck
633676
If he filed bankrupts on the house it belongs to the bank, i do not see how she can owe that money because the bank does not take only a portion of the loan of the house for bankrupts they take possession immediately. all of it. something doesn't sound right. I would call a lawyer for advice. But i am not sure about the new laws for filing bankr. They are different now. I heard your dept is not dissolved.
394565
I'm sorry Love, but it sounds like your missing something!?! You refied. with another bank! They called for the pay off and wrote the bank of your previous loan the whole amount to give them the holding on your home? Now, the previous bank says that you did not pay the correct amount and are foreclosing on you? \nIf you only owed 4 thousand something, on the home and refied. with another bank, they should have called to get the correct amount, then pay off the loan from bank 1 to give holding to bank 2! Bank 1 refused the money because, Why? Bank 2 is, What?\nIf you refied, and only got a 2nd on the house you would still owe money to bank 1 and now owe money to bank 2! So I'm a bit confused about what really happened!\nYou really need to get an attorney, weather it be to file bankruptcy or just sue someone! This is a bit complicated even for someone who deals with this on a daily bases.\nI know that you don't want to spend the money on an attorney but beleive me when I tell you that if you don't do this you could very well lose everything and still have to pay everyone back what they say you owe them! Don't wait and don't delay! Do it as soon as you can! They can help stop anything that may be in action right now and atleast give you enough time to figure out what you want to do! You may even have money coming to you because of what bank 1 did and what bank 2 didn't do!\n\nGood Luck Little One!\n\nBlessed Be