I hate my mortgage lender (Litton) they added an escrow to my monthly payments due to back taxes, but here’s the deal…my city tax never sent me a property tax bill and when I went to inquire my mortgage company had paid it off. How the city inform my mortgage company and not me? Anyway, now my mortgage company does not want to remove the escrow even if I pay the back taxes. This is "Cow Dung" believe me I’d like to say something else. What are my options? I’m frankly sick of this company and I’m sick of the house anyway. I have it for sale, but should I get a lawyer or file bankruptcy on the mortgage. That’s something I really don’t want to do. I already have one bankruptcy in the past, but I’m really sick of Litton and their high handed tactics. I pray to God they go bankrupt and get absorbed by another Company, they are really unreasonable. I have faithfully paid my mortgage, but I should not be screwed into paying more for an escrow I don’t need and I will be darned if I’m going to stay in a house I no longer want due to real estate decline in this bad economy.
I love how people like to add their 2 cents beyond the question being asked. Was I irresponsible in my youth? Yes and apparently half of america is financially irresponsible. I learned my lesson and I pay everything with cash. Unfortunately my taxes were a little behind but not delinquent, but I always pay my property taxes. However, my Mortgage may intervene. Whatever, happened recently I was left out of the loop and the city contacted my mortgage company instead of me, even though I was paying on my taxes. And furthermore I do not like my house or the environment so why should I remain in it? Things change. At one time I would have probably stayed or stayed longer. The house has been on the market for about a year and a half. I want nothing else to do with it and I don’t want to really rent it either. Though I’d choose that over foreclosure or bankruptcy.
Thanks lake lover. Although I don’t think its fair for the tax collector not to forward a tax notice. I have always got one in the past. This year I didn’t get a tax notice and when I went to inquire and pay on my bill, it seems like I got screwed.

Technorati Tags: bankruptcy, cow dung, decline, economy, escrow, foreclosure, god, lawyer, litton, mortgage company, mortgage lender, property tax bill, property taxes, real estate

Ok I have around ,000 in credit card debt. I also co-signed with my mom to buy a house 4yrs back and it is due to go in foreclosure soon due to the fact that her husband lost his job (construction) and I couldn’t make the payments by myself which is why I defaulted on my mortgage and credit cards.

I also suffered a broken ankle in December and upon returning to work in May I lost my Supervisor position which was nearly a / per hour pay cut. To top it all off they decreased our work-week to 32 Hrs.

So my question is can I get away without filing for bankruptcy and just wait til everything clears up in 7 years or do I have to file?
Unfortunately my injury happened at home so I was receiving Disability insurance which was about %60 percent of what I made normally.

My mom or her spouse haven’t been able to find a job and their unemployment ran out 2 months ago.

I don’t have anything of value that I see the court selling off to pay back some of my debt. I am really broke and don’t have much in the way of assets. I only have about ,000 in my 401k other than that I am broke

Technorati Tags: 401k, assets, broken ankle, credit card debt, credit cards, disability insurance, filing for bankruptcy, foreclosure, insurance, job, mom, mortgage, supervisor position, unemployment

I purchased a Condo in Florida (investment property) at the height of the real estate market. The purchase was made with a friend as a joint owner. As luck would have it, my partner lost her job a couple of years ago and cannot pay her half anymore and is proceeding into bankruptcy.

Obviously, I am liable for the loan and am searching for any alternatives, either short term or long term. The Condo mortgages along with my personal residence mortgage is 48% of my gross pay. At this rate, I’ll eat up my savings within six to nine months. I am current on all payments. The value of the property was financed at 90%, with a mortgage and HELOC. Both are interest only loans. The current value of the property is 72% of the loan amount.
This means the value of the property is currently about 65% of what we paid.

We have been renting the unit as a vacation rental, but only have been able to rent it about 25% of the year. It generates enough income to cover about 20% of the cash outlay. Long term rental prospects are slim.

Any thoughts on how to either keep the property and minimize damage or is foreclosure an option I need to consider down the road? Is a loan modification possible, even on investment property? My credit score is very good at 805, so I guess I would sacrifice that as well.

I’m not looking for an easy way out, I just want to understand all my options.
thanks
The condo is in Panama City and I am working as an engineer in Georgia about 350 miles away. So, a business in the unit is not really an option. I guess another investor is an option. 50% ownership at 25% of the cost. That may work.

The the intent was to rent about 200 days a year, however, the rental market in this area was saturated with new condos, thus only able to rent about 3-4 months a year at best. Additionally, the with the hurricanes several years back, the insurance and property taxes more than doubled, which was not anticipated.

Technorati Tags: 4 months, bankruptcy, cash outlay, credit score, current value, engineer, florida investment, foreclosure, gross pay, hurricanes, interest only loans, investment property, loan modification, new condos, nine months, panama city, personal residence, property taxes, prospects, vacation rental

I filed for Chapter 7 in Oct 07, and got the discharge in Jan 08. In the chapter 7 I chose to just turn the house over to the bank. Now, the bank is going thru foreclosure. Am I obligated to pay the property tax? How do I respond to the foreclosure to avoid paying, since I already moved out and decided to give up the house?

Technorati Tags: chapter 7, foreclosure, property tax

This is related to a short sale with a second mortgage (HELOC) that wants us to settle a 60K debt for the next 10 years. We have a buyer and can let the sale go through with those terms. Our other alternative is to let the whole deal fall and just go into foreclosure. Which deal is better in your opinion. Thanks.

Technorati Tags: 10 years, foreclosure, heloc, second mortgage, short sale

I have debt that is about 4 yrs old that I would like to settle or pay off. Some are/were with collection agencies (not sure now where they are because of the age of the debt). The debts are unsecured (electric, cable, etc.) and some are secured. I also had a foreclosure of the same age. While I know that the foreclosure will still hurt my credit score until 7 yrs, I would like to start the process of healing my credit score so that when the 7 yrs for the foreclosure to drop off is up, my credit will be in a better position. My credit score currently is around 574.

I have heard that settling for less is good and paying the full amount is good. I would like to know what is going to help more in the long run. I also heard that getting a secured credit card can help. Is this true? What would my best route be in correcting the wrongs?
Also, where should this process start? Should I ask the collections to validate the debt first or should I deal directly with the main company first?
The electric bills and such, even the total debt (minus the foreclosure) does not amount to much. The total amount is under 00.00.
My foreclosure was over 3 years ago.
I am not sure about the 1099C. I assume that I did receive it but I am not sure if I did anything with it on my taxes (ex boyfriend did my taxes for me then). I am not sure how the foreclosure relates to paying off old electric bills though. I do understand that it will still be on my credit but other than that, I was trying to pay the other old debt off….
Does paying off the old debt lead to more problems with the foreclosure?

Technorati Tags: 1099c, 3 years, best route, collection agencies, collections, credit score, debts, electric bills, electric cable, foreclosure, secured credit card

i’ve seen one that has been listed on a foreclosure site, and it is a very nice house. they filed chapter 13 Bk, but not really sure if that affects them with their house. is it totally inappropriate to basically contact them and ask if they would be interested in selling their house, w/o even mentioning the Bk?

also, why are Chapter 13’s listed on foreclosure sites if the Bk doesn’t affect them losing their house?

Technorati Tags: bk, chapter 13, foreclosure

I got my license a year ago. Right now, my financial situation turns bad deal to foreclosure and family member illness. I wonder if i file bk, can i still work for a security company?

Technorati Tags: bk, family member, financial situation, foreclosure, security company

In case of 2 loans, do we need to file bankruptcy after the house was foreclosure? The second loan tried to collect the money.

Technorati Tags: bankruptcy, foreclosure, loans, money

My spouse & I are in serious financial problems. I think we need to file bankruptcy because he has stopped paying his credit cards. i’m keeping up with the utilities and my own credit cards. we own 2 homes, 1 of which is on the market and my spouse refuses to bring down the asking price and now the morgage company has started foreclosure on that property. he’s been able to sort of keep with the morgage payments on the home we live in. my ? is, is debt settlement a good option? I don’t know where to turn to anymore. My spouse wants to "keep up the fight".

Technorati Tags: amp, asking price, bankruptcy, credit cards, Debt Settlement, foreclosure, morgage company

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?

Technorati Tags: bankruptcy, cars, chapter 13, chapter 7, clothes, debts, foreclosure, informational site, mortgage, repossession, rock bottom

My husband has a ,000 hospital bill and in the state of California, the spouse is also responsible to foot the bill. So now, we have a court ordered judgment against us. Since our house is now in foreclosure I was planning on filing bankruptcy anyways. Will filing bankruptcy stop this court ordered judgment? If not, can they garnish my wages? -note, My husband lost his job and I am the sole provider for a family of 4

Technorati Tags: filing bankruptcy, foreclosure, job, judgment against, sole provider, state of california, wages

I owe Bank of America k on an unsecured line of credit. I borrowed k on the line of credit a year ago at 5% to remodel a foreclosure I bought. The market turned 4 weeks after I bought the home last Sept 08. I finally sold the home for a huge loss. During the process, I was never late on a payment and I still have never been late. BofA jacked the interest to 12% and place credit insurance on the balance without my permission. I had them remove it and they still made me pay them 0 for the one month they had it on. Dirt bags!

I took less than I owed on the house just to get rid of it. I now have in my possession a check from the sale of k. I want BofA to settle for less than this check.

How do I do it – Will they do it? Who should I call? I have k toward a k debt and I am not late. I am calling them in 24hrs to start negotiating. What do I do?
Additional Information: This line of credit was never secured with real property. It was always unsecured, hence, BofA does not know how much my check is for. Look, I am not trying to be dishonest or rip anyone off. I want to give them every penny I owe them but unless I aproach them on my terms, they will continue to take advantage of me. All I want is a level playing field.

Technorati Tags: 24hrs, bank of america, bofa, credit insurance, dirt bags, foreclosure, insurance, possession, unsecured line of credit

I’m going through a divorce and the house is going to foreclosure but I have about ,000 in high interest credit card debt and I just got laid off. What should I do?

Technorati Tags: credit card debt, divorce, foreclosure, high interest, interest credit card

How would you solve our foreign diplomacy problems? Bomb all of our enemies? Do we start nuking Korea, Iran, Iraq, Egypt, Pakistan, Palestine China. Would that solve it? Then what do we do with all those dying people?

How would you solve our financial problems? Let every company now fail, and all the banks fail? GM fail, all housing in foreclosure, and all people on the streets?

How would you solve our health care problems? (One in four bankruptcies is now caused by inability to pay medical costs). Would you just turn away anyone and everyone who is dying if they cannot pay? If they are in a car crash, do we let them die in the wreckage if they cannot show a medical insurance card?

I find lots of you on here are big to criticize, but I find no real alternative solutions.

Take one of these and discuss it.

Technorati Tags: alternative solutions, bankruptcies, banks, bomb, car crash, diplomacy, egypt, enemies, foreclosure, gm, health care problems, insurance card, iran, iraq, korea, medical costs, medical insurance, pakistan, palestine, wreckage

Obviously, if a person here in the United States can’t pay off their mortgage for their house, it gets taken over by the bank and that person’s on foreclosure.
Or if a person’s company goes bankrupt and they fall into debt, the creditors can legally take their home, car, etc.

But if an entire nation went bankrupt, how would our creditors take stuff from us as collateral, in any way short of a military invasion?

Technorati Tags: collateral, creditors, foreclosure, home car, military invasion, mortgage, united states

Doe it show foreclosure and bankruptcy or just a discharge of your mortgage debt??? If so then what’s the use of filing bankruptcy. why not just walk a way from you properties.

Technorati Tags: doe, filing bankruptcy, foreclosure, mortgage debt

The house is worth 0,000 the loan is 0,000. 00 behind on mortgage payments. (I have only 00 debt). Will the mortgage company try to collect on the ,000 difference if I file foreclosure? Because I’d rather go through bankruptcy in that case.

Technorati Tags: bankruptcy, foreclosure, mortgage company, mortgage payments

I can understand why people are upset at that part. I think a happy alternative would be that you have to sign a waiver saying that you recognize by not having any insurance you are responsible for all of your personal medical costs. Failure to pay may result in foreclosure or bankruptcy.

What do you think of my alternative?

Technorati Tags: bankruptcy, failure, foreclosure, insurance, medical costs

My wife and I virtually broke and can’t afford the house anymore. We are thinking about having her stay home with the kids in a few months after the house is disposed of and file Chapter 7 bankruptcy.

Do you have to file Chapter 7 bankruptcy at the same time as foreclosure or can you wait six months to a year?

Technorati Tags: chapter 7 bankruptcy, foreclosure, home with the kids, six months

It seems to me a lot of lawyers are touting that you have to file bankruptcy in conjunction with the foreclosure timing.

My wife and I don’t want the house anymore, can we just let it go through the foreclosure process and then file bankruptcy 6 months down the road?

Technorati Tags: bankruptcy, conjunction, foreclosure, lawyers

Today I found out I lost the house I have had a contract on since last April (2009). I was attempting to buy a house in short sale, the house went into foreclosure and so I have been waiting a long time for the banks/FDIC to get it all together so we could close. Well, Obama signed in a new law (July 2nd, 2009) forcing people who have had their homes foreclosed to return to their homes and in turn forcing the banks to refinance. The alternative for these people is to file bankruptcy (which some have already done, and others have found a solution to just barely stay financially afloat). This may sound like a great solution for all the unfortunate families who have recently lost their homes, but in truth it is a disaster. Who is to say these people can afford or even want to move back?
In my case, the house I was attempting to buy was owned by a family who were over their head with a double mortgage. They were forced to foreclose and have since downsized and purchased a new home. Now with the new law they will be forced to return to their previous home or face bankruptcy. They will have to find a way to sell their current home, which of course is very difficult in today’s economy. The previous owners do not want to return, they can’t afford the move, nor the wait to sell their current home, which they probably won’t even be able to sell in today’s economy.
As for me. I am losing close to ,500 in money spent on contracts etc. I of course have no rights and will not be able to recoup my losses.
Thousands of foreclosed homeowners are dealing with similar situations. For some this may be a blessing if they are still searching for a new living situation. Of course this doesn’t teach any lessons other than to live beyond your means and don’t worry about the consequences because the government will bail you out. Be financially responsible and get screwed. For others they are facing difficult decisions deciding what to do with their new lives and the homes they are being forced to return to. Then for all the buyers, who have been in contract to buy these foreclosed homes and begin to repair the hole in the housing industry. Well they are all SOL and out a lot of money, like me. Believe me, with my meager salary that is cut in half by taxes, ,500 is SUBSTANTIAL!!!
So I ask you, where are our freedoms going and why do we just let the government take them? How does this stimulate an economy? All I can foresee is a rise in bankruptcy and a lot of people losing money.
Of course there are tons of other issues we can discuss that provide similar examples our diminishing freedoms, and the socialization of our country. Such as, when 80% of the general population is happy with the health care system yet government chooses to change it, control it, and force their plan down our throats.
How can anyone be happy with Obama?

Technorati Tags: bankruptcy, banks, consequences, contracts, difficult decisions, disaster, economy, fdic, foreclosure, great solution, long time, losses, money spent on, mortgage, truth, worry

Doe it show foreclosure and bankruptcy or just a discharge of your mortgage debt??? If so then what’s the use of filing bankruptcy. why not just walk a way from you properties.

Technorati Tags: doe, filing bankruptcy, foreclosure, mortgage debt

I have a home that may go into foreclosure soon, should i file for bankruptcy-do i have any other options, and what happens to you financially & will you ever be able to restablish your credit?

Technorati Tags: amp, foreclosure, should i file for bankruptcy

i have really poor credit, including a repossed vehicle and a foreclosure on a home. if i wait to file for bankruptcy until after the wedding will my wife take a hit on her credit? she has no credit history at all.

Technorati Tags: bankruptcy, credit history, foreclosure, poor credit

A chapter 13 bk is likely in my future. I’m looking for some real world pros and cons about this scenario:

I’m in chap 13 and making my payments, and I see a 00 auto repair coming at me. Would the trustee let me slide on 00 worth of payments to take care of the critical auto need ? IE, how do judges handle unanticipated expenses that happen while you’re in chapter 13 ?

The other alternative that I see is – stop paying my mortgage and bank those funds. Hire the bk attorney, get it all ready to file, then sit on it. Keep ignoring the mortgage and accumulate some cash until the foreclosure sale is imminent, THEN have my attorney file the chapter 13 to stop the foreclosure and add the mortgage arrears into the payment plan. This gives me a cash cushion to handle the surprise expenses.

Comments please ?

Technorati Tags: auto repair, bk, cash cushion, chap, chapter 13, foreclosure, mortgage arrears, pros and cons, real world, surprise, trustee

My house was schedule for foreclosure sell on April 18, 2008. I had 10 days (28 April) to file bankruptcy if I wanted to keep my house. The attorney I talked to wanted too much money to help me. What can I do? I am considering "Pro Bono" Services for assistance. I only receive military retirement pay as income.

Technorati Tags: 28 april, bankruptcy, foreclosure, military retirement, much money, retirement pay

a chapter 7 or a chapter 13? I have a sale date on my property coming up…loan modification is out of the question..I have credit card debt that I cannot and have not paid for..and Im ready to file..please tell me which one will stop (Temporary..my foreclosure until I have alternatives?)

Technorati Tags: chapter 13, chapter 7, credit card debt, foreclosure, loan modification

I have private mortgage insurance on my loan, will this pay the balance off if foreclosure goes through? What will I be penalized with? How will my credit be affected? Would bankruptcy be a better alternative, and is there any way possible to file Chapter 7 instead of 13, even with a steady source of income?

Technorati Tags: bankruptcy, chapter 7, foreclosure, insurance, private mortgage insurance, steady source

The insurance company for my former Mortgage company claims I owe over ,000 from the loss occurred by the foreclosure but are willing to accept a lump sum of ,000. They will only accept payments on the original amount. How can I have the amount lowered and still allowed to make payments?

Technorati Tags: company claims, foreclosure, insurance, insurance company, lump sum, mortgage company