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.
I was unemployed for a year and got a little bit behind on my house payments. I finally found a job that paid half of what I used to make, but was unable to make the entire payment so I applied for a modification from BofA and from WF (HELOC) and was given a temporary modification. However, every month, BofA reports it to the credit bureau as "paying late", even though I am paying on time. Now, WF has raised my monthly payment, which I cannot afford, or they want me to pay the entire ,000 loan in full. They have reported it to the credit bureau as "charged off as bad debt". What are my options? Other than these two debts, mortgage and heloc, I have no other debt. Can they come after me and garnish my wages? Should I file bankruptcy? Should I sell the house on a short sale?
I’m in California, I bought the house in July 2005, REFINANCED in July 2006 then stop paying in February 2007 because my mom passed away and I couldn’t afford the payment, insurance and taxes all by myself. My house is now foreclosed. The bank took possession on October 2006. Countrywide continues to send me statement on the HELOC. Does this means that I still have to pay for the HELOC?? I didn’t even take any money from it. It was used to pay for the rest of my original loan when I refinanced. Can I file bankruptcy particulary chapter 7 for the HELOC??
NO! My mother is not on the mortgage. She helped me with it because I bought it for her… she couldn’t qualify.
I meant to say "NO! My mother WAS not on the mortgage. She helped me with it because I bought it for her… she didn’t qualify."
My situation is: Our house was foreclosed, and we got a HELOC. Since we cannot afford to pay for the HELOC anymore, we have been receiving calls and letters demanding us to pay. I am planning to file for bankruptcy, can I just file for myself or it has to be both of us? The property was only under my name as well as the HELOC, my husband was my co-signer..please advise..thank you.
Hi all,
I have an ailing business. purchase price was around 5K. it definitely wont go for that price right now. My overhead is far too large for the income.
I have an S-Corp
Part of the loan is my Home Equity Line of Credit (HELOC) on my house.
The house was put in as collateral.
I have combined K in credit cards.
I am unemployed.
will bankruptcy help my situation?
will bankruptcy take away my house?
can i file for bankruptcy myself or do i need a lawyer (which i dont have money for)?
any tips will be greatly appreciated.
Hi, my dad past away 3 years ago and my mom never worked, so when he died (he was 46) only had 100k for her and an annuity. She spent all the money on fixing the house, like my dad wanted, and paid off all the debt they had. The annuity brings in 0 and her bills are triple that! She’s financially dumb! She listens to nothing we say. She does have a job now, but only pays 5.50/hr.
She also has 2 vehicles, one leased and one on a loan, fully financed. She has come to the point of them sending the repo papers, but she pays them eventually, she asks for money from family.
Should she file for bankruptcy?
Thanks for all the advice so far….
To answer some of the questions…..
1. she has two vehicles because my sister is in the same situation (spending more than she makes), newlyweds and already having trouble, so my sister has one of the cars!
2. I have bought books for her, but she’ll read maybe 10 pages! She does not want to sit down and see the whole picture, she use to do that with my dad.
3. She owns the home, she paid off a HELOC after my dad died.
4. She has canceled her sat., cell, pest control and is on a basic land line service. All she has is her debt.
5. She’s living off of her CC’s because she uses her 0 to pay the car bills and maybe part of the care insurance. My grandmother gave her ,000 last month and paid maybe 4 bills, including the cars, and still ended up over drafting 0 because she ate out too.
6. I’ve told her to sell, i’ve even posted an ad in craigslist myself, but she says she can’t sell because she needs a car! So frustraiting.