I have a 30-year fixed. This is only my 2nd year paying mortgage.
Is it correct to assume that I’ll be transfered to a different lender, my current rate will remain the same?
Do you think I should do anything at the moment?
If so would this protect you from being held in contempt? I filed bankruptcy because I lost my job when my ex wife cheated with my boss. She keeps saying she is going to hold me in contempt for not paying our mortgage that I could not afford since I lost my job.
I have a 1st mortgage and home equity line of credit. Can I include the line of credit in the bankruptcy filing and still keep the 1st mortgage and keep the house?
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
Home value is well below 1st mortgage and we have no plans to move. 1st mortgage is current but due to job loss could not keep up 2nd. What happens if I don’t file Chapter 13?
I am confused as to what to do – my husband and I recently reconciled and between the two of us, we have ,000 in unsecured credit card debt. Although he makes very good money, approx. 00 per month, we cannot keep up on all the minimum payments for these cards, let alone trying to pay the principal.
He has a car payment and we own our house (or we will in 27 years anyway 
– we have not been late on the mortgage as that is our top priority. We also have 4 kids…… should we file? We figure since we have the house and vehicles that we can deal with the bad, bad credit that this will result in but are we forgetting something?
We considered a debt consolidation but we heard this is more often then not a scam and ruins your credit as much as or more then a bankruptcy. Any advice is appreciated ~ thank you.
Unfortunately all the late payments have resulted in a credit rating in the 500’s which is too low to qualify for a re-fi.
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?
We have enough money to pay all our monthly bills except the mortgage. Which would hurt our credit less – filling bankruptcy on everything or letting our lender foreclose on our house.
I have a judgment lien on a residential investment property that I own 25% of. This is the only RE that I own. The mortgage on the property is 5k, the lien is 0k and the property is valued at 0k. If I file personal bankruptcy (Chapter 7), will the lien be removed? What if I sell my share to my partners, do they have to pay the full amount of the lien? Does the lien remain with the property even though I sold my share?
I have so much debt. I can pay for my house mortgage and my car payment but it’s my credit card bills that kill. I have been choosing to pay only my mortgage and car bills. What can I do? I know I can’t make payments on my cards without it effecting me being able to pay for my house and car. Can I file for Bankruptcy? I know I made a mistake charging up a storm. If I file for BK I don’t what to lose my home.
Scenario…father co-signed for house….daughter and son-in-law seperated…daughter has court papers to say son-in-law has to pay mortgage…son-in-law does not….house power of sale…father never contacted by bank to pay…judgement against everyone involved…son-in-law goes bankrupt…how long does the judgement stay and can the father do anything to protest
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."
Over the last couple of years I’ve put myself in debt by about ,000. My credit status is still good as of right now, but I’m only making minimum payments on 3 credit cards and paying off my monthly mortgage. I have ,000 in my 401 K, but would be facing an early withdrawal penalty as I am only 45 years old.
My question is… I know that my credit status will go to crap if I file bankruptcy, but then I would at least have my 401K to use without having to pay the credit cards in full. Where as if I take my 401K out before I file, then I will have to use them to pay off the credit cards and have no retirement money to look forward to.
What should I do? Please no foolish answers… I really need help on this. Thanks!
I’ve had about 6 accounts go into collections. They are all hospital bills. I thought at the time my insurance covered the majority of those visits seeing how I had coverage but I guess they didnt. My credit has been severely ruined b/c of these accounts dispute the fact I have a mortgage, auto loans & credit cards all in good standing. I want to settle the collections accounts but I’m curious on the repercutions of settling. The oldest account is from 2002 & the newest one being in 04/2006. They are relatively small totaling only about 00. What recommendations do you guys have? I really dont feel I should pay something my health insurance should have paid. But I want to fix this since I’ve ignored it for so long. I’m clueless when it comes to this stuff! Please Help!!
i can afford my house and vehicles and motorcycle loans. its the credit cards that i want to wipe clean. i only have 12 payments left on my motorcycle and i want to keep it. i don’t want to include my cars or motorcycles or mortgage in the bankruptcy, just credit cards. Will i lose my bike if i file for bankruptcy?
A few months ago, I was laid off from my job, became ill and and fell behind on my debts. I don’t have a mortgage or car payment. Most of my debts are unsecured credit card debts. I fear that my only option is to file bankruptcy.
What is the average cost of filing bankruptcy in the state of NY?
my mom has over ,000 in debt. she’s maxed out in ALL of her credit cards. she just today got fired from a job she’s had for over 27 years and she is 47 years of age. I was wondering if she should file for bankruptcy since we don’t know when she will have a job. she has a mortgage in her name …but my dad is the one who pays ALL of it and that is taken care of…….. they separated but are not divorced. she rents a room with my sister. we cannot help her with the payments on her credit cards and why should we?! because we are having difficulties ourselves with unemploymen, but I’m pretty sure having a place for her to stay at will be NO problem ..it’s just that we cannot help her with credit card payments. what will be the smartest move? and what kind of bankruptcy can she file without it affecting my dad or the mortgage
my mom has 10 siblings that can take care of her from now on, including myself. we’re young and we can give her a roof , and also, since my dad is taking care of the mortgage, there will be no problem. i just don’t want her to worry about making those damn payments on credit cards
I’m sorry not siblings, I mean relatives, including kids, brothers, etc
old bitty, why shouldn’t she file bankruptcy? will that hurt the house my dad is paying for, which is under both their names. will that hurt her chances of retiring?
even with those funds, she couldn’t possibly pay the minimum on ALL her cards
My parents own their home out right, so they don’t have a mortgage but they have a home equity loan. If they file for Chapter 7, will they loose their home?
I have always been on time with payments and now find myself falling behind even on mortgage because of all my C/C and the slow down at work. I figure I would be better off filing for b/k. I need to get a number to someone out here in Phoenix Az that would be able to help with a b/k. I would like one of those discount lawyers that work for non-profit. Anyone able to help that would be great ..Thanks!!!
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?
This debt is for a credit card that I have had for 22 years. Prior to now I have always paid off my balance each month in full.
Last September I was in a terrible car accident, I was in the hospital for over one month, and have since had 4 reconstruction surgeries on my legs. I lost my job, and my husband barely makes enough to pay our mortgage and keep the utilities paid each month. We had to use the card to pay for some of my doctor visits, medicine, groceries, etc now the card had about 00.00 on it. My doctor says that I will probably never be able to work again due to the extent of my injuries, and I should file for SSR. We have been unable to make any payments on this card.
Yesterday I received a notice from the CC company wanting to settle the debt. Has anyone ever settled a debt? How should I proceed? Will the CC company want a lump sum, or will they take a minimum payment each month. Honestly I do not want our credit ruined, as we had perfect credit, but I would only be able to make a very small monthly payment, does anyone know if they will accept the payment?
I’ve been renting for 3 years now after filing Chapter 13 in 2007. I’m converting to a 7. Will I be able to get a mortgage once the 7 is filed very soon after? My lease is up in May. I don’t have anything for a down payment or closing costs.
we have 14,000 cc debt, our checking acct. is frozen, wife gets unemployment(280 a week) due to plant closure, she is going to start school in a week.we have a 2nd mortgage and the equity right now is about 00,car loan for 16,000 my truck is paid for. do we qualify for either ch.7 or 13 bankruptcy?
I am considering filing for chapter 7 bankruptcy. I qualify based on the means test, but I purchased an investment property with a business partner 2 years ago. there is no mortgage on the property and it’s only worth about 40k. How would a trustee normally handle this property since there is another owner who is not filing for bk and is not my spouse? does that make that property exempt?
I am contemplating filing bankruptcy but my husband will not be. He is on the mortgage with me, Will this be a problem?
Over 50,000 dollars in credit card debt.
We are current on our mortgage and have about 50,000 in equity. Our credit is too low to get equity line of credit!
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?
How long do you have to wait to try and purchase a home after filing Chapter 13?… What or where are the banks that will finance a mortgage while in a Chapter 13?…
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?
My wife and I do not want the house anymore, and we need to relocate to be with family. If we give up the house in a Chapter 7, are we relieved of all liabilities pertaining to the mortgage?