I am in Chapter 13. I was laid off on alternating weeks at my job and fell behind on my mortgage payments. Now they filed a motion of stay against me. Is there anything I can do to save my home?
Hi All,
I have about 35,000 dollars in credit card debt and i am current on each one. I have a credit score of 780. My interest rates on 15, 000 is 4.9%. The one i am concerned about is the 20,000 at 9.9% with BoA…..I can make the payment with struggling at 316 a month i called and see what they could do for me lower interest or not they said no then asked to settle the debt they said they would settle for 12,000 without looking at the credit report pay that in four months which i believe i can do….Should i do it or just continue to pay all my creditors the minimum payment which i am doing now ?????? If i debt settle with BoA how bad does my credit score from 780 go down???
When i get bonus at work i just give that to my credit card companies i have stop using credit cards and hope to pay them off…..
Thanks everyone …..Just don’t know if i should mess up my credit score I good go from 35000 to 20,000 in a year with the settlement and probably pay everything off in 2 years with the boa settlement if not probably going to take 5 or 6 years……
Thanks everyone …..Just don’t know if i should mess up my credit score I could go from 35000 to 20,000 in a year with the settlement and probably pay everything off in 2 years with the boa settlement if not probably going to take 5 or 6 years……
In about 4 to 5 years i want to get another house….i currently own a house that i am current with all mortgage payments…The house would be the only big next purchase….
In about 4 to 5 years i want to get another house….i currently own a house that i am current with all mortgage payments…The house would be the only big next purchase….
I have to file bankruptcy, cause I lost my job and I am behind on my mortgage and I was told I had to be current on my mortgage payments in order to file. How can I become current on my payments if I cannot find a job?
After a period of time (few years) and you continue to make your mortgage payments on time, could you qualify for a home loan after you sell the existing house? Or does the Chapter 7 mess you up forever?
Please help me out: will my family loose the monthly food stamps benefit – EBT – if we file for bancruptcy chapter 7?
We have not started the process yet, but we already are behind with our mortgages for 4 months. We consulted with an attorney already. It’s just I forgot to ask him.
Thank you kindly.
B.
And do I have to report any changes such as no more mortgage payments to the Department of Children and families?
What could happen if I fail reporting any changes on time?
I have a few questions about their divorce. My husband and I cannot get approved for a loan on a house because his ex wife still has not refinanced the house they had bought together. Her husband makes ten times what we both do combined, and she refuses to refinance and she is continually 30-60 days late on mortgage payments. They divorced over 2 years ago, and he signed the quit claim deed. We called the title company the other day and they told us the quit claim is invalid because his name was not printed in the notary box, it had only been signed. So I told my husband I am going to file bankruptcy on all my past due debt, because I will not be able to buy a house until I am almost 30 by myself. He wants to file as well. Combined we have over 0,000 in debt between the mortgage in his name and medical bills for us and our children prior to having insurance. So can we file bankruptcy on the house? And if so what will happen to her? I am going to speak to a bankruptcy attorney in a couple of weeks to learn more but was wondering if any of you have any idea.
Also I called his ex wife to try and find out if he signs another quit claim deed and gets it recorded properly this time will she refinance and she refuses.
I’ve been in Chapter 13 for about three years now, I missed two mortgage payments, and now I have defaulted. I have over ,000 in equity can I refinance for a lower interest rate, about ,000 cash out to make some home improvements, and with whom? What bank takes chances with Chapter 13 refinances?
Here’s the my situation:
1. I am about to finish a one year lease on 6/30/2010. My landlord recieved from me security deposit equal to 2 months of rent
2. My landlord is in the process of loosing the house we live in and also another house where she currently lives. She had claimed in past phone calls that the reason she is not paying her mortgage payments was only so the bank would talk to her about modifying her loans, and that she has plenty of month on the side.
3. For the last 4 months the house has been offered in a public auction at the city’s but for some unknown reason every time the house is up for sale, its auction date gets pushed by one months. I have heard these are common cases that happen when the landlord still negotiates with the bank.
4. I tried to contact my landlord 2 weeks ago several times (wrote emails, left voice mails, sent text messages) and asked whether she will be interested in extending the lease on a month-to-month basis. She has not replied to any of my messages.
Her lack of response makes it pretty clear she is not interested in extending the lease agreement, and her financial situation makes me very worried about my two months deposit.
My plan is not to pay her for the month of June and assume/hope she won’t start an eviction process since she knows we will leave the house when the lease ends. This way I will save at least 50% of my deposit.
I was even thinking of emailing her and letting her know we intend to leave the house at the end of June and schedule time for a walk-out inspection.
The house is in mint condition and identical to how we got it when we moved in (I have this documented in writing and in photos) but I still think she will give me hard times and won’t pay me back my deposit. Any advise on how to collect my other 50% deposit?
Any other tip or advise?
Isn’t her financial situation, the fact that the house have been offered in auction several times, a reason for me to claim that she won’t be able to pay me back the deposit (anticipatory breach of contract)?
citi to allow jobless to pay less on loans..do you guys think this is a good or bad idea? taking a poll for my management class wanted to know what or how you guys feel.
THIS IS THE ARTICLE I FOUND IN THE WALLSTREET JOURNAL
Citigroup Inc. announced Tuesday a new program aimed at addressing the latest challenge facing the mortgage industry: unemployed homeowners.
Under the program, Citigroup will temporarily lower mortgage payments to an average of 0 a month for certain borrowers who have recently lost their jobs and are at least 60 days behind on their mortgage payments. Borrowers will be allowed to make the lower payments for three months. Citigroup will waive interest and penalties during this period.
Tracking the Economy
House May Tighten ‘Cramdown’ MeasureSortable Chart: First-Quarter LayoffsCitigroup’s announcement comes days before the Obama administration is expected to announce guidelines for its massive loan-modification program, a cornerstone of its effort to fight the housing crisis. The bank’s new initiative takes aim at one of the hardest groups of borrowers to assist: those who have seen their income fall sharply.
"We expect that there will be thousands of people we can help," said Sanjiv Das, chief executive of CitiMortgage, who called rising unemployment "the single biggest issue facing mortgage servicers." Although the novel program will help just a small fraction of troubled borrowers, Mr. Das said he hopes it will be copied by others in the industry.
To qualify for the program, borrowers must live in the home and have a mortgage that is owned and serviced by CitiMortgage. The program applies only to loans of 7,500 or lower. Citigroup holds 1.4 million mortgages on its books. It also services another four million loans for others, but those don’t qualify for the program.
Citigroup has received at least billion in taxpayer funds, and the federal government is now poised to boost its stake in the company to as high as 36%. That has raised fears on Wall Street that the company will take steps that are politically, but not financially, helpful.
In January, the New York bank bucked the rest of the industry and endorsed legislation that would allow bankruptcy-court judges to modify the terms of troubled mortgages. Citigroup executives have said that move, which could take a toll on the company’s bottom line, was designed to win favor in Washington.
Mr. Das said the federal government "had no role at all" in the company’s latest loan-modification effort. The new program "was created by us, developed by us and is now being implemented by us," he said. "There was no pressure at all."
The new initiative follows Citigroup’s announcement in November that it would offer to modify the terms of as much as billion of mortgages for borrowers who are current on their loan payments, but are at risk of falling behind. Citigroup declined to provide figures on the number of loans modified under that program, but a spokesman said the bank has been in contact with about 50,000 at-risk borrowers, has done "some workouts" and has "several thousand loans in the pipeline."
The weakening economy is creating a new wave of troubled borrowers, many of whom are grappling with job losses or reduced hours. The unemployment rate climbed to 7.6% in January from 7.2% in December, according to the Labor Department.
At Neighborhood Housing Services of Chicago, 20% to 30% of homeowners seeking assistance need help "because economic conditions have made them unable to pay their loans," said Michael van Zalingen, director of homeownership services. A year ago, "virtually all" the borrowers seeking to avoid foreclosure had subprime adjustable-rate mortgages and were facing interest-rate resets, he said.
Many of those struggling because of the weakening economy have few options. Borrowers who have lost their jobs are the hardest to help, because "they don’t have the income to make a payment anymore," Mr. van Zalingen said.
Borrowers who qualify for the program typically spend an average of ,500 a month on mortgage-related payments. The lower, 0-a-month payment was designed to make the mortgage a financially viable alternative to renting an apartment for borrowers struggling with temporary job loss, Mr. Das says. Average rents on a one-bedroom apartment range from 3 a month in the Southwest to ,623 in the Northeast, according to real-estate research firm Reis Inc.
To qualify for the program, borrowers have to provide proof of unemployment. They must also sign a form promising that they will look for a job and let Citigroup know if they’ve found one.
I WAS EMPLOYED BY THIS COMPANY I BELIEVED I WOULD BE HELPING HOMEOWNERS FACING FORECLOSURE AND GET LOAN MODIFICATIONS FOR PEOPLE IN FINANCIAL TROUBLE. THIS COULD NOT BE FARTHER FROM THE TRUTH I SLOWLY REALIZED I WAS DOING NOTHING BUT SCAMMING THESE PEOPLE .
FIRST OFF THEY OPERATE UNDER 2 NAMES MORTGAGE CRISIS SOLUTIONS BEFORE YOU ENROLL IN THE PROGRAM AND THATS THE NAME THEY TRY TO KEEP CLEAN, THEN ONCE YOU ARE ENROLLED ALL CHECKS ARE MADE TO PROPERTY SOLUTIONS SPECIALISTS THAT WAY BY THE TIME YOU REALIZE YOU HAVE BEEN SCAMMED OUT OF THOUSANDS OF DOLLARS YOU HAVE BEEN PAYING PROPERTY SOLUTIONS SPECIALISTS FOR MONTHS AND THAT IS WHO YOU ARE MOST LIKELY TO FILE COMPLAINTS AGAINST AND THAT IS WHY MORTGAGE CRISIS SOLUTIONS IS NOT REGISTERED WITH THE BETTER BUSINESS BEAREU AND IF YOU CHECK PROPERTY SOLUTIONS SPECIALISTS WITH THE BBB THEY HAVE ONLY BEEN REGISTERED SINCE MAY,28,2008 AND ALREADY HAVE 7 COMPLAINTS AND THAT NUMBER IS GROWING.
THE COMPANY HAS ACTUALLY BEEN IN BUSINESS FOR LESS THEN A YEAR HOWEVER THEY WILL DELIBERATELY LIE ABOUT THAT, THEY ALSO WILL SHOW YOU A LINK ON THE MIAMI-DABE COUNTY WEBPAGE OF A CASE THEY HANDLED AND FILE SEVERAL MOTIONS ON BEHALF OF THE HOMEOWNER STARTING IN 2006 ENDING IN 2008 THIS IS COMPLETELY FAKE THEY NEVER HAD ANYTHING TO DO WITH THIS CASE AND THE BUSINESS WAS NOT EVEN STARTED UNTIL LATE 2007.
THEY WILL CHARGE YOU 1495.00 IF YOU HAVE NOT RECIEVED FORECLOSURE PAPERS AND 2995.00 IF YOU HAVE RECIEVED FORECLOSURE PAPERS AND SET YOU UP ON A MONTHLY PAYMENT RANGING FROM 500-950.00 A MONTH DEPENDING ON HOW MUCH THEY THINK THEY CAN GET OUT OF YOU BASED ON YOUR MORTGAGE PAYMENT THAT, THEY WILL TELL YOU, YOU NO LONGER HAVE TO PAY WHILE IN THE PROGRAM. THERE IS REALLY NO DIFFERENCE BETWEEN THE PEOPLE PAYING 1495.00 AND THE PEOPLE PAYING 2995.00 OTHER THEN THEY FIGURE IF YOU HAVE RECIEVED FORECLOSURE PAPERS YOU ARE A LITTLE MORE DESPERATE AND WILLING TO PAY MORE, BECAUSE THE PEOPLE THAT ENROLL FOR 1495.00 ARE TOLD NOT TO MAKE THEIR MORTGAGE PAYMENTS AND ARE GOING STRAIGHT INTO FORECLOSURE ANYWAY.
ONCE YOU DO FACE A SALE DATE THEY WILL STOP IT TO KEEP THE MONTHLY PAYMENTS ROLLING IN, AND THE WAY THEY DO IT IS SEND YOU THE FORMS FOR A DO IT YOURSELF SUGGESTION OF BANKRUPTCY YOU HAVE TO FILL OUT THE FORMS TAKE THEM TO YOUR LOCAL COURTHOUSE AND PAY THE FILING FEES SO YOU ARE PAYING THOUSANDS OF DOLLARS FOR THESE FORMS THAT YOU COULD GET FROM LOCAL COURT CLERK FOR FREE.
THIS AN ABSOLUTE TOTAL CONGAME ALOT OF UNSUSPECTING HOMEOWNERS DONT REALIZE IF YOU FILE BANKRUPT YOU WILL BE IN YOUR HOME FOR OVER A YEAR WITHOUT MAKING A PAYMENT ANYWAY AND THESE PEOPLE ARE CONNING HOMEOWNERS OUT OF THOUSANDS OF DOLLARS FOR SOMETHING THEY CAN DO ON THEIR OWN FREE.
THEIR SCAMMING DOES NOT STOP WITH THE HOMEOWNERS EITHER ITS A DOUBLE EDGED SWORD ONE SIDE FOR THE HOMEOWNERS ANOTHER SIDE FOR THE EMPLOYEES , IF A SALESMAN ONLY HAS A FEW SALES THEY ARE FIRED AND THEY REFUSE TO PAY THEM COMMISSION DUE AND ITS THE SAME WHEN AN EMPLOYEE QUITS ANY COMMISSION DUE IS NOT PAID THESE PEOPLE ARE NOTHING BUT CON MEN STAY AWAY FROM THEM. AND YES I AM WILLING TO TALK TO ANY TYPE OF LAW ENFORCEMENT THAT IS INTERESTED THESE PEOPLE MUST BE STOPPED
John doe
miami, Florida
U.S.A.
Close Bankruptcy Loophole for Mortgage Companies: Obama and Biden will work to eliminate the provision that prevents bankruptcy courts from modifying an individual’s mortgage payments. They believe that the SUBPRIME mortgage industry, which has engaged in dangerous and sometimes unscrupulous business practices, should not be shielded by outdated federal law.
i capitalized it so u guys could find it. imdoing research for a debate in english class and i was reading and my word document says that "subprime" is wrong and so does yahoo answers. so i wondered what an alternative word wold be so that i know what its talking about and i will understand better.
thanks in advance.
*an please, no opinions on the election. i just want to know the meaning of the word. =]
OHH. so its like less than prime? like secondary?
thanks!
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.
My mom is in risk of losing her home due to credit cards raising interest rates and their not being able to keep up with payments. Her wages are going to be garnished and is worried about not being able to make mortgage payments. She refinanced once. Can she file bankruptcy if she refinanced?
I refinanced my house through Ocwen in 2002 just before a major surgery to help with cost that I knew I would incur during the no work time. They told me one thing on the phone and when it came to signing, the paper work was nothing like what they offered me on the phone, but at the time is was only one week before surgery so I went ahead and signed. Since then I struggled and finally last year I was able to pay off my 2nd mortgage and all credit cards. The only bill left was the mortgage, since I paid off my vehicle the year before. November of last year I was in a bad car accident that totaled my vehicle. After receiving the check from the insurance company I purchased a used 2008 Dodge Advenger for 15,000 with 6,500 down on a 36 month loan. (Trying to stay debt free). Well December comes in and on the 2nd I was informed that layoffs would begin that week and sure enough two days later I got the call not to come in. This was a big surprise, since my company received records profits just the quarter before. Anyway I feel really bad, but I just cannot handle the mortgage payments anymore and I have tried everything to get the mortgage company to do something. They say I do not make enough for them to be able to help me. I am currently spending three hundred every month more than I am bringing in. My savings is now gone and starting to use credit cards again. And at this point I have a good chance of getting a job outside of Michigan, but if I do get the Obama modification I have to stay here with no hope of a job. Things just look worse at my company each month.
Will I be able to keep the car even though there is some equity in it? And can I let the house go this way with no reprecussions? I feel bad, but I also feel they took advantage of me when I was in a bad situation. And I have had the house on the market for over three years with not even a glimmer of hope. Thanks in advance for any and all advice. For those who like to talk down about people that file bankruptcy I pray you never find yourself in this situation. Current situation:
House owed 99,500 value about 105,000
Car owed 7,000 value about 15,000 (kbb)