I don’t really know what does happen. My friend is under water on her house in Las Vegas, can’t rent or sell it & has decided to file bankruptcy. So what happens to her house now?

I tried asking last night & did not get much help, all any one wanted to do was tell her to do something other than the bankruptcy – I don’t want any suggestions about short sale, or any other alternative options. She has decided on the bankruptcy & I am ONLY trying to figure out what this means for her house.

One person said that she could give the bank possession of the house during the bankruptcy & it would turn into a foreclosure? I’m not sure I understood that correctly or not. Is that right?
Yes. she has other debt. She has been living in Las Vegas for 10 yrs – of course she has other debt. She works 3 jobs & still cannot pay all her bills.
Ok so when she files bankruptcy, it does not automatically get foreclosed on…right? She has to contact the bank to start that process…. Right?
The kid – I know that. She is NOT trying to get away with anything.

Her current jobs don’t give her any time to research. I sit in front of a computer all day & sometimes I’m not busy. I’m just trying to figure out what all she has to do – like if there is another step – like what acermill said.

Technorati Tags: amp, bankruptcy, foreclosure, jobs, las vegas, one person, possession, short sale, what this means

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."

Technorati Tags: bankruptcy, chapter 7, heloc, insurance, mom, money, mortgage, possession

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 recently filed chapter 7 and I am being sued by my finance company for a car that was impounded 2 years ago. It was impounded by the police because it was broken down and I never retrieved it because the tow was too expensive. I contacted the tow company prior to filing and they said that the car was crushed because I didn’t come back for it. The police has records of the tow but the towing company says that it doesn’t. Am I going to still be liable for the car since its not in my possession?
ty for any help

Technorati Tags: chapter 7, finance company, possession, tow company, towing company, ty