What a Ride.....

[JUSTAHICCUP]

Like all of you out there, I thought I would never see myself in this position. I'm new here so forgive me if this question has been asked. I am in the process of filing a TRO and then ultimately Preliminary Injunction against the trustee for Predatory Lending practices that put me behind on my mortgage and ultimately foreclosed on my property with a sell date. I have stopped all sale dates thus far. Part of the strategic plan here was filing 13 as a stop gap. Anyone out there familiar with cases that the main complaint was predatory lending practices? My attorney indicated that my loan docs were the worse he has ever seen. I also fell behind on car loans, credit cards etc. The beautiful thing about 13 is my phone never rings again from nasty collection efforts. What happens to my cars? Just looking for some feed back.... Hope I didn't bore anyone out there.... Not real familiar with forums.....

Thanks......

[eddiep]

welcome to the forum, nothing boring about bk! I was in your shoes a year ago and even though it was stressful to say the least it was the best move we could have made. I did not have a bad loan but I did get a modification and saved my home and filed chapter 7. You asked what would happen to your cars, not sure what you mean. But once you file you are protected from your creditors. You will be given the opportunity to get current through chapter 13 if thats what you meant. Good luck with the house and the bk! I don't know how I would have made it through without this forum, keep reading and asking questions.

[Flamingo]

Unfortunately, you agreed to the terms and conditions of the mortgage/loan when you signed the paperwork. Unless you were forced to sign those papers under duress and not of your free will, and since you fully had the opportunity to have that paperwork reviewed by an attorney or other financial expert before signing, you know it's just an obvious stall tactic that will just create more issues for you. You can't file Chapter 13 giving a defense of predatory lending - the reason you file bankruptcy is because of debt that you acccumulated and cannot pay back and are insolvent. I suggest fully educating yourself on Chapter 13 and see several bankruptcy lawyers for consultations as to your situation (most BK lawyers give free consultations) before you attempt to do things that will just cause you more expense and stress. It will take a while to get past the denial and realize that the debt is really your fault no matter what you state the creditors did. Many people who fell for predatory mortgages just did not fully realize that they could not really afford the home, did not read the paperwork or have the paperwork reviewed prior to signing, did not know how to correctly budget or did not foresee the possibility of job loss or somehing else occurring down the road as to what would happen if payments could not be made. I suggest getting those consultations so you know exactly where you stand at the moment and what Chapter you can file. Best of luck to you.

[JUSTAHICCUP]

Thanks for the reply.... I continue to follow my attorney's advice. I agree with 90% of what you said, however I can actually say that I was victimized from the lending side. Forgery, falsified bank statements etc. To this date, still unable to provide original signatures from loan docs.... I am voluntarily making payments on my current debt and hoping I can get into a loan mod that makes sense.... Thanks for responses.....