quick help need FORCLOSURE

[bambam634]

I my name is josh and my house is in forclosure and the sherrifs sale is on march 19 2009 do I need to file bankrupt b4 then or will i be ok to file after
please help
thanks

[justbroke]

I my name is josh and my house is in forclosure and the sherrifs sale is on march 19 2009 do I need to file bankrupt b4 then or will i be ok to file after
please help
thanks

Depends on your State. You generally must file before a new deed is recorded. However, I wouldn't take chances!

File Before March 19th to avoid any issues. So long as your Bankruptcy Petition is stamped (date and time) before the sale (and/or recordation of the new deed), you are safe.

However, you listed this in a Chapter 7 forum. If you're filing for Chapter 7, this will only cause a pause in the foreclosure process of about 30-60 days (or sometimes more). Chapter 7 doesn't save a home from foreclosure... it only temporarily stops it.

What are you trying to do? (Do not use Chapter 7 just to temporarily stop the foreclosure...)

[bambam634]

i am sorry we live in indiana and we are going for ch 7 we have 2 much other debt right now to try and save our home we have been to scared and all to file but we just got a letter last month about the foreclosure and we have not been given a date to move out or any thing

[jeb]

i am sorry we live in indiana and we are going for ch 7 we have 2 much other debt right now to try and save our home we have been to scared and all to file but we just got a letter last month about the foreclosure and we have not been given a date to move out or any thing

Josh, ref your, "we have 2 much other debt right now to try and save our home " - please remember that in ch 7 ALL your debts that are not collateralized will be discharged - - CCards, etc.

If you want to keep your home and vehicle, all you need do is make the payments.

If you don't want to keep home/vehicle, the only expenses you would have would be living expenses - food, utilities, etc. - jb

[justbroke]

i am sorry we live in indiana and we are going for ch 7 we have 2 much other debt right now to try and save our home we have been to scared and all to file but we just got a letter last month about the foreclosure and we have not been given a date to move out or any thing

Do you want to keep your home, if you could? That's the real question.

All those unsecured debts will go away in your Chapter 7. You may be able to afford your home once those are gone. Please think about that.

[bambam634]

Josh, ref your, "we have 2 much other debt right now to try and save our home " - please remember that in ch 7 ALL your debts that are not collateralized will be discharged - - CCards, etc.

- jb

what do you mean debts that are not collaterized will be discharged i thought that I read that you could file on credit cards as well am i wrong

we would like to keep our home but we just cant make the payments any more.. I was off work for 6 months for a major sugery and got no source of income and that is when we racked up all our credit cards to keep us eating and then could no afford all the minium amounts on them

[justbroke]

what do you mean debts that are not collaterized will be discharged i thought that I read that you could file on credit cards as well am i wrong

Collateralized is a fancy banking term which means that the credit (or debt) is secured by some property (like your home or car). Most credit cards are unsecured (or not collateralized).

we would like to keep our home but we just cant make the payments any more.. I was off work for 6 months for a major sugery and got no source of income and that is when we racked up all our credit cards to keep us eating and then could no afford all the minimum amounts on them

You need to look at your income and expenses, as if you have no more credit card debt, at all. So don't even think about those minimum payments at all.

Are you back to work, or still out on disability? If you are back at work, and if you subtracted all your credit card debt (and other unsecured debt), would you be able to afford your home then? Generally, you want your home payment to be less than 33% of gross income.

Also, the lender may even do some modification to make it more affordable. It's not guaranteed, but could lower the interest rate and/or move late payments to the end of the term, as well as extending the amortization period and term to 40 years!

These are all possibilities, but as you point out, you do need income.

[bambam634]

ya we tried to work out a nother payment plan and the told us that we needed to come up with i think it was around 5700 and then they would work on it for us and I told them that if i could come up with that kind of money that i would not be in this situation no would i


so credit cards can be filed on this is so confusing

[justbroke]

ya we tried to work out a nother payment plan and the told us that we needed to come up with i think it was around 5700 and then they would work on it for us and I told them that if i could come up with that kind of money that i would not be in this situation no would i

so credit cards can be filed on this is so confusing

They are not being your friend. They can actually do a modification. What they wanted from you was to "catch up" through the forbearance process. They are so silly.

You want a modification! They will eventually get you to the point of modification. I'm surprised they haven't yet, but you should call and specifically ask for a modification.

Yes, you can include all credit (credit cards, furniture accounts, car loans, car leases...etc). All of your unsecured credit will be discharged.

[bambam634]

Yes, you can include all credit (credit cards, furniture accounts, car loans, car leases...etc). All of your unsecured credit will be discharged.

dumb me when i was reading discharged i thought no included thanks for clearing this up and I wi1l call the mortgage company and see what they can do

[jeb]

ya we tried to work out a nother payment plan and the told us that we needed to come up with i think it was around 5700 and then they would work on it for us and I told them that if i could come up with that kind of money that i would not be in this situation no would i

so credit cards can be filed on this is so confusing

Bamb, it is difficult for you to get much of a deal with the lenders - they will usually talk with a 3rd party all day long but won't deal with you. (Just plain dumb, IMHO)

However, as time goes on they will get easier to deal with. Also, after you file BK they get easier to work with as well so don't take their first offers - they will usually get better as time goes on. And their, "you have to catch up the loan" is their first step - don't take it would be my recommendation.



In a ch 7 BK, ALL of your debts must be listed - home, car, Ccards, any utilities, loans from friends - everything.

Items like a home or a car - furniture that you own on - are things that the lender can come and take back from you - - these are called collateralized.

On a Ccard bill, there is nothing that they can come and take - - these are called non-collateralized.

ALL debts are discharged in Ch 7 - both collateralized and non-collateralized.

However, the lender can then come and take the home, car or whatever was collateralized.

If you want to keep your home, car or other collateralized items, you can reaffirm the loan - NOT RECOMMENDED TO DO as then, if after BK you can not make the payments, you are on the hook for the full amount of the loan.

If you don't reaffirm the loan but just keep making the payments you can keep the home, car or whatever but should you later not be able to keep up payments and want to walk away clean, you do so without being stuck with the loan amount left.

Talk to your attorney about all this. - jb

[eddiep]

Bam
I probably don't have to tell you this but you need to act quickly! Call the bank ASAP, you have to tell the first person you speak to that you already have a foreclosure date and then tell the second and the third if needed. you need to push yourself to the top of the list. Don't let them off the phone until they give you a solution, be the biggest pain in their butt! These are unpresidented times, they can make things happen, you just have to insist upon it. And call a lawyer today, you don't have a lot of time to prepare for bk. I saw in the information published today that under Obama's plan you can request and and continue to negotiate a modification while in an active bk. This is new, bk will protect your home from foreclosure, while you work out the details with your lender. So if bk is in your future, call a lawyer, get that started and you can finish up the details of your modification while you are under the protection of bk. It can be done, Good luck!

[eddiep]

Oh, one more piece of advice have your financial information ready before you call, don't wing it. They will want to know how much you make per month. they will also want to know your expenses per month. phone, electric, gasoline, car payments, cable, cell phone etc. You need to show you can make the payment, so don't tell them you have cc debt. If they ask tell them you have not paid any cc for x months and you are preparing to file bk. I had to give my financial information six times over the past 3 months, they kept trying to add in my cc debt which made my deficite too large, the last time I refused to tell them what I used to pay. Then I showed a surplus of $11 and they said I could afford my current terms (OMG! catch 22!). So I said well lets do the numbers again, since they are only estimates anyhow, what do you want my deficite to be, because I could add a pizza or two! They gave me the modification. FYI they were looking for a deficit of no more than $200/month. But this may have changed with Obama's plan. You may qualify to have your interest rate reduced in addition to catching up on past due amount. Who is your lender?

[bambam634]

thanks again so much we are going to talk to a lawyer today and see what happends we have already found a house for rent that we are able to make the pymts on I will let you all know how it goes thanks again for all the support wish me luck