My ex husband (whom I'm now back together with) is planning on filing for bankruptcy to get out of the house since being unemployed for most of the past two years has finally taken it's toll and the house has become too much of a burdern after Wells Fargo modified the 2nd mortgage without his permission and increased the payment. The loan is about 50K over the current value of the house and it needs another 25K-50K in repairs so now is a good time to walk away by filing a Chapter 7 if its possible. I looked around the foreclosure forum and still can't find a timeline of what steps happen in a foreclosure.
He has received a notice of Default and Acceleration letter from WF with a payment due date of October 12, 2010.
We can't make the payment so what will happen on October 13th?
Should he file his chapter 7 before the 12th or wait until after?
Is it best to wait until the property is in actual foreclosure? Oregon is a non-judicial and judicial state but most common is the non-judicial process. I have learned that we would have at least 120 days before they can send it to an auction after they serve him with papers of their intent. Obviously I would like to have some extra time here to save up moving money since we did spend about 8K in the past few months trying to keep the house before realizing it's just too much to handle.
When is the best time for him to file a bankruptcy?
Is it that much harder to file a BK with a house than without one? I did all of my own paperwork and can help him with his so he won't have to pay an attorney.
He only has 2 other credit cards to file BK on with a balance of under 2K on both.
Will this have any impact on my BK filing which was already discharged, I have no interest in the house.
He has received a notice of Default and Acceleration letter from WF with a payment due date of October 12, 2010.
We can't make the payment so what will happen on October 13th?
Should he file his chapter 7 before the 12th or wait until after?
Is it best to wait until the property is in actual foreclosure? Oregon is a non-judicial and judicial state but most common is the non-judicial process. I have learned that we would have at least 120 days before they can send it to an auction after they serve him with papers of their intent. Obviously I would like to have some extra time here to save up moving money since we did spend about 8K in the past few months trying to keep the house before realizing it's just too much to handle.
When is the best time for him to file a bankruptcy?
Is it that much harder to file a BK with a house than without one? I did all of my own paperwork and can help him with his so he won't have to pay an attorney.
He only has 2 other credit cards to file BK on with a balance of under 2K on both.
Will this have any impact on my BK filing which was already discharged, I have no interest in the house.
