I was served papers Monday night that my house will be going into foreclosure. I have 2 lenders and the 80 has served the papers - the 20 should be on it's way. I am unable to pay because of a divorce - my ex-husband has just left and I am unable to pay with just my income. I have accepted that I will need to be moving - I have had the house on the market since June 07 with no offers at all. I called the bank and the lawyers office and they advised it could take 8-10 months before I need to vacate the property. I may have the house on the market while going through the foreclosure but am not certain about them accepting a short sale through the foreclosure process. Anyhow - my question is - for those who have foreclosed on their homes what financial responsibility did you have, if any? I want to make sure that I won't owe any money to anyone after this fiasco. I can't sleep at night with my nerves. Anyone have any advice it would be greatly appreciated!!!!
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have you ever filed bankruptcy? If not chapter 7 would allow you to surrender the home oweing 0.Sometimes life make you deal with ugly and hateful people ,just think of them as sand paper. They may scratch you and rub you the wrong way but eventually you end up smooth and polished and the sand paper becomes old and worn out. -
No I haven't ever filed bankruptcy. Are you saying if I don't I may end up owing money?!Comment
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Yes you will owe whatever is left over after the bank auctions off your home. The bank may forgive said debt then the IRS will tax you on whatever was forgiven. Go see a few BK lawers ASAPComment
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Oh boy! I think I may throw up. So then on my credit I will have a foreclosure and bankruptcy? I don't have $ to see a BK lawyer. I am still trying to get over the divorce lawyer...Comment
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Most will see you at no cost for a cusultation. If you file Bk all forecloser proceding will stopComment
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What if I don't want the foreclosure to stop - I want to get out of the house - too many memories and I can't pay for it AT all. I just would like to have a foreclosure - I walk away the bank gets the house and I am out of it. Is this possible?
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If you file BK you can let the house go and will not be libel for any left over debt. Go see a few lawers for a free cusultation.Comment
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Look around for a "no cost" consultation in your area. It's advisable to obtain a lawyer...does your lawyer do more than just divorce? Can he recommend a colleague? If not, be prepared to file a Chapter 7 on your own. We had to because we have a HELOC & mortgage on the home and can't afford both (even if we to reaffirm the 1st).Originally posted by 325Falcon View Post
Good Luck!CHAPTER 7 FILED: 1/18/2008: 341: 2/19/2008
DECLARED NO ASSESTS: 2/20/2008
OBJECTION TO DISCHARGE DUE: 4/21/2008
DISCHARDGED & TERMINATED:4/22/2008
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