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Scared--any advice appreciated

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    #1

    Scared--any advice appreciated

    I own a home in a city about 3 hours for me that, when I moved from the city, was being occupied by a friend. The friend lost her spouse and her job and had to move out of the house and I, due to my own living expenses, could not afford to pay the mortgage. The bank has issued a summary judgement for the cost of the outstanding mortgage, interest, court costs and attorney fees. I do not dispute that I owe this money but I have no idea what is going to happen and HOW I can ever pay this back! I know that I will owe whatever is left of those costs after the sheriff sale of the home...but will they garnish my wages? I literally live paycheck to paycheck and have no idea HOW I can afford to have my wages garnished! Also, since I do not dispute the suit, should I go to the show cause hearing or just respond via postal mail? I have almost no other debt--less than $1000 on credit cards and some student loans so I don't think bankruptcy would be an option, but maybe I am wrong? Should I consider bankruptcy?

    Any advice would be REALLY appreciated. Thanks!
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    #2
    What state is the home in? Is it just a first mortgage?

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      #3
      Originally posted by mrskal View Post
      What state is the home in? Is it just a first mortgage?
      The home is in Indiana and it is only a first mortgage--there was a small second mortgage on the home but that was forgiven in a first-time home buyers program after I had lived there for five years.

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        #4
        I guess it may also help to post how much is owed and what the house is worth. You may get some more help that way.

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          #5
          Originally posted by mrskal View Post
          I guess it may also help to post how much is owed and what the house is worth. You may get some more help that way.
          I purchased the home for 39,900 but it last appraised at 55,000. I owe just over 30,000 on it still and with the attorney fees, court costs and late fees, the summary judgement that the mortgage company is requesting is 37,715.

          Thanks!

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            #6
            Ok, I am new to this whole process too, so i dont really know much. With that said, my next question is when was that appraisal done? Is that what you think it is worth now? Can you sell the house, or do a short sale? (although I dont know if it would be short, if it could sell for 55K). I personally do not know anything about judgments or court stuff, but hopefully someone who does will answer. Have you tried to sell it at all? How far behind on the payments?

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              #7
              Originally posted by mrskal View Post
              Ok, I am new to this whole process too, so i dont really know much. With that said, my next question is when was that appraisal done? Is that what you think it is worth now? Can you sell the house, or do a short sale? (although I dont know if it would be short, if it could sell for 55K). I personally do not know anything about judgments or court stuff, but hopefully someone who does will answer. Have you tried to sell it at all? How far behind on the payments?
              I have tried and tried to get it listed and sell the house but the market is overflowing with homes in that area and no realtor would list it. I am 18 months behind on payments.

              Edit: I don't know if the home is worth 55,000 now--maybe less, maybe more....
              Last edited by Lilaccat; 07-14-2010, 12:55 PM.

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