It seems to be over... Thoughts?

[WalkingDead]

My 1st post here as this seems to be a great site.

We went to a law firm for advice on BK after the bank flat ran us out of options. They advised us to file singularly (me then my wife) so we could get the most "chances at this" possible.

We sunk every last dime we had into the house trying to save it. Resmae bought our mortgage a few years ago and it was down hill from there. Keep in mind Resmae has a 80% + foreclosure rate (seriously look it up on Google) and tons of legal action as they are just running the funds out with phony charges and "missing payments". We jumped through ever hoop they wanted and at this point they still say we owe more on our loan then we did 3 years ago when we bought the house.

Now before anyone gives me the "more house then you can afford" line here is a little background. we put down > $100K on a $538K house. At the time of the loan our family income was > $565K annually. We were up to date for a good while when my company went under and my wife's law firm bit the dust we were doomed. Try getting a job at Denny's with a Masters and a PhD!

At this point we have made most payments, fees and Lord knows what else to these Resmae guys to no avail. All they say is "their investor says no refi" so after getting the dreaded notice of foreclosure we went to see a BK attorney.

I filed CH13 (attorney said hold our water on the wife's 13 until mine is dismissed) to stop the foreclosure.

So prior to the 341 we were at $515 for the trustee payment which was doable. Then comes the BS. The IRS jumps in with $21K of "whoops we forgot to tell ya and no we will not negotiate back taxes" and the mortgage company claims that escrow is wrong so they hit us with $58K of property taxes they want too. Only person I get to talk to is the paralegal who basically will not listen to me that this is BS and the math will not jive with reality!

So NOW We get to the fun! $2150 per month of payments to the trustee! Which means 100% FAIL on the CH 13. BOHICA!

So I go to the US BK Court and they grant me a continuance to try too up my income by $8K (no kidding) until Jan 21st.

So I make all of the payments to the bank via certified letter. The bank (as usual) now claims "we didn't get them". So I get to jump through more hoops trying to get a bank (Wells Fargo who has now closed my account because wonder of wonders I am overdrawn) to produce docs!

Now the bank is claiming since I didn't make the payments (the ones they did receive via certified letter and which zeroed my last $$$ and closed my bank account) are trying to get Relief from Stay! Cool huh!

So on January 21st (9 days before my birthday) I am going to US BK Court to be told I am now too broke to declare CH13 BK because my attorney won't listen and my lender wants my home. Resmae will refile the foreclosure and unless impeded will take the last asset I have which is my home.

Keep in mind that I have now truly lost everything I have worked for, my company, my income, my wealth, my dignity, and soon my home. There is no logistical way we will keep the home and I know that. It is obvious that no matter how long or hard they are going to get the house. Not that it is worth much anymore as the banks foreclosed on the Country Club it is (was) on too! Yep now I live on a field with 18 holes. Oh and the taxes are going UP! Cool huh! $18K per year taxes for a huge house on a field! It will sit empty because it took 9 months for me to come along and buy it from the original owner and he sold it for almost $200K less then asking!

I do not worry about "buying another home" or "starting over" in this idiotic game. Been there, done that, no thanks. I admit that I have failed. I also now know that the system which we were told was there to "help us" is BS. Thus less then 40% of CH13 make it to the end.

My GOAL is now to make this as painful for these SOBs as I can. I played by all the rules and got squat done. Now I am going to get my pound of flesh.

So now I honestly don't care what happens to me because in the end I know THEY WILL win. If I have learned one thing after 40 years; the guys with the big money always win. It is just a case of better lawyers and more time to run the clock. Just wish I would have known this would happen when I was fighting for this country in the 1st Gulf War. What a great place! Bail out the banks! Yeah baby! Really gives you perspective on who you did the killing and dying for ya know.

CH7 will do noting for me as the house was what I was trying to save and if the IRS wants to put me in jail at least I will have a place to sleep.

So here are my questions...

If they get the Relief From Stay, which 99.9999% chance they will because no one gives a hoot what my docs say apparently.

Can and/or should we:

1. Have my wife file and run the clock more so I can at least find someplace for my wife and dog to sleep? (Best option IMO)

2. Just walk out of the court with the dismissal and say f*#K it. Wait for the notice, sale, etc. to run and the Sheriffs boys to show up to shoot me.

3. Options I have no idea of?

Lastly, I am quite sure you probably think by now that I am some sort of monster because I just want them to have to work a little to take all I have left. I guess in that light I probably am...

[bohogirl]

I have nothing smart to say regarding your situation, but just wanted to chime in and say I personally don't think you're a monster, but having a normal reaction/response to a very frustrating and stressful situation.
Best of luck to you!

[Flamingo]

I can totally understand your frustration and grief over your situation as my hubby went from over a six figure income in the blink of an eye with a department layoff and we lost 70% of our income. We too wanted to keep our house and were able to do so due to my employment. You need to have the income to fund the 13 if you want to keep a house. If you cannot actually afford the house, it's a hard reality hit after working years for that house and what you have. What you are hitting is a life event which encompasses major change and hard decisions. Bankruptcy is a life event fraught with emotion and huge decision making. Know that if you cannot afford the house, you cannot afford the house. You may have to make that adjustment after a reality check and get rid of the emotions, adjust, regroup and go on to another house in the future.

I wish you the best...

[frogger]

Keep in mind that I have now truly lost everything I have worked for, my company, my income, my wealth, my dignity, and soon my home.

First of all, slow down and calm down.

Let's talk about the statement I have above in quotes.

You have lost everything you have worked for..........

Your company - start a new one.

Your income - make more.

Your wealth - Doubtful. Your riches, yes. Your wealth comes from within.

Your dignity. Nope. That can't be taken from you. Only you can choose to give it away.

Your home - No. Your house perhaps. Home is where you make it.

Don't take what I'm saying as harsh. I'm in the same boat as you, but have overcome the emotional part of it just as you will.

You're in the "I can't believe that this is happening to me stage. I don't deserve this".

We've all been there, done that, and got the scars to prove it.

Change starts with you. You'll be amazed how little the stuff means once you get past it. I'm reasonably healthy, have great family, my dogs love me, and I woke up this morning. What more can we really ask for?

Good luck. You're in a great place and we're all here to help each other.

[AngelinaCatHub]

Dear WD: This will not comfort you, but join the club. Your first post vent your heart and I feel so badly for you. I'm not up on that crummy bank, but if I am understanding, your house is not that old and you got it at a lower rate by the former owner who also could not sell it at his price. You would sell it if you could and have thrown all of your extra into trying to save it. It is on a Country Club that has also gone under?

Your Post came very close to what we have gone through except your went far faster than our demise. I wrote a post just for this type of occasion, and pray you to read it and play the clip on the link.

http://www.bkforum.com/showthread.php?t=50284

You too are one of many, and one more of many to come. You fought for our Country. It's Citizens are our Country. Not the High Roller, Bankers, and Politicians. If things get worse in this Country with what our Government is doing to us and our Country, you may be fighting again for it. Except it may be called a Civil insurrection.

Tea has been wasted in Boston Harbor for far less than what is happening now.

There is no stigma in bankruptcy. It is a tool given us by our forefathers for healing, and is a business decision only, not to be taken as some sort of failure. You succeeded once in great wealth, you can do this again. What does not kill you makes you stronger, and bk will not kill you unless you allow the stress to do that. Beat the odds and give them the damn house back. Tell them where to put it as they will never get what they want out of it before it starts costing them money and repairs. An empty house is rife for destruction. They will fall by their own greed.

Please stay with us as there is a light at the end of your tunnel too. GBWY 'Hub

[momisery]

Hubby use to make a good income, and after many ups and downs were we on track! Then the crash hit. No one should blame themselves, the American way was to spend money and buy larger ... homes are an investment just ask anyone that does taxes and they will tell you that. You had a business, so you were a RED WHITE and BLUE American working and dreaming! Our crash was the down turn and Wells Fargo not allowing a short sale on our rental home, or at least losing the paperwork so many times that the buyer walked. Go thru that a couple times and you start trying for a Deed in Lieu, and they lost that paperwork too, never called us. I would call them, and they were WORKING on it.. yeah right. We lost the tennat, could not rent it back out, living on one income we blew thru the savings trying to pay the bills. Then Dad who is 90 had to have Colon surgery so we spent cash to go out to CA to be there. Then hubby who is stressed the to the max by now, and we were arguing about bills of course, he winds up with a rapid heart beat, and now we have medical tests that we can not afford and drugs for that and for COPD. My blood pressure still remains un treated because the moron doctors want to do a check up every 3 months, I simply can not afford that and hubbys drugs, and to pay over 250.00 per month for our medical, plus dental he just broke a tooth.. the saga goes on. We are discharged now, and while the old debt went away it leaves you wondering what to do next. Hubby is is sick, I still needs meds, and on one income that is not possible, but yet the rich did not know we are in a recession per MSN's report.. and the banks are paying our bonus to the top mgmt. I have news, I work for a bank, and I have not had a raise in 2 years, nor a bonus because we have not made a profit in our dept. The only raise I have had is in the cost of my healthcare costs. So, if at they top they are getting it, no one else is for their bad performance. All I can say is, you can not give up. Let it all go yes, but you will not lose anything of yourself really. I took great pride in never being late, never bouncing a check, having a credit score of almotst 800... today I realize that those things helped wall street, not me. I am still me and I am still a good person, a good hard working person who never sets out to hurt anyone... more than wall street can say for themselves. So, you did nothing wrong. You had more than I had, and you took a large risk with the cost of a home, but that was the American dream, so you did good...big business and wall street ruined you, not you. Good luck to you..

[AngelinaCatHub]

Everything is proportional, but important.

A wonderful post Momisery.

The Jews were instructed to give to the Temple and to the poor as part of their service to God. (So are we). One day Jesus sat at the Temple and watched people putting money into the offering boxes. Some people were rich and gave lots of money. Some gave money, but were unhappy about it. Then an poor woman, a widow, came up to the boxes.

The poor woman put two of the smallest coins there were in the offering box. The disciples with Jesus weren't very impressed, but Jesus said this woman has given more than any other today. How could that be? Jesus said it was because it was all she had.

How did the woman think she would buy dinner that night? She trusted in God to provide for her. She obeyed God's command, knowing that He would fulfill His promise to care for her in return. We must trust God the same way. Matt 6:33 says: "Seek first the kingdom of God and Hid righteousness and all these things (food, clothes, etc) will be added unto you."

http://www.ebibleteacher.com/children/lessons/widows.htm

[Stilltheone]

I will chime in and say, like many of us here, you are going through what we've all gone through. Looking back with clearer vision, I can say that we were a disaster waiting to happen. All it took was one stone thrown on our path and that was the end of it for us.

We were like many people here, charging it up, living beyond our means. But, my husband had the good income to support our lifestyle, so we never thought twice about it. When my husband's company changed their commission program, he lost $40K of his salary--Going from $70K/year to $30K was not an easy adjustment....obviously.

Unfortunately, these hard times have hit everyone...whether you have just a high school enducation or a master's degree...whether you work retail at your local store or work a high powered office job. It stinks. It sucks.

I agree with many here. If you can't afford your house, you can't afford it. We were like you and only cared about saving our house. Did we? Yes, but we are still "house poor", making interest only payments on a home where we owe more than what it's worth. If I didn't have kids, I'd walk away from this money pit and start over. But I know the house is important to the kids, so we stay...and pay for it.

Let the house go. You don't have the income to support it anymore. Move on from it and start a-new.

Aren't you glad this recession is over now?

[Chucksoutalu]

Think and plan for whats "beyond" the BK! Theres a future out there and once the BS of the BK is over you can move forward to a better life for sure.
I havent filed yet (after Tax day) but I have plans and dreams that will come after BK and I will make them come true without the noose around my neck that massive debt is. Good Luck and think positive always.