Hello we are new here

[ReallyStuck]

I am looking for help as I think advice we are getting from wifes uncle may not be so good.

We bought a big house here in Colo. Our realter said we could buy it but we said were not sure we could afford it. She told us to get the loan that said we would not have to tell the bank how much money we made. My wife works part time as a baby sitter at a day care and I sometime sell food late at night from the back of my car in Denver a couple times per month. We have 5 chilren and so are bills are high for food and for cloths.

I was right, we can not afford the house and so bank sent us many letters in the mail to take it away in forclosure. So it was good for two years that we did not have to pay any money while we kept getting letters. But we knew it would change and so Ahmed (uncle) told us wait until real sale happens at county and then on that day we would all go to Denver and file a bankruptcy chapter 13 paper so we can stay in our house. We did that in Sepetmber but even could not pay the payments every month. Now the bankruptcy people is letting the bank (bank of amer.) send us the letters saying forclosure is happening again.

We do not have money for a fancy lawyer. We are in Colorado. Is there anything we can do to keep living here in are house? We want to live here, it is a nice and fancy place. Thank you for your help.

[tobee43]

ReallyStuck welcome to the forum.

unfortunately, like so many others have had to come to the realization that they are living beyond their means. it's a difficult reality to face, but it must be dealt with.

it is too bad that this person talked you into buying something that you most likely knew you would not be able to afford in the future. however, you must realize now, that you cannot live rent free forever and most likely unless you can catch up with the arrears that you have with your mortgage company, they will most likely begin foreclosure.

since you have not been paying the bank for a couple of years, you should have been able to save enough money to move into a nice place that you would be able to afford. also, a chapter 13, you need enough money to be able to pay your bills, otherwise, you may have go chapter 7, especially, if you have no assets.

again, since you are no longer paying the bank your mortgage you can take one month's mortgage payment and retain an atty to help you. that is what i would do, if i were you. you have your family to think of, so of course you do not want to wait until the day the bank comes to remove you from the house...then it will be too late.

best of luck and please look for an atty, if you can't afford one, go to the local bar and get a referral to see if someone will take your case pro bono.

again best of luck to you.

[Flamingo]

I am looking for help as I think advice we are getting from wifes uncle may not be so good.

We bought a big house here in Colo. Our realter said we could buy it but we said were not sure we could afford it. She told us to get the loan that said we would not have to tell the bank how much money we made. My wife works part time as a baby sitter at a day care and I sometime sell food late at night from the back of my car in Denver a couple times per month. We have 5 chilren and so are bills are high for food and for cloths.

I was right, we can not afford the house and so bank sent us many letters in the mail to take it away in forclosure. So it was good for two years that we did not have to pay any money while we kept getting letters. But we knew it would change and so Ahmed (uncle) told us wait until real sale happens at county and then on that day we would all go to Denver and file a bankruptcy chapter 13 paper so we can stay in our house. We did that in Sepetmber but even could not pay the payments every month. Now the bankruptcy people is letting the bank (bank of amer.) send us the letters saying forclosure is happening again.

We do not have money for a fancy lawyer. We are in Colorado. Is there anything we can do to keep living here in are house? We want to live here, it is a nice and fancy place. Thank you for your help.

Unfortunately, you just cannot afford to keep your home. The sooner you come to that realization, the better off you will be and can get a handle on your situation. It sounds like you filed a Chapter 13 last September but have been unable to make the payments on either the house or the Plan itself (cannot determine that from your posting). What you need to do is contact the attorney who filed your Chapter 13 and work with him/her as to what can or cannot be done. If you did not file a Chapter 13 last September and worked out something else as to the house, you need to right now contact a bankruptcy attorney to go over all this. Consultations with most BK lawyers are free and they don't have to be "fancy." While we all would like to keep nice and fancy homes, what we can afford to do and what we can actually do are two different things. Best of luck to you.

[mountanddo]

best of luck and please look for an atty, if you can't afford one, go to the local bar and get a referral to see if someone will take your case pro bono.

Sorry, I couldn't resist...they have free attorny's at my local bar? Going down to grab a beer now! LOL

[tobee43]

Sorry, I couldn't resist...they have free attorny's at my local bar? Going down to grab a beer now! LOL

ROFL!!! only YOU DEW! you are too funny!

[Drazil65]

I am sorry to be dense but what kind of mortgage loan does not need employment verification? Something does not sound right with this post? For real?

[LadyInTheRed]

I am sorry to be dense but what kind of mortgage loan does not need employment verification? Something does not sound right with this post? For real?

When the real estate market was going crazy, banks were making loans to people with high enough credit scores without requiring income verification. This is part of what led to all of the foreclosure going on now. I had a mortgage broker tell me I was qualified to refi my mortgage. When he sent me an application to sign, he had filled in an income much higher than what I told him my income was. He told me nobody would know. I told him that if I had to lie to get the mortgage, I didn't want it. So, I ended up with a slightly higher rate using a different broker.

[df04527]

Yup back in the day they were called "stated" loans.

[tobee43]

Yup back in the day they were called "stated" loans.

yep, the good old BAD days right?? all you had to do is show the bank a pay stub and you got a mortgage!

[df04527]

Oh the things I saw.... Of all the ones though I was shocked every time I saw NINA loans.... remember those... they made my eyes bug out of my head! lol.... They were not the norm for sure but I know at least one or two crossed my desk a couple of times a month. It's a wonder we are where we are now. sigh..

[Drazil65]

I had no idea! Sorry to be so questionable regarding this, so then this is a self employed (stated income) kind of loan? Wow and people wonder how things went so bad! Thank you for explaining...

[ValleYum]

I had no idea! Sorry to be so questionable regarding this, so then this is a self employed (stated income) kind of loan? Wow and people wonder how things went so bad! Thank you for explaining...

I, too, thought this was a Christmas carol thread for a bit, Drazil!

You know them... troll lollollollollollollol

[MSbklawyer]

Sorry, I couldn't resist...they have free attorny's at my local bar? Going down to grab a beer now! LOL

Well not exactly free. You gotta buy me drinks . . . and maybe some hot wings.

[ess]

I'm sure they meant the American Bar Association for an attorney referral. And yes, we did many closing where the people did not have to show income. Then we ended up bailing out the banks so they lost nothing on those deals.

[mountanddo]

Well not exactly free. You gotta buy me drinks . . . and maybe some hot wings.

I LOVE hot wings...anytime!