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Need help please !!!!!!!!!!!!!

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    #1

    Need help please !!!!!!!!!!!!!

    I know you are a real helpful board. But I need a little help on a few questions whenever you have the time.Currently I am unemployed and have lost to jobs in NW Ohio in the past year due to lay-offs. My current house in on the verge of foreclosure,(Wells-Fargo / VA) and my truck was repoed today. I have to other option than to file for Bankruptcy due to my debt and no forseeable income. I am seeing an attorney here in Bowling Green,Ohio today.

    I want to move in the next three months. And basically start life over again at the age of 40. What advice can you give me that will help me to get home ownership again in three years? I want to be discharged of all debt when filing.
    Tags: None
    #2
    There is a lot of good information in the Rebuilding Credit forum. Basically, there are some ccc that are more friendly than others who have gone through bk. You start with small limits from these companies. And keep small balances and pay them off on time. You usually don't want to spend more than 30% of your limit. If your limit is $300, then don't charge over $100. Pay off $80-90 on time, but just let that little bit carryover so they get their interest! (It does improve your credit score more than paying off in full each time.)
    *** THIS IS NOT LEGAL ADVICE--ONLY A LAWYER CAN PROVIDE THAT. ***

    My posts represent hours of research on and off the web, these forums, my experience, and my opinions.

    Comment

      #3
      Originally posted by fastninja
      I want to move in the next three months. And basically start life over again at the age of 40. What advice can you give me that will help me to get home ownership again in three years? I want to be discharged of all debt when filing.
      I hear ya, Fast!

      Since you're in a pinch, IMMEDIATELY, contact your Lender. Ask for the Work Out Dept or Loss Mitigation or whatever they call it. Tell Customer Service you need to do a Short Sale.

      With a Short Sale, the Lender will approve you to take less than the full market value of your home. You have to apply for approval to do it tho. That can take 2 weeks to a month for approval. Basically, the process is like Loan Approval in reverse. Last year's income tax returns, most current pay stubs, monthly expenses, and a letter explaining your hardship.

      If you can successfully Short Sale, your Credit will show Sold with a deficit balance notation.

      If you Foreclose or offer a Deed in Lieu of Foreclosure, you'll be tagged with a double whammy. BK and Foreclosure or DIL. That's one you may not be able to recover from as far as getting another mortgage at competitive rates EVER.

      Many of the Low or No downpayment Gov't programs simply will not take you. Pretty much, you'll have to deal with sub-prime lenders that charge horrible interest rates.

      Apologies in advance to Steph, but here's a thread with one example of the kind of loan you might expect to get:

      http://www.bankruptcyforum.com/t8002...ease-help.html

      Where as a current 30 year fixed is averaging 6.2% today.

      If you can, I'd strongly suggest you avoid Foreclosure and sell BEFORE you file BK. Others here did not reaffirm their Mortgage, filed BK, were discharged, then sold their homes. Some have their Mortgages show on their Credit as Discharged in BK.
      Filed Ch 7 - 09/06
      Discharged - 12/2006
      Officially Declared No Asset - 03/2007
      Closed - 04/2007

      I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

      Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

      Comment

        #4
        Why the rush to buy a house? You don't even have a job. Nothing wrong with wanting to start your financial life over at 40, but it's not like you're starting over at 20. You've lost a lot of years of compound interest that you just can't get back.

        Instead of focusing on owning a home, focus on saving money and using credit wisely.

        Comment

          #5
          Originally posted by Jenny
          Why the rush to buy a house? You don't even have a job. Nothing wrong with wanting to start your financial life over at 40, but it's not like you're starting over at 20. You've lost a lot of years of compound interest that you just can't get back.

          Instead of focusing on owning a home, focus on saving money and using credit wisely.
          Sometimes, Jenny, you just don't get the point of the question.

          Fast was asking the best way to get out from under the current house so in 2-3 years after BK, he/she can finance a new mortgage.

          And for us less than young folk, who aren't so fresh on the vine, that's a very serious thing to consider while we're working thru our financial woes.

          Not that you'll understand my comments either.
          Filed Ch 7 - 09/06
          Discharged - 12/2006
          Officially Declared No Asset - 03/2007
          Closed - 04/2007

          I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

          Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

          Comment

            #6
            Thanks girls.

            Basically I have lost two jobs with-in the last year, got divorce, and battled cancer for six months. Judge forced me to leave the house for six months and my ex did not pay the mortgage for that long. Wells-Fargo wants me to pay 4K in back payments and raise my payment $800 more a month. Kinda hard to make with no job. That would make my total house payment of 1900 a month.................... no way and they know it. Also accumulated 200 K in medical bills. So they have started forclosure on it. BK is my only way out .

            There are no other options

            Comment

              #7
              You just gotta ignore Jenny/Lightening/what ever the name Du Jour.

              There's a person/persons who come here that don't need to. They live in lofty, plush, good credit havens where they've had no misfortune and owe no debts. They look down their pointy noses at the rest of us and post crass comments.

              Why they come here,.......... I dunno. Maybe to feed their flailing egos.
              Filed Ch 7 - 09/06
              Discharged - 12/2006
              Officially Declared No Asset - 03/2007
              Closed - 04/2007

              I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

              Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

              Comment

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