Need Opinions from those who have been there - Mortgage Late, Bank wants money.

**Missy** · 09-25-2010, 07:23 PM

Originally Posted by ddmartin

With 5 acres could they rent out 'parking' to people who are having to live in their travel trailers. Not sure what it would entail. Or, rent out parking for travel trailers. Probably easier than letting people live on your land.

DDMartin

that's an interesting Idea. I am no expert, but I bet it would work to raise some cash, and might lead to somethng lucrative. And ongoing too. neat idea.

**shoiji** · 09-25-2010, 08:10 PM

I would definately try to rent out a room. If they belong to a church that could be a good place to find a boarder. I have even heard of people renting out their garage.

**taxgal1040** · 09-25-2010, 10:27 PM

It seems in this situation that everyone is in over their head. My take on this would be to give the house back to the bank, and move out/on. You may not need to declare bankruptcy-I would check with an attorney-bankruptcy is on your credit report longer than just giving back the house.

**bumplett** · 09-27-2010, 09:40 AM

interesting. who is "everyone"?

not I.

**bumplett** · 09-27-2010, 09:42 AM

I asked about the parking travel trailors/rvs idea - but the land is all wooded. Only land cleared is about an acre around the house.

*shrug*

but the good update is that they did NOT go see the bankruptcy attorney!!!

**cwaltz** · 10-02-2010, 07:40 PM

Re: Chapter 13 is going to be tricky for them. The filing expense is over $1000. Additionally in a 13 filing, where you seek to pay back the money owed, you have the cost of a trustee on top of the amounts you are behind. Also it will cost additional to roll it if they fail(which is likely if their housing cost is 50% of their income and they have no cushion for Murphy's situation).

However, it isn't the end of the world to have a bankruptcy on your record. We filed in 2000. We were able to procure a car loan with a decent down payment albeit at higher rates and a loan for a mobile home(again at a higher than average rate) one year following our filing. My husband was able to get 2 jobs that were decent paying despite the filing in 2003 and again in 2005 respectively. Each a bump up in pay and benefits. Flash forward, by 2005 we were able to get a car loan and in 2008 a truck loan( both at lower rates than the ones we had following our filing.) So evidently you don't necessarily become some HUGE risk following a filing and the risk diminishes if you don't continually make bad financial decisions.

By next year our house and the 2005 car will be paid off. Our bankruptcy will be off our reports. Our sole debt will be the truck. So we are living proof that a bankruptcy is only the end of the world if you make that the case.

Filing a bankruptcy means taking a step back and reviewing your financial situation. It means carefully examining your credit decisions and ensuring that you aren't purposefully purchasing beyond your purchasing power.