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HELP! Im 15 payments behind on my home and in forclosure

7K views 31 replies 13 participants last post by  CookieLee 
#1 ·
(PUKE!) So sick I could puke. OK so basically I lost my job which caused us to get behind 15 payments so we could catch up on our already high debt bills. There is also lawyer fees etc involved. so we are looking at roughly $13,000. I am applying for a modification which Im PRAYING we will be elligable for. We are able to make payments now just on hubbys income...but barely. They wont accept anything from us though because we are in forclosure. Im so sick I could throw up! We really need and want to keep our home!
 
#3 ·
What are the lawyers fees for? A foreclosure lawyer that YOU have hired?

Don't send them any money right now...it won't be applied. The foreclosure probably started at the 3rd missed payment and went full blown at the 6 month mark.
Also don't forget that ANY expense the bank has incurred such as THEIR lawyer fees...paperwork...ANYTHING...they are going to tack on.

If the attorney fees you're talking about aren't your foreclosure lawyer fees there ARE lawyers that specialize in nothing but foreclosure. The one we had up until we filed bankruptcy and let the house go was free consultation and $150 a month. It kept us in the house awhile longer but we found we couldn't afford it anyway. When we filed bankruptcy we included it in the bankruptcy so there wouldn't be any repercussions such as a 1099C for cancellation of debt which we would have to pay income tax on the difference of what the house eventually sells for example if the owed on is say $100,000 ( including fees ) and it sells for $50,000 you would owe income tax on the difference of $50,000 like it was earned money...

OR the bank can still come after you for the difference of what the house eventually sells for and what is owed on it including all the fees they tack on for lawyers, maintence etc. You don't walk away from a foreclosure scott free unless you're in a non judiciary state.

You say you're now to make the payments on Hubbys income alone. Put every dime, nickel and penney away just in case cause you're going to need it. If the foreclosure goes thru you'll need it to move and make a new start. If the mod goes thru you will still need to come up with money for something. Even if not...you'll still need back up in case something else happens...hospital...new tires....SOMETHING....then you're back to square one.

Been there and done this. Scary crap
 
#4 ·
I don't understand what "debt" bills you were paying that you put off the house payments. What is more important than keeping your house?

Are you talking about credit card bills? They can be nasty but they can't throw you out of your house.

Anyway, (((hugs))) and I hope things turn around for you soon.
 
#6 ·
Short of declaring bankruptcy, I'm not sure what "help" there is, especially if the modification doesn't come through.

My suggestion would be to declutter like crazy - sell everything that isn't absolutely necessary. Gather up all the cash (and keep it in cash) and prepare to move to a rental that is much more affordable.

Good luck.
 
#7 ·
Exactly....except I was trying to keep from saying short of declaring bankruptcy. I AM going to say if the mod DOESN'T come thru and if you're that far in debt and the house is gone I'd file the bankruptcy just to keep the 1099C from coming or the bank coming after me for the difference. If for no other reason than that. Well...that and an insurmountable mountain of bills. Sometimes you gotta do what you gotta do and start over. It doesnt make you a bad person.

As far as bankruptcy ruining your credit...lets face it...It's already ruined for a long long time.

Cookie said the same as I did. Gather up the cash..don't spend any dime more than you have to and keep it in cash. Sell anything you can and keep it in cash.

One word of advice which I wish someone had told us and that we'd heeded....at the point ( if it comes...not saying it will but at the point you KNOW it is ) at the point you know bankruptcy is inevitable and there's nothing you can do about it DON'T wait. Do it and get it over with and quit bleeding yourself dry to where the little cash you have is gone.

For me if I had to do it again and in your circumstances...it would definitely be when the mod didnt go thru. And I'd take the house with it. We took the house with it but we fought the bankruptcy and tried to keep all everyone satisfied till we were drained dry. Would never do that again.

Look for rentals now just to get an idea. At least you'll have a clue what's out there. And remember your credit is already shot. And as for yeah but bankruptcy stays on your record for 7 years ... when someone pulls your credit history the bad credit now will STILL be there to see.

CASH IS KING.

If you can even find part time babysitting in cash DO IT.
 
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#9 ·
Another thought that just hit me. IF you know you're going to file BK stop paying on the bills...any of them cause you're taking them ALL down...stop paying on them and take hold of the money outside of the bank. You'll also need money for the BK attorney cause he/she is paid in advance. Another reason to hold on to it before it's to late
One of the questions on the forms is what bills have you paid over x amount of money in the last 3 months.
 
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#10 ·
If it looks like you are going to rent a place won't you need bond money? In Australia you will require 4 weeks rent in bond money and 2 weeks rent in advance. 6 weeks rent is a lot of money. If this is the case in the US I would be searching for this in cash asap.

Lots of hugs to you.
 
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#11 ·
Here also. Only here its called security deposit and 1st month rent i advance. Plus Electric and gas hook up deposits ... phone if you do land line.
Yes, all the more reason to grab any money and hold on to it.
If poster IS going to file basically the only things that need to be paid ( that I can think of ) are utilities for the house...gas...food etc. If you're going to file take everything else down cause once it's filed you can't add to it. If you think well I could pay this or that and leave it out or as known as reaffirm and it ends up you CAN'T it's too late. You can't add to it or file again for 7 or 8 years. Get rid of all of it at one time and quit bleeding.

We fought having to file for a year and a half...18 whole months. There were times it was all we could do to pay utilities and buy food. And we kept falling further and further behind. Sometimes you just have to start over. Like I said it doesn't make you a bad person. For those that don't know...I was unemployed for 2 years. Just saying.

Plan on a couple thousand give or take for the BK attorney up front. They have to be paid in full before filing.

The longer you can stay in the house with no payments you more you can take with you...just have an idea where you're going to go when/if the worse happens. I know people here that had knocks on the door and the house was put up for auction within a matter of a few days. I know 2 that had 24 hours to get there stuff out and this was just recently. Legal? Doubt it but it is what it is. Another reason to declutter and sell.
 
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#12 ·
Thanks everyone. Im so sick..seriously. I could literally puke reading all of this. I hope and pray the modification will go thru. Can we say some major prayers for me please? Does anyone realisticly know anyone who has had a mod go thru when this much in debt? What about a loan to pay this off? Think any bank would give us a one? What about a bank taking over the whole loan? What about refianancing? As long as we can prove we can make the payments right? IDK. Im super scared. I really want to keep my home. Just thinking of ideas.
 
#17 ·
Repeat....you don't WANT or NEED a Chapter 13 unless you are self employed and its tied up in personal. Why even file if you are going to pay them back. Also on a 13 if you still owe after the 3 to 5 years then you have to deal with them all over and I can already it won't be nice.

You don't need a 13 if you decide to keep the house. But again don't file if you plan on selling the house and counting on it selling especially if it's under water. Save the ability to file until you HAVE to and take EVERYTHING down. Quit bleeding.
 
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#14 ·
Filing for bankruptcy will put a foreclosure on hold. Whether or not you can keep your house depends on the value of the house and how much you still owe on it.

The downside of a chapter 13 bankruptcy is you still have some debt and your financial recovery is delayed. If approved, the court will let you pay back a reduced amount of your total UNsecured debt (your mortgage is secured debt so you have to pay all of that) over 3 to 5 years. During the repayment period your credit will suck AND the bad credit information will remain on your credit history for another 7 years after that. So with a chapter 13, you're looking for the bankruptcy to follow you around for a decade or more.

And you have to be able to afford the payments. Because you're repaying the debt and your income has to go to the court first, creditors won't touch you until the debt is repaid. So if you need a car loan or even a loan to re-roof your house in that time, forget it.

With chapter 7, if approved, you have nothing to repay. If your home isn't worth too much and you don't owe a lot on it, you can still keep your home (and cars) with a chapter 7 as long as you catch-up and stay current on the mortgage. It is just your unsecured debt that is wiped out. Your credit score gets a fresh start and the bankruptcy drops off in 7 years. By delaying the foreclosure, you have a chance to sell the house, get what little equity you might have in the house, and in a couple of years banks will consider you for a new mortgage on a different, more affordable house. And once you file, credit offers will come streaming to your mailbox because once you have a bankruptcy you can't file again for another 10 years if you get into financial trouble again. Needless to say, DO NOT take advantage of all those auto loan and high-interest credit card offers. They are a huge mistake.

For details on your specific situation, you need to consult a bankruptcy attorney. I recommend looking in the phone book for attorneys that specialize in low-cost, flat-rate bankruptcies. Someone above said it would cost about $2000 but I know in the area where I used to live (and helped several people with this process) the flat-fee attorneys were only $700-$800. There is an extra expense with a credit class you have to take now but you can do that on-line and it is stupidly easy.
 
#15 ·
Modifications don't normally go through. You have to have a good reason and loosing a job isn't one of them for most banks. So prepare for the worst case. Have you thought about a short sale? They are better then a bankruptcy, although you will still have to pay the other debts. It's more responsible. This will allow you to stay in your house a bit longer and save up money. Around here if you have a bankruptcy it's very hard to get a rental. Some people are saving and giving 1/2 year or 1 whole year rent for a deposit just so they can have a place to live. So save, save, save!!!!!! Once the final decision is made you will feel a lot better and can move on with your life. Live off just hubby's income, ok below it and things will get better. Just take one step back to get 2 steps forward. Good luck, and hugs to you and your family!
 
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#19 · (Edited)
Thanks everyone. Im so sick..seriously. I could literally puke reading all of this. I hope and pray the modification will go thru. Can we say some major prayers for me please? Does anyone realisticly know anyone who has had a mod go thru when this much in debt? What about a loan to pay this off? Think any bank would give us a one? What about a bank taking over the whole loan? What about refianancing? As long as we can prove we can make the payments right? IDK. Im super scared. I really want to keep my home. Just thinking of ideas.
I stayed up nights and cried all night long and literally LIVED on this site...ALL NIGHT LONG. The support I got was unbelievable. I puked, I cried...I did all of it.
Straight skinny is No...the mod will probably NOT go thru. The odds are so totally against it it's a cobweb. Not trying to be discouraging but its just fact. Could I be wrong...certainly I could be. But doubt it. You asked and that's not the answer you wanted to hear. But fact.

You asked if anyone knew anyone who it did go thru. Yes. A personal friend. Bank of America. He got his modified and when it was said and done BOA modified it and tacked on the missed payments and the monthly bill ended up being $8 more a month than he was paying before. That didn't help him. He was worse off than he was before. He fell behind again and just about 3 weeks ago he got a knock at the door from the process server and he had 24 hours to get his stuff out of the house and be gone. It went up for auction the day after the 24 hours they knocked on his door. Yes...you are supposed to get notified by mail that this is gonna happen but in both these cases the letters didn't arrive until a week give or take AFTER the auction. HMMM....strange huh. BOTH of them.

We have a customer...and forget which bank...whose daughter also fell behind again....knock on her door and had 24 hours...WITH KIDS...to be out. He said they moved stuff all night long. Went up for sale next day. He told me this about a month ago.

Don't think a bank ... any bank worth a grain of salt will refinance or consolidate. Your credit sucks big toes. I mean...would YOU ... loan that amount of money to someone whose credit sucks that bad and can't pay. No...you know you wouldn't. I've been there and done that and I know I sure wouldn't. Sorry...not meant to be unkind. Just honest like you asked.

My heart breaks for you. But I tell it in black and white. This isn't going to be a popular remark on here I know but I'm going to say it again...I would, if it were me, file a 7 and take it all down including...ESPECIALLY...the house. Wipe it clean and start your life over. Tough in the beginning but you'll survive. I'm living proof of that. It's better than bleeding to death drop/drip at a time.

With all this being said there's a lady on here...Anna something...who spent many years working for a bankruptcy attorney who if she reads this will probably reply. Hopefully. I can't even say I'll agree with everything she'll say but she's smart.

If you make an appointment with a few attorneys and you keep saying you want to keep the house...you want to keep the house...most of them will go with that flow. That does NOT mean that's what you should do. He/she is just going with what you want..not what's best. He is not your mother father sister brother. Hes doing what you say you want....not whats BEST for you. Decide before you go whether you want to keep it or not. And DON'T file until you know what you want to do with the house. It's definitely not an after thought. Once you file you won't be able to say ...I'm sorry I take it back...I want to include it...cause it's to late. One more time....unless you live in a non recourse state you will either get a 1099C for cancellation of debt for which you will owe the difference between what you owe and what it sold for including the garbage fees...late payments...THEIR attorney fees etc. You will owe the IRS as if the difference were earned money. If the difference is $50000 then you will owe income tax on that $50,000. If it puts you in a higher tax bracket then there's that too and it will include the wages earned....all a higher tax bracket if it puts you over the current bracket.
OR the bank can come after you in court for the $50,000 themselves. And they WILL win. I know people now that are going thru that also. The bank doesn't do the 1099C but goes after the entire amount themselves. So far the banks have won in court. And this IS people I know. Not friend of a friend of a friend.
 
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#16 ·
I pretty much agree with Cookie EXCEPT if you're going to file BK on a 7 with the intention of selling the house don't do it. Again, if something happens after you've filed it's to late. Then you're back to a foreclosure you CAN'T get away from the consequences. Yes on a 7 you CAN keep the house if the court says you can afford it....AND the bank will do the mod... AND you can catch up the payments. The BK attorney won't do the mod...that's not what he/she is there for. So if you file and the mod hasn't went thru and you don't include the house you'll screwed. Just plain and simple

As for the 13...payback...that's what we filed so I know what I'm talking about. We filed a 13 ONLY because he's self employed and business and personal was tied up together and it was the only way to keep the business. Otherwise it would have went too. I wish it could have been a 7 and over and done with. On a BK ... and states differ on amounts...in Florida you're allowed $5000 in belongings each...you and spouse...for a total of $10,000 at garage sale prices. That includes vehicles also. Their value. Example...you have a living room suite that you paid $4000 for...the value would probably be about $100 give or take a few cents.

You don't want or need a 13...you would want...SHOULD you do.. this a Chapter 7..total and complete.

One thing I disagree with Cookie on is only bankrupting on unsecured ...You CAN BK on secured if you're willing to give up the property. Example the house. It's secured but you can surrender it and it's included. Same with a vehicle. I know this for fact.

The consult is free. Not all BK attorneys are "good". Make several appointments and go with your gut feeling. Yeah, you may find one cheaper and some of those may be good ones. We talked to a few in the beginning and found like everything else in life..go cheap and that's what you get.

Another example would be say if you have a vehicle and you owe on it...you can reaffirm it. You have to list it but reaffirm means you want to keep it and continue paying on it. Same with a furniture payment...if you only owe a couple hundred left on it and you want to keep it you reaffirm it. But believe me the furniture company wouldn't come and get it even if you included it in the bankruptcy. We had year kitchen appliances...fridge, stove, microwave that we bought RIGHT before the crash of 2008 and still owed $3000 plus on...Home Depot and whatever bank they used. They were included but never even showed up in court and never came and got a single thing.
 
#18 ·
You will get all the info you need, and will feel much better if you talk to a BK lawyer. Laws vary from state to state, but the sooner you get the ball rolling the better. Start making calls, and find one who offers their 1st consultation for free. Here in Fl, they all seem to do it that way. Nobody WANTS to claim bankruptcy, but stuff happens, and it sounds like you really tried to keep your head above water. Unfortunately sometimes we sink and need the help of a life preserver. In this case it's a BK attorney.

Hang in there, but don't waste another day delaying legal advice. In the end, you don't HAVE to do anything you don't want to, but if you don't ask, you'll never know your options and you need a direction to go in right now!

Please keep us posted!

Hugs!!

Theresa

Niko....I didn't read thru all the replies before I posted. you gave her great 1st hand advice.
 
#21 ·
Thanks. Wanted to mention a few other things as well. We have an FHA loan. We have Bank of America. We owe like a total of $15,000 and that includes their lawyer fees and such etc. Not ours. we dont have any. The main loan is $42,000. The modifier told me the only thing that will stop forclosure is this modification or if we reinstated the loan. She said becuase its a FHA loan I cant make payments or extras or anything unless I reinstate. Does this mean come up with $42,000 or come up with $15,000?
 
#22 · (Edited)
Honestly if you're bound and determined to go thru with this house the 1st thing I'm going to say is you need a foreclosure lawyer who does nothing but foreclosures. Ours in the beginning when were trying was free consultation and then $150 a month. Period. Ours was no up front....free and then $150. They know the law and they know when the banks trying to screw you. If you can't afford the $150 a month when you're not even making the house payment NOW then you probably can't afford the house anyway. Sorry...just being honest again.

Bank of America is THE nastiest most crooked bank there is with Wells Fargo running a close second. Advice...don't take anything they SAY as truth...if their mouths are moving they're lying. What they told you..is it in writing...no? Then it don't mean jack. Even so ... they didn't promise a dang thing.

GET EVERYTHING IN WRITING...otherwise it don't mean sh** And they won't want to do that. Why? Because it's evidence....it's proof...and they don't want that.

That's $15,000 on TOP of the balance of your house. That's just the top of the cake. And it's mounting every month....their attorneys...late fees..another payment...escrow ( house insurance/land taxes etc.) Yeah, what about house insurance. In that 15 months it came up for renewal...they should have gotten a policy ( I know this for fact...just got one a couple days ago ) and have either charged it in the $`15,000 or WILL tack it ONTO the $15,000. If they got a policy themselves they got the highest price they could. Also they got in deep do do for this a while back. They formed their own "home owners" and when it came time to acquire insurance for the foreclosed they used their own. I have the proof filed about 10 feet from me right now where it was cancelled 5/31/13. They got busted and had to change from their insurance to an outside. This also just arrived a few days ago and now TODAY I just opened it they want me to pay $2,255.84 for the new premium. came from QBE Specialty Insurance Com. Of course it came with the standard " if you are involved in a bankruptcy" crap but it still came. Oh...and don't forget the land taxes...That's either also been added in OR WILL be yet to come to be added to the $15,000.

As for your questions...you can apply for the mod but OUR foreclosure attorney back then said that doesn't stop the foreclosure process. Meaning it continues as if you didn't apply for the mod. Has that changed in time? I don't know but 4 years ago once started it didn't stop short of bankruptcy and the court. So either it's changed or again...they're lying about it stopping the process.

Reinstating the loan...you have to QUALIFY to be reinstated. And as for can't make payments or anything else because its FHA...bull...you can't make payments now BECAUSE IT'S I FORECLOSURE...doesn't matter what kind of loan it is. Your question of come up with $42,000 or $15,000...I'm not sure. Reason I'm not sure is because after 15 months of non payment SOMEWHERE along the line you got a letter calling in the whole amount of whatever is owed including the what I call garbage. Again...that $15,000 is going up every month. Its going up as we sit here typing. At the 6 month .. missed 6 payments there was a process called Notice To Accelerate. I'm sending a link and in this it says the letters are sent at the 4th missed payment. I believe that's when ours was recieved to. I don't even understand HOW it's went on this long for you. Do you have to have good credit for a reinstatement? Did you ask? Cause if so then yours is shot. You have to be able to show you CAN make the payments and make them according to their so called slice of the pie. House payment I believe can be no more than 36% of income. And everything else has to fall into the correct % slice of the pie too.

Oh and both of the other peoples demand to be out in 24 hours....they were both Bank of America...and another lady on here had either a relative or a close friend that had 3 days to be out...Bank of America too.

Sorry for the large letters...it's the way they copied and pasted...

"
  1. Third consecutive missed payment: When three consecutive payments have been missed, you will receive a letter from you lender stating the amount you are delinquent, and that you have 30 days to bring your mortgage current. This is called a "Demand Letter" or "Notice to Accelerate". If you do not pay the specified amount or make some type of arrangements by the given date, the lender may begin foreclosure proceedings. They are unlikely to accept less than the total due without arrangements being made if you receive this letter. There is still time to work something out with your lender.
  2. Fourth consecutive missed payment: By now there is very little time left before the deadline stated in your Demand or Notice to Accelerate Letter. When the 30 days ends, if you have not paid the full amount or worked our arrangements you will be referred to your lender's attorneys. You will incur all attorney fees as part of your delinquency.
The final step is a Sheriff's or Public Trustee's Sale. The lender's attorney will schedule a sale of your property. Technically, this is the actual day of foreclosure. You may be notified of the date by mail, a notice is taped to your door, and the sale may be advertised in a local paper. The time between the Demand or Notice to Accelerate Letter and the actual Sale varies by state. In some states it can be as quick as 2-3 months. This is not the move-out date. You have until the date of sale to make arrangements with your lender, or pay the total amount owed, including attorney fees.""

Posting the two links for you to read. One is a Google. Take the time to read. Don't sign ANYTHING without reading EVERY LINE...EVERY SINGLE LINE...and have an attorney to look at it first. If you don't you'll regret it. I don't care if you have to sit in there office and they're shoving paper after paper to you to sign. READ EVERY LINE....they won't like it but hey...that's to bad. Then ask to take it home and have your attorney to look at it. Nope, they won't like that either...Why? Because they KNOW what's on that paper is loaded with not legal and bullsh**.

Straight from Dave Ramsey himself....If their mouths are moving they're lying.

What is Foreclosure?



https://www.google.com/#output=sear...78,d.eWU&fp=caa84096235e7292&biw=1600&bih=799



Read my siggy...it's been the same for 4 years now
Bank of America is THE godfather of Hell with Wells Fargo running neck and neck. When the world ends the only things that will be left are cockroaches, Walmart, Wells Fargo and Bank of America. Not necessarily in that order. The order remains to be seen.


 
#23 ·
Hi--I hope its okay for me to post here.

My brother just got a mod approved. It took almost a year of working with the bank and jumping through hoops. He was behind a lot more than 15 payments too. He did have a lawyer who is just a regular lawyer. She does foreclosures, BK, divorces, estate planning and did an LLC formation for me. They went to several meditations with the bank and also had a solid offer on the house for a short sale. The bank denied the short sale and did a mod instead by dropping the interest rate, forgiving a bunch of fees and bringing the loan current. He didn't have to pay anything except the first payment. I just wanted you to know there is hope. The lawyer said the banks are working it out with borrowers if there is any way at all to keep them in their homes instead of having another flood of short sales and foreclosures hit the market. I'm in central FL so maybe its just this area. There is still hope!!

How far into the mod process are you?
 
#25 ·
I'm also in Central Florida.
 
#24 ·
You're believing the person who is doing the modification? That is NOT the person to whom I'd go for legal advice on something this big.

I'm sorry I wasn't clear about bankruptcies. I did NOT assume that you would still be behind on your mortgage if you wanted to keep your home. It doesn't work that way. I assumed you could catch up the $15K. Could you come up with the $42K? If so, paying off the mortgage is obviously the way to to go.

As to which kind of bankruptcy you do, you might not have a choice. There are new bankruptcy rules and you might only be able to do one kind (usually chapter 13). In some rare cases, you might not qualify for either.

Again, you need legal advice - preferably from a bankruptcy attorney and maybe even a real estate attorney.
 
#27 ·
Chapter 7 versus Chapter 13 is based on income. If you are under the median income for your District, you can file a Chapter 7. If you are over the bankruptcy attorney must complete a "means test", which might allow you to do a 7. If your income is too high and you do not pass the means test, you must file a Chapter 13.

I've prepared bankruptcies for 24 years. I've seen a lot of clients attempt modification. Virtually none had a good outcome.

You want to keep your home which I completely understand. However, in this case you need to think with your head not your heart. Your head will undoubtedly tell you to let the house go, clean up the mess (with bankruptcy, if necessary) and start over with a clean slate.

Also, with a foreclosure, the loan company is going to issue you a 1099 for imputed income for the amount foreclosed upon which will put you behind the 8-ball with the IRS. You can get around paying the taxes on this if you can prove you were insolvent at the time of the foreclosure -- you'll need a CPA.

Also, on a foreclosure the lender will often request a deficiency judgment for the amount you owe that is not covered by the resale of the house. BTW the deficiency will include the lender's costs in doing the foreclosure including attorney fees and court costs. Better to file bankruptcy and get all of it taken care of now.
 
#28 ·
Chapter 7 versus Chapter 13 is based on income. If you are under the median income for your District, you can file a Chapter 7. If you are over the bankruptcy attorney must complete a "means test", which might allow you to do a 7. If your income is too high and you do not pass the means test, you must file a Chapter 13.

I've prepared bankruptcies for 24 years. I've seen a lot of clients attempt modification. Virtually none had a good outcome.

You want to keep your home which I completely understand. However, in this case you need to think with your head not your heart. Your head will undoubtedly tell you to let the house go, clean up the mess (with bankruptcy, if necessary) and start over with a clean slate.

Also, with a foreclosure, the loan company is going to issue you a 1099 for imputed income for the amount foreclosed upon which will put you behind the 8-ball with the IRS. You can get around paying the taxes on this if you can prove you were insolvent at the time of the foreclosure -- you'll need a CPA.

Also, on a foreclosure the lender will often request a deficiency judgment for the amount you owe that is not covered by the resale of the house. BTW the deficiency will include the lender's costs in doing the foreclosure including attorney fees and court costs. Better to file bankruptcy and get all of it taken care of now.
Thank you! If you didn't read back thru all my posts this was exactly what I said or was trying to say. In one I said you were on here and maybe you'd post with your knowledge. I'm glad you also brought up the 1099C. Most people aren't aware of that. I brought it to her attention in 2 different posts but coming from you maybe she understands.

OP ... In your siggy you say you have 6 kids at home. Unless your hubby is making outrageous money you probably wouldn't have any problems passing the means test. Especially if you are loaded with debt. Again it DOES NOT have to be unsecured as long as you're willing to surrender the secured.

To the OP...Like Anna said...think with your head not your heart. I doubt they're going to be one and the same.
 
#32 ·
When my husband was unemployed for 14 months, we never missed a mortgage payment - thank goodness! Our mortgage was due on the 1st but we had a grace period until the 15th. There were times when I was at the bank, paying cash with every bit of change I could scrape together, but we paid it.

That experience is one of the reasons why we are now mortgage-free. I'd rather have credit card debt then a mortgage.
 
#30 ·
When people are major stressed over finances (or other problems), they do not make good decisions. We've all been in that situation at one time or another. I think that's why these forums are so helpful. You get other people's viewpoints to consider, benefit from other's experience/knowledge and hopefully find some guidance or perhaps even answers.

It really doesn't matter what bills she was paying or why. What is done is done. The issue before us is to try to help her figure out the best way forward.
 
#31 ·
It certainly is easy to get behind, then while trying to play catch up with all the other bills, some just can't be paid. Also, once you get behind, most mortgage companies won't accept any payment, which puts you further behind. I'm sure she has her reasons why she is behind, and it really isn't for us to judge. We are here for moral support, and to help with any questions asked.
 
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