Filing Bankruptcy, losing home

**RecessionWidow** · 12-18-2011, 08:45 AM

DH has applied to Home Depot but heard nothing.

Another question: when the end comes, which of the portable storage solutions (PODS, Pack Rat, etc.) is best? Do items have to be in cardboard boxes or are plastic bins okay?

**ladykemma2** · 12-18-2011, 09:05 AM

Originally Posted by RecessionWidow

By far...the scariest part is we have NO (0) idea where we're going! Have two kids...one living with us, a senior in high school. His year may very well be disrupted. The oldest has graduated college and lives in a tiny apt. about one hour away. We literally have no one to go to. (NEED PRAYER!!!)

The last few years, hubby's ONLY work has been halfway across the country. I do NOT like the idea of a move that way, but it may come to that. In that case, I would take almost nothing....

Have not filed yet. Attorney advised us to wait at least another month, as we are trying to keep the kid in his home at least until graduation. Having Wells Fargo may mean getting put out sooner rather than later?

the senior can stay with a friend to finish the school year.

**laura-n-sasha** · 12-18-2011, 12:28 PM

Originally Posted by RecessionWidow

DH has applied to Home Depot but heard nothing.

Another question: when the end comes, which of the portable storage solutions (PODS, Pack Rat, etc.) is best? Do items have to be in cardboard boxes or are plastic bins okay?

Regarding the job, I would make sure to follow up. As frustrating as it is, sometimes applications get lost, and having someone persevering can sometimes help.

I would suggest packing in whatever you have, then if you need to do more packing, get boxes from liquor stores. Take out the cardboard sections and you have a very sturdy box. Boxes from Costco or Sam's are also good, but you want to have ones with "lids" so that you can write on them of what is inside.

**Incognito** · 12-19-2011, 10:05 AM

Also get some rolls of clear packing tape from the dollar store; if you can get a tape-dispenser with them it will save you time and energy while packing. And be sure to get a box of heavy-duty black garbage bags, maybe some lawn-leaf-sized ones too; if you run out of boxes, these will suffice for clothing, bedding, etc. A couple of black marking pens, some masking tape for labelling.
You can get all this stuff at the dollar store, and save money there.
And start packing the stuff you will need later, but won't be selling: ie: linens, towels, bedding, extra clothing, boots, etc.
Keep out only a limited supply of clothing and extras up till the day you move, and pack & label the rest in advance that you're taking with you.

**krbshappy71** · 12-19-2011, 10:39 AM

Sending hugs, I'm sorry you are going through this.

**hnybny91** · 12-29-2011, 12:20 PM

I am a little late to this discussion but I just had to respond. I know exactly what you are going through. My husband owned an insurance agency that we both worked at. This year they canceled his contract and he had to sell his book of business. There was no way we could afford the mortgage of $2300 / mo. so we took the little proceeds we had from selling the book and bought an almost 60 year old house in full in a not so great neighborhood. It was less than half the size of our old house so we had to get rid of a lot of our belongings. The old house is currently under contract for a short sale and we are going to have to file bankruptcy in 2012. My husband found a job but it only brings in about half of what we need for bills even with no mortgage on the new house. I have applied for over 75 jobs and have only been on two job interviews.

Anyway, hugs to you and I hope everything works out for you and your family.

**RecessionWidow** · 12-29-2011, 12:48 PM

hnybny, Wow, 75 jobs!!! It really makes me mad that many comfortable people out there angrily declare that there is no excuse because jobs are out there. That means NOTHING to the person who can't get one!!!

Update: At this point, DH has applied to many (failed to keep count.) So far has had one (1) in person interview and one (1) phone interview. Nothing promising.

Meanwhile, I have hit the wall with hoeing out the house. It has been almost two weeks since I have accomplished anything. I am paralyzed by the fear that we are at high-risk for becoming homeless! I just can't figure out what to keep, knowing that we may end up having no place to go! Nobody should have to experience this.

**hnybny91** · 12-30-2011, 11:50 AM

Recession widow....that is why we took the $36,000 we got from my DH selling his business plus the $10,000 we had in savings and bought a not so great house for cash. We knew that money would be gone in a little over a year paying our current mortgage and then we would be stuck not having enough money to pay the mortgage (and still losing the house) and not enough money to pay rent. My house is small and in a not so great neighborhood but at least all we have to worry about is property taxes and homeowners insurance (which add up to about $150 / mo.) and not a $2300 mortgage or a $1000 rental bill.

My DH brings in about $2000 a month with his new job but health insurance, car insurance, grocery, gas and the $150 I mentioned above take up all of that. Without me working there is no money for electricity, water, phone, emergencies, house repairs, etc. I sure hope I find a job soon or we are going to have to eat rice and beans every night for dinner.

I hope everything works out for you recession widow and everyone else going through tough times right now. I will be praying for us all.

**MaryinFL** · 12-30-2011, 09:17 PM

Originally Posted by RecessionWidow

hnybny, Meanwhile, I have hit the wall with hoeing out the house. It has been almost two weeks since I have accomplished anything. I am paralyzed by the fear that we are at high-risk for becoming homeless! I just can't figure out what to keep, knowing that we may end up having no place to go! Nobody should have to experience this.

How strange. I fell off the Frugal Village site for a year and when I finally get back, someone is going through almost exactly what I went through. The only difference is that Wells Fargo bought my mortgage and then couldn't send me a good address to mail my payments, so they were sent back to me telling me to send them to another address. When they finally gave me a good address, three months later, the payment was returned telling me that they would not accept a payment because they had sent me to foreclosure.

Here is what I can tell you about my experience with Wells Fargo. Their foreclosure filing will more than likely come from a bank called Deutche Bank, I believe they own Wells Fargo. I hired an attorney for a retainer fee of $800, he told me NOT to move. We went to the first hearing and ask for a chance to work something out with the bank. It took Wells Fargo NINE months to sit down with us in mediation. In the meantime, they would not accept ANY mortgage payments, yet they were still paying my taxes. I was paying homeowners insurance myself.

We came to an agreement, they immediately offered to lower my interest rate by 2%, only required me to pay $5000 of the back payments, which were close to $14,000 at this point. My next payment was due in two months. Brilliant Wells Fargo again failed to follow through, and I had no idea where to mail the payment, and I had no idea how much the payment was.

We filed a motion to enforce the mediation agreement, and their attorney did not show up for court. We didn't hear from them again until about four months later when we filed another motion to enforce the agreement. The attorney did show up this time and the Judge charged her a $500 fee, to pay my attorney for the hearing she failed to show up at. He gave them 30 days to prepare and deliver the mediation agreement. They again failed to produce it.

Finally, we had yet another hearing and the Judge dismissed the case, with prejudice. Their attorney appeared by telephone and could not find anything in the file to show that Judge that they had made an attempt to solve the issue. Their servicing agent, America's Servicing Company, had however sent me letters advising me that there were several options to avoid foreclosure on the house.

The bottom line is this. The foreclosure case was dismissed and Wells Fargo cannot file another foreclosure against me. I have yet to see a copy of the mediation agreement giving me payment information. They tried to re-open the case about 3 months after the Judge dismissed it, and it was denied.

According to my attorney, when the homeowner disputes the foreclosure, it throws the banks into a tailspin. They don't know what to do because so many homeowners just give in. If you cant make the payments, don't move until you have to. Save all you can even though you cannot afford the entire payment and get the advise of a foreclosure attorney.

Don't give in. Banks are negotiating, they are letting homeowner short sell their houses when they cannot afford them. There is a solution. Think positive.

Sorry so long.

**RecessionWidow** · 01-01-2012, 08:32 AM

MaryinFL,

Your house/foreclosure was the only debt issue? We have other unsecured debt, mostly from the business, so Ch. 7 bankruptcy is the only option. We also have a second mortgage on our house.

**MaryinFL** · 01-01-2012, 08:39 AM

Originally Posted by RecessionWidow

MaryinFL,

Your house/foreclosure was the only debt issue? We have other unsecured debt, mostly from the business, so Ch. 7 bankruptcy is the only option. We also have a second mortgage on our house.

Yes, and I wasn't behind on the mortgage either, they just never sent me good info when the mortgage sold so that I could get the payments to the right office. The point I was trying to make is to not throw in the towel too soon, look for options, and hopefully something will work out.

Bankruptcy will definitely stop any foreclosure dead in its tracks and that may be the best way for you to go. I know its not an easy decision, but sometimes the only option.