Bankruptcy, Foreclosure, Sell for Less??
Find a Conversation
Bankruptcy, Foreclosure, Sell for Less??
| Thu, 06-18-2009 - 9:11pm |
I'm not sure what I should do or even try to do anymore.
| Thu, 06-18-2009 - 9:11pm |
I'm not sure what I should do or even try to do anymore.
Hi Jessie -
I am afraid I don't have much concrete financial advice and am don't know much about the pros/cons of bankruptcy versus foreclosure versus selling in your situation. I declared bankruptcy 10 years ago but it was very different then and I didn't have a home to worry about losing at the time. I do know that my neighbors were recently about to go into foreclosure and managed to avoid that by declaring bankruptcy and getting a mortgage via the government (??). It was part of the plan Obama put into place when he came into office. I do know that the mortgage now includes back payments attached to their current payments and the monthly amount is high, but they got to keep their home. I wish I knew more concrete specifics.
One thought is that you say you are $175 short each month. What I would do is sell the $557 a month Durango and get a reliable but cheaper car. I am sure you could get one for 1/2 the payment plus you would save on gas.
I am sorry that you are in such a tight spot right now. I know someone will come along with more knowledge in the area than I have.
Michelle
Megan
First call the cell phone people and see if they will discontinue the service for a few months and let you pick up the contract later. This will give you some breathing room If you think that more money will come into the house Also some companies will let you go down in programs. We pay 43.00 a month and if we wanted an added phone that would be another 10.00 We have ours with sprint So there are cheaper plans out there. There are even a 1.00 a day plan and you only have to pay that 1.00 plus a minute charge if you use the phone. Just use the phone if you really have to and that will save you money. Some companies will let you take a phone off the account and that would save you some money.
You need to talk to an attorney about bankruptcy. My husband and I were in a similar situation last summer due to a bad business partner. We chose to let our home go, but you do have the option to save it through bankruptcy. In some instances you can even wipe out the second mortgage all together if the home is worth less than the first mortgage alone. I'm not sure of the specifics...but I would definitely contact an attorney.
Gather all your papers together and make an appointment with one or two bankruptcy attorneys. The initial consultation should be free...but confirm ahead of time.
They can pretty quickly assess your situation and point you in the right direction.
As I said before...my husband and I went through this about a year ago. It has been a tough road...but we would be sitting in a much worse position now if we hadn't filed.
Good Luck...and keep us posted.
I agree with you Samey, consult a bankruptcy attorney, FAST!
Norma
"Patience is the best remedy for every trouble"- Plautus
Hello,
I am sorry you and your family are in this position. I usually don't advocate bankruptcy but in this case I do. To be under water on a house and a vehicle must be really stressful. It sounds like you were given bad advice about taking out that second mortgage to boot.
Your credit rating is likely already pretty dismal since you are doing the credit counseling payments. I know it might be difficult to lose the house but you might lose it anyway so better to be proactive about it.
Please seek bankruptcy advice immediately. Start over. It sounds like you guys are young enough to deal with the bad credit rating for a few years and move on.
Thanx for the thoughts and advice.
Spirited Kids are like Roses........They NEED special care and sometimes you have to get past the thorns to truly enjoy them.
Hi Jessie,
I suggest you get approved for an apartment(or a house) to rent before you file for Bankruptcy to pre empt the bad credit rating. If you have first and last months rent readily available, a security deposit, and good personal references(as well as a job) you should be ok. I have never filed so will have to look in your area for a lawyer. There are ladies on the board that have filed so If you put a separate post you may get good advice that way.
The garage sale is great idea. It could not hurt to put up a sign that said "Free pets to a good home, please see owner" right at the sale. I know your life might be a little empty without them but I know that fish are cheap. Remember this is only temporary and you can get a pet when things improve. You could enquire with your local Humane society to see if the dogs need to be walked on a volunteer basis so the kids can play with pet sometimes? Just a thought and a cheap activity for the kids?
Good luck, chin up!
Thanx for the uplifting.
Spirited Kids are like Roses........They NEED special care and sometimes you have to get past the thorns to truly enjoy them.