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Allison B | My house is set for auction on Friday. The mortgage Co. will not work with us. Will bankruptcy stop auction? ? |
We have been battling for a year now with the bank. They want like 11 thousand and will not tell us what the modification will be. Right now we have an adjust. rate its like 14-17 % ( they keep raising it!!) We are thinking of bankruptcy. 2 and 5 year old . I need HELP.
Additional Details
Thanks for the advice . Apparently things have changed a lot. The auction has been cancelled. I guess the bank doe s not want my house right now. We are in talks with them to lower the rate however they will not guarentee anything until we send them a lot of cash. Which we have because we have been saving. We are not living beyond our means, we ca afford the house just did not want to pay high adjustable rate. we were advised by our lawyer to stop paying a year ago. and have lived rent free and saved it all. Yes our credit is shot but oh well. We are not completely stupid just made some bad decisions in buying this house. Thought we could re-fi when rate when up, but all hit the fan at that time. Thanks again for the advice. |
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RM
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If the bank already has the auction set you're already too late. The second you knew you wouldn't make the payment you should've contacted them.
Unfortunately this is just going to have to be a life lesson to you to buy only what you can afford on a 30 year fixed mortgage and to save for a rainy day.
Bankruptcy will not stop your foreclosure b/c it takes months to file (and money to hire a lawyer- which apparently you don't have), you only have two days. |
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cltcfae
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My only recommendation is to go to a lawyer. In a bankruptcy you can lose your home any way |
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jed slade
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The house will be sold at auction for what the bank can get,then you will still owe what is left to pay,you are probably aware that this is virtually negative equity,lets hope they get enough to clear your debt and leave you a good slice of money to find somewhere else.I feel for you but i cannot see any way out of this except ,i would advise you to buy a lottery ticket this week,you never know.Good luck,IF IT HAD BEEN AN ENDOWMENT PLAN THE BANK COULD HAVE BEEN HELD TO ACCOUNT FOR BAD ADVICE,I MAINTAIN THAT IS STILL THE CASE. |
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ibu guru
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You are the proverbial day late and dollar short. If you had acted appropriately a year ago when your troubles started, you might have been able to do something about it. Too late now. Filing bankruptcy, if you could pay the attorney and get it filed tomorrow, still would not save your house.
You have no choice now but to move out. You will have to pay the IRS income taxes on the amount you are short on the sale of the house vs what you owe, if the bank accepts a short sale. Otherwise, you have to pay the bank the difference between what they get from the sale and what you still owe.
Never wait to see an attorney when you have trouble. It is much more expensive not to see an attorney when you need one! |
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Ms Penny Lane
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I honestly feel for you, that is a situation I pray I never find myself in. Basically, I can only give you a hindsight answer right now. You should have got in touch with an attorney to let them deal with your bank, you could have refinanced at a fixed rate, or sold your home using a short sell. I still don't think that a trip to a lawyers office could hurt, maybe they could help you out with something between now and Friday. As far as bankruptcy, it won't stop the auction. Filing for bankruptcy could have helped you out on some of your other debts and possible allowed you to stay in your home. I wish you luck. Also, I'm a realtor and I've seen some people completely trash houses because they are mad about losing them (not saying that is the case with you). I wanted to give you a heads up, the bank can sue you for the difference if the auction does not bring in what you owe for your home. |
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Opa
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You are on the hook. Bankruptcy will not stop the foreclose.
The home is fixed asset,Its not like an auto loan. |
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Christin K
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Your AUCTION is being held Friday????? Why didnt' you go to an attorney about a year ago? It takes a long LONG time for a house to actually be auctioned off---you had to be ignoring the obvious for a long time!! At any rate, it's probably too late now. It takes $$ AND time to start a bankruptcy, neither of which you have. You're going to lose this one.
YES---the bankruptcy would have stopped the foreclosure! YES. You had a long time to deal with this---and since you didn't, you can't do it now. You don't have the time. I'm really sorry--but there were many things to do long ago that might have prevented it getting to this point.
If you meant something else by the statement that the "auction" was Friday, then you didn't make it clear--but if your house is up for sherrif's sale Friday, you're out of time, dear.
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Pengy
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If you are going to auction then it is really too late, and you are way behind in the payments. My question is if you are that many months behind what have you been doing with the mortgage money? You have got to be over 3-5 months late and could not come up with 1 payment in all that time? Sorry re read looks like no payments for a year. Sorry to say this, and do not want to sound mean but you definitely are living beyond you income and really do not deserve to own a home as this is total irresponsibility. Yes hard to hear and not what you want to hear and will most likely thrash me with an e-mail, but the truth is there sorry you have 2 kids, should of thought of that before you went over your head. Your interest rate shows that your credit was not very good to begin with, but I imagine you thought you would make a quick profit or refinance. And like many others in your position will attempt to blame the mortgage companies, or look for the government to bail them out, instead of blaming themselves for their own foolishness. Would start looking for a place to rent, and quick, should have the money saved up from not paying the mortgage so should be no problem. To reiterate if you have not made a payment in that long a modification is only going to delay the inevitable, the fact is you cannot afford the home you have. |
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julz
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Sometimes Bankruptcy can delay it. Please contact a local attorney in your area right away. If not, there's one below, but make sure the one's you contact are reputable. Call HUD right away too. They have new programs to help. I wish you and your family well. |
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Chris
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Your first problem was getting locked in to an adjustable rate mortgage. This is one of the main reasons for the current credit crunch. While it was probably the bank who convinced you to use this method, it is still your fault. And to have waited this long to get help is fruitless. Had you realized months ago the path that was being taken you could have called one of the numbers on those "We Buy Homes" signs that are up all over. They aren't scams, they buy your house below market value to get you out of a predicament and make money for themselves when they fix it up and re-sell the house. Unfortunately for you, there is not likely much you can do unless you can come up with the 11K by Friday (Loan Shark maybe...). Best of luck to you. |
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