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I just got notice of foreclosure, should I file bankruptcy instead?

 
MissKitty
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User ID: 412757
United States
04/13/2008 11:01 PM
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I just got notice of foreclosure, should I file bankruptcy instead?
I just got notice of foreclosure, should I file bankruptcy instead? I don't want our house, we are moving out of state anyway for a new job. We can't recover any money on our home so it is pointless to sell. We need a little more time before we move out to save up. Any advice?
God never gives you anything that you can't handle. So buck up and handle your shit!
Anonymous Coward
User ID: 401342
United States
04/13/2008 11:04 PM
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Re: I just got notice of foreclosure, should I file bankruptcy instead?
loser
Anonymous Coward
User ID: 336435
United States
04/13/2008 11:09 PM
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Re: I just got notice of foreclosure, should I file bankruptcy instead?
I would wait until you relocate before filing. The BK process requires you to be present in court over a period of up to 6 months.
MissKitty (OP)

User ID: 412757
United States
04/13/2008 11:13 PM
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Re: I just got notice of foreclosure, should I file bankruptcy instead?
loser
 Quoting: Anonymous Coward 401342

asshole

If you need to know my husbands company doensized and all employee that had less than five years were let go....so shut up!
God never gives you anything that you can't handle. So buck up and handle your shit!
Anonymous Coward
User ID: 404921
United States
04/13/2008 11:18 PM
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Re: I just got notice of foreclosure, should I file bankruptcy instead?
loser

asshole

If you need to know my husbands company doensized and all employee that had less than five years were let go....so shut up!
 Quoting: MissKitty



welcome to the new america
Anonymous Coward
User ID: 354249
United States
04/13/2008 11:19 PM
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Re: I just got notice of foreclosure, should I file bankruptcy instead?
loser

asshole

If you need to know my husbands company doensized and all employee that had less than five years were let go....so shut up!
 Quoting: MissKitty



You should speak with a lawyer to understand the effect of either decision.
mathetes

User ID: 327572
United States
04/13/2008 11:19 PM

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Re: I just got notice of foreclosure, should I file bankruptcy instead?
I just got notice of foreclosure, should I file bankruptcy instead? I don't want our house, we are moving out of state anyway for a new job. We can't recover any money on our home so it is pointless to sell. We need a little more time before we move out to save up. Any advice?
 Quoting: MissKitty

It depends on your state. This is a question for a lawyer as it can affect you long range. I would stop paying the house payment if you have not already.

Wish you well and you are not alone, there are many in the same boat

God bless
For I would not, brethren, that ye should be ignorant of this mystery, lest ye should be wise in your own conceits; that blindness in part is happened to Israel, until the fulness of the Gentiles be come in.
Anonymous Coward
User ID: 316174
United States
04/13/2008 11:23 PM
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Re: I just got notice of foreclosure, should I file bankruptcy instead?
loser
 Quoting: Anonymous Coward 401342

stfu
Anonymous Coward
User ID: 378585
United States
04/13/2008 11:27 PM
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Re: I just got notice of foreclosure, should I file bankruptcy instead?
Have you contacted your lender yet? contact the loss mitigation dept. Explain your story .. tell them what you can afford to pay today.. that you do not want to lose the home and what can you work out with them..because of the crash most are willing to try to work out something(try to stall the foreclosure process)
Anonymous Coward
User ID: 336435
United States
04/13/2008 11:31 PM
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Re: I just got notice of foreclosure, should I file bankruptcy instead?
Have you contacted your lender yet? contact the loss mitigation dept. Explain your story .. tell them what you can afford to pay today.. that you do not want to lose the home and what can you work out with them..because of the crash most are willing to try to work out something(try to stall the foreclosure process)
 Quoting: Anonymous Coward 378585


Did you not read the OP post? They are relocating to another state...Trying to sell a house in the market is futile. Why would she want to work out a payment plan with the lender???

BK will work for her situation.
Ignob
User ID: 414834
United States
04/13/2008 11:35 PM
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Re: I just got notice of foreclosure, should I file bankruptcy instead?
I've seen posts about the fact that if your original mortgage was sold to a third party and they didn't do all the needed paperwork (this is common), they can't legally foreclose on you. I'm not kidding. You can skate.

Check that out.

i
Anonymous Coward
User ID: 357422
United States
04/13/2008 11:38 PM
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Re: I just got notice of foreclosure, should I file bankruptcy instead?
I've seen posts about the fact that if your original mortgage was sold to a third party and they didn't do all the needed paperwork (this is common), they can't legally foreclose on you. I'm not kidding. You can skate.

Check that out.

i
 Quoting: Ignob 414834


Demand that the loan company produce the original loan document, not a copy. They don't have it, 99.9 percent probability. If they can't produce it, they can't prove their claim in court.

Talk to a lawyer about it if you have doubts that it works.
Anonymous Coward
User ID: 378585
United States
04/13/2008 11:41 PM
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Re: I just got notice of foreclosure, should I file bankruptcy instead?
Have you contacted your lender yet? contact the loss mitigation dept. Explain your story .. tell them what you can afford to pay today.. that you do not want to lose the home and what can you work out with them..because of the crash most are willing to try to work out something(try to stall the foreclosure process)


Did you not read the OP post? They are relocating to another state...Trying to sell a house in the market is futile. Why would she want to work out a payment plan with the lender???

BK will work for her situation.
 Quoting: Anonymous Coward 336435



Did you not read OP POST .. Time is what they need right now..stall the foreclosure process..

OP has your lender changed(been sold)..you might find the loopholes
Anonymous Coward
User ID: 395772
United States
04/13/2008 11:41 PM
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Re: I just got notice of foreclosure, should I file bankruptcy instead?
Demand that the loan company produce the original loan document, not a copy. They don't have it, 99.9 percent probability. If they can't produce it, they can't prove their claim in court.

Talk to a lawyer about it if you have doubts that it works.
 Quoting: Anonymous Coward 357422



YES YES

I saw a post here recently with someone who did this and WON! dig around here or on google about this.
Anonymous Coward
User ID: 399681
United States
04/13/2008 11:44 PM
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Re: I just got notice of foreclosure, should I file bankruptcy instead?
Chapter 7 will stall it. Chapter 13 will keep you in the house
but then you have to go back to making payments. If you
want to protect your credit get with your motrgage do try
to set up a plan. Keep making payments until you sell it
or rent it out
Ignob
User ID: 414834
United States
04/13/2008 11:48 PM
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Re: I just got notice of foreclosure, should I file bankruptcy instead?
Screw your credit. You won't need it. This economic/financial disaster hasn't even started yet. There will be so many with bad credit it won't matter any more.

i
Anonymous Coward
User ID: 404090
04/13/2008 11:49 PM
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Re: I just got notice of foreclosure, should I file bankruptcy instead?
Before you move, be sure to spread your cultures of the worst bacteria, virii and other pathogens from chemtrail residue, all over your floors and carpets. The bankers, appraisers, real estate parasites, home repossessors and cops will avoid touching anything in your home but they cant help walking on your floors, so they can track your little gift into their cars, workplace and home, as a small token of your appriciation for letting them throw you out of your home.
Anonymous Coward (OP)
User ID: 412757
United States
04/13/2008 11:51 PM
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Re: I just got notice of foreclosure, should I file bankruptcy instead?
We can't have to house or need the house. The payments are NOW 2100 month. We are short about 1500 every month and have been since November. We tried talking to the lender and none of their "help programs" fit us. They won't help at all. We got the loan through a broker that used Countrywide and that is where the loan is now.
Anonymous Coward
User ID: 378585
United States
04/13/2008 11:53 PM
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Re: I just got notice of foreclosure, should I file bankruptcy instead?
Screw your credit. You won't need it. This economic/financial disaster hasn't even started yet. There will be so many with bad credit it won't matter any more.

i
 Quoting: Ignob 414834


When will the disaster start???
MissKitty (OP)

User ID: 412757
United States
04/13/2008 11:56 PM
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Re: I just got notice of foreclosure, should I file bankruptcy instead?
Are there any ways to stall a couple months?
God never gives you anything that you can't handle. So buck up and handle your shit!
Anonymous Coward
User ID: 414997
Puerto Rico
04/13/2008 11:56 PM
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Re: I just got notice of foreclosure, should I file bankruptcy instead?
Definitely don't pay a penny more. Talk to lawyer, stall until you are going to move.

And yes, there has been court cases recently where a bank was not able to take possession of a house because they could not prove they were the holders of the note. Happened in Cleveland, Deutsch Bank, 14 homeowners are still in the houses.
Anonymous Coward
User ID: 378585
United States
04/14/2008 12:02 AM
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Re: I just got notice of foreclosure, should I file bankruptcy instead?
Are there any ways to stall a couple months?
 Quoting: MissKitty



workout package..tell them you can only pay $600 month right now ..trying to find work blah blah ..tell them you have looked for a buyer on your own ..whatever..the point is you need time..right?? the $600 a month is cheaper than a crappy motel for a month
Mortgage Guru
User ID: 412123
United States
04/14/2008 12:02 AM
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Re: I just got notice of foreclosure, should I file bankruptcy instead?
So you come here seeking advice about your finances? lol

My advice is call your bank tell them you are moving and you couldn't keep the house even if you could afford it but you would appreciate the bank sending you a form to sign to do a forbearance or extension on your loan until you can find a buyer for the house, that way you don't have a foreclosure or bankruptcy and the bank keeps their loan performing making them money.

See if they have a sellers kit they can send you in case you don't know what to do. It's about more than bringing your account up to date because that won't solve your problem.

And if they try and tell you they don't do forbearances or extensions tell them yes they do and you need a supervisor that isn't too lazy to send you the form.
MissKitty (OP)

User ID: 412757
United States
04/14/2008 12:05 AM
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Re: I just got notice of foreclosure, should I file bankruptcy instead?
Not really seeking advice, I guess I should have used a better term. opinions, to see what other people have done or heard about so that I might ask the right questions. Because you can't get good answers without good questions.
God never gives you anything that you can't handle. So buck up and handle your shit!
Anonymous Coward
User ID: 378585
United States
04/14/2008 12:05 AM
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Re: I just got notice of foreclosure, should I file bankruptcy instead?
So you come here seeking advice about your finances? lol

My advice is call your bank tell them you are moving and you couldn't keep the house even if you could afford it but you would appreciate the bank sending you a form to sign to do a forbearance or extension on your loan until you can find a buyer for the house, that way you don't have a foreclosure or bankruptcy and the bank keeps their loan performing making them money.

See if they have a sellers kit they can send you in case you don't know what to do. It's about more than bringing your account up to date because that won't solve your problem.

And if they try and tell you they don't do forbearances or extensions tell them yes they do and you need a supervisor that isn't too lazy to send you the form.
 Quoting: Mortgage Guru 412123



THAT IS GREAT ADVICE!!!!
Anonymous Coward
User ID: 411432
United States
04/14/2008 12:06 AM
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Re: I just got notice of foreclosure, should I file bankruptcy instead?
Id walk away. abandon it. dont file anything. start over with bad credit for 7 years. when they call you for their money say "oh sorry yea ill get that out to you right away thank you." and then hang up teh phone and laugh at them.
they will get tired of calling.
Anonymous Coward
User ID: 390131
United States
04/14/2008 12:07 AM
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Re: I just got notice of foreclosure, should I file bankruptcy instead?
We can't have to house or need the house. The payments are NOW 2100 month. We are short about 1500 every month and have been since November. We tried talking to the lender and none of their "help programs" fit us. They won't help at all. We got the loan through a broker that used Countrywide and that is where the loan is now.
 Quoting: Anonymous Coward 412757

bump 4 update on this.
Mortgage Guru
User ID: 412123
United States
04/14/2008 12:07 AM
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Re: I just got notice of foreclosure, should I file bankruptcy instead?
Just so you know an extension moves all past due payments rotated to the end of your loan making your loan current and due for a payment in 30 days. It makes your maturity date of your loan for payoff longer by however many months you extend. But you don't care about that right now.

A forbearance does the same thing but also reduces your payment down to a small percentage for up to 24 months to help you give you time to find another buyer or keep it.

You should be allowed one extension every 12 months and one forbearance every 24 months. Rule of thumb.
MissKitty (OP)

User ID: 412757
United States
04/14/2008 12:09 AM
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Re: I just got notice of foreclosure, should I file bankruptcy instead?
even if they have recorded it with the county office?
God never gives you anything that you can't handle. So buck up and handle your shit!
Anonymous Coward
User ID: 403022
United States
04/14/2008 12:09 AM
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Re: I just got notice of foreclosure, should I file bankruptcy instead?
loser
 Quoting: Anonymous Coward 401342

He probably lives off of his parents.
Anonymous Coward
User ID: 403022
United States
04/14/2008 12:14 AM
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Re: I just got notice of foreclosure, should I file bankruptcy instead?
We can't have to house or need the house. The payments are NOW 2100 month. We are short about 1500 every month and have been since November. We tried talking to the lender and none of their "help programs" fit us. They won't help at all. We got the loan through a broker that used Countrywide and that is where the loan is now.

bump 4 update on this.
 Quoting: Anonymous Coward 390131


This is where the banks(loan officers) and realtors are at fault. They lend in good faith that the consumer is able to pay an exorbitant amount each month and feed their family and pay their taxes at the same time. Consumers trust them and are strung right along.

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