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foreclosure

Date: Mon, 07/25/2005 - 18:28

Submitted by anonymous
on Mon, 07/25/2005 - 18:28

Posts: 202330 Credits: [Donate]

Total Replies: 4


My husband had a stroke and is disabled and unable to work.We fell behind in house payments and need to borrow $5000.00 to reinstate the mortgage.Of course,everyone is turning us down to to the foreclosure.Is there any help for us or should we just file bankruptcy? Other payments are up to date.Just have a problem with the mortgage payment because we are so far behind.


[quote=kinder]My husband had a stroke and is disabled and unable to work.We fell behind in house payments and need to borrow $5000.00 to reinstate the mortgage.Of course,everyone is turning us down to to the foreclosure.Is there any help for us or should we just file bankruptcy? Other payments are up to date.Just have a problem with the mortgage payment because we are so far behind.[/quote]


lrhall41

Submitted by anonymous on Mon, 07/25/2005 - 18:31

( Posts: 202330 | Credits: )


Have you tried a to work out a forebarance agreement with the mortgage company? Most mortgage companies will want to work with you than foreclose on the house. Dont talk with the collections dept of the mortgage company you need to talk to the Loss Mitigation dept. They are the ones that will work out a payment plan for you. If they wont work out a plan, your only other option to save the house is a Chapter 13 Bankruptcy. That will force the mortgage company to negotiate with you. Unfortunately, that will effect your credit quite a bit, but you will keep your house.




[quote=kinder]My husband had a stroke and is disabled and unable to work.We fell behind in house payments and need to borrow $5000.00 to reinstate the mortgage.Of course,everyone is turning us down to to the foreclosure.Is there any help for us or should we just file bankruptcy? Other payments are up to date.Just have a problem with the mortgage payment because we are so far behind.[/quote]


lrhall41

Submitted by vwh on Tue, 07/26/2005 - 08:04

( Posts: 124 | Credits: )


One of the only neat things about bankruptcy is, it's a threat to whomever you're in debt with--they HAVE to work with you. It won't be off your credit for about 7-15 years, but when it's your last option...go for it. Better to have a home and a mark on your credit report, then to be stuck in a very bad rut!


lrhall41

Submitted by Lindsey on Thu, 08/04/2005 - 06:17

( Posts: 362 | Credits: )


There is one more option before ultimately filing for bankruptcy. I consider settling the debts. Although it is also a negative remark which will stay in the credit report for 7 years, but it is often considered as the last report before filing for BK.

I stress not to file for bankruptcy after reading the following article

http://www.debtconsolidationcare.com/avoid-bankruptcy.html


lrhall41

Submitted by ben on Thu, 08/04/2005 - 15:18

( Posts: 2034 | Credits: )