Forclosure Notice

This is definitely not something that you should sit on. It is possible that the mortgage company started the proceedings before you contacted Southern Residential and that the sale papers were on their way before they agreed to work with you.

However, it is my understanding that the notice of sale is one of the final steps in a foreclosure, which leads me to believe they actually initiated the foreclosure a long time ago.

At this point you should not take Southern Residentials word that "everything will be okay." Contact your mortgage company ASAP and make sure that they have agreed to a plan, and get it in writing that they agree to stop the foreclosure.

If they don't agree to a plan, short of paying the full past-due amount, a chapter 13 bankruptcy may be your only option. This would stop a foreclosure, while giving you a court plan to come current on the mortgage and your other debts (except you do need to have regular income to go through with a 13).

Time is of the essence. I think the date of the sale is your last day to do anything. After that, filing a BK won't do any good. You should consider consulting with an experienced bankruptcy attorney, who will better know how to proceed.

WWow, who is your mortgage through? How many payments are past due?

I know when we were behind on our mortgage payments last spring we were first served with a summons that we had twenty-eight days to respond to. We were able to work out a forbearance agreement with the mortgage company. We had to make higher mortgage payments for several months to get the mortgage current but we were able to do it. I agree with Debt Cruncher that the notice of sale is one of the last steps in the foreclosure process. Were you able to make any payment arrangements with your mortgage company? Maybe you should consult with an attorney to discuss a Chapter 13 bankruptcy with all of the other problems that you are having as well. I had to recommend this but this may be your only option at this point. I believe in a Chapter 7 it is very rare that you can keep your house. I know some people have been able to do so but I think there are some things that you have to be current on like utility bills and your property taxes.

You definitely need to seek counsel from a bankruptcy attorney to see what their opinion is of this company's ability to save your home. I would go by the old adage of "if it sounds too good to be true, it probably is".

I got behind on my mortgage payments and ended up having to file Chapter 13 to save my home. I was not at all happy about having to go that route, but it saved my home, and I no longer worry about whether I can make the house payment and pay my other bills as well. The plan payment comes out of my paycheck every week, which pays my bills and my house payment. I still have to pay my utility bills and other regular expenses, but that's it. I'm not advocating bankruptcy if it's possible that you have another option. Bankruptcy is a major step and affects your life in a long-term way - but if you have no other choice, it will save your house if you move quickly. In your case, time is of the essence.

Debtcruncher is right, you need to contact a BK attorney, first thing tomorrow morning. Chpt. 13 isn't the end of the world, you need to save your home. Good Luck and keep us posted.

Britneysbald..i sent you a message earlier..do you have the info for T&C I need to consolidate my loans I have 15 of them..

Yes, I responded with a name of a company and contact information.

Swoody ~ I so hope that things can work our for you too. Seems both of us are kind of in the same boat. I pray that things work out for both us! God Bless

Swoody!


Furthermore,you really cannot trust these companies that claim they will "save" you from foreclosure. For
the most part they are setting you up in order to claim the home and sell it from under you.

Get to court first thing in the am. Actually,you should be there already camped out on their door step waiting for them to open.

I wish you the best!

thanks guys, i have went online and filled out a free evaluation, when I got done with that, they sent me to a site to take the pre-counciling you have to take. I am going to go online and do that tonight. They put me in touch with a Bankuptcy lawyer not to far from us in Oregon. They are not open right now, but I will be on the phone to them as soon as they are tomorrow. I have the money to file, if that is the road we have to take. I wish i had found this site months ago, before everything spiraled out of control. I appreiate all of your help and advice. I just hope everything works out, and we can keep our home. We have five children to support, and my husband found out in June that he has a blood disease. We don't need anything else bad to happen.

It sounds like that may be the best option for you . . . . It sucks, but you have to do what you have to do.

At least you will have the piece of mind that once you file all tha calls stop, all the letters stop, and you will only have to pay the court every month.

swoody,

The important thing is that you are trying to take care of things and save your home. Please don't beat yourself up too much. I'm sure you've done enough of that already. I too wished I made it to the forums sooner than I did. I've made my share of mistakes as well. I believe in a Chapter 13, the secured debts are taken care of first. I filed a Chapter 7 five years ago but I didn't learn my lesson after that. I have now and it will take time to become debt free. Now I have people who understand and I'm not ashamed to talk about my circumstances here. Keep us posted and I will keep you in my prayers !

swoody ~ you are in my prayers also.

Mishele ~ love the avatar! That is how I feel and I believe I might look like that too, in the mornings!!! LOL

I am wondering if anyone can give me some advice. We were served with Trustee Notice of Sale papers over the weekend. We have been talking about filing Chapter 13 BK. This morning I called our mortgage company, and they are going to try to work out a forberance plan with us, but we will be paying over double our normal payment for the next 5 months. My question is, would it be better for us to go with our mortgage company, or try to go with the BK. Would the BK payment also be that high? Any advice or suggestions would be greatly appreciated.

You probably shouldn't wait. Go with the forebearance for now, you need to save your home. This gives you time to meet with a BK attorney to see if this is an option for you.

swoody,

You will have to ask yourself if you can afford the higher mortgage payments along with the other financial problems that you are having. I'm not trying to recommend Chapter 13 to you but I would still contact a lawyer to see what can be done with everything that you are going through.

Swoody, i was an in the same boat few months back we had alreaady an attorney lined up to file ch 13. The payments thru the Ch 13 should be lower than the forbearance payments, why don't you try talking with your mortgage company about a "Loan Modification" this is where the will put the delinquent amount at the end of the loan and you will them be current and continue your regular monthly payment. The Mortgage company will send you a packet with all the papers for you to fill out(there are more paperwork for the loan modification than for the forbearance) We did this (Loan Modification) and so far we are OK.

Thank you spanisheyes. I will try that. I have an appointment with a bankruptcy lawyer tomorrow also. I just want to be sure before we sign anything. I will give our mortgage company a call, and see what they say.

When you go to see the lawyer, make sure you have a list of everyone you owe, how much you pay each month, and this needs to include car gas, groceries, medical, clothes, etc. I am sure he/she will want to see what you make vs what you pay out. Don't leave anything off your list. Somethings we didn't think about but was brought up to us when we filed ch7 was school activities, school lunches, entertainment (meaning eating out, movies, etc), pet care (the vet, ets), house maintenance and some other things I can't think of now, but our list got a lot bigger than what we started with. Sending positive thoughts your way that this is going to all work out for you!

Thank you 2nband. I appreciate your help and advice. We are unsure as to what to do. I just want to keep my house, but I don't know if we can handle double payments. With the forbearance, it is only for 5 months, as where the chapter 13 would be for 3 to 5 years. I will keep you posted though.

Your welcome. I am only 2 months, that is counting March's payment, behind, but I have been running behind for several months due to things and the thought of loosing a house that you worked so hard to get and not having any place else to go and put one at wits end. As much as you might hate having to go this way (and I know I hated it when we had to do it), sometimes you have to do what you have to do. It might hurt for a little while, but in the end, if you can get your life back and not have to worry about this all the time, it will be worth it. I know for us right now, the new checking account we opened has a positive balance and that makes us feel good. The old account is still in the negative, but we are working on that and the bank is working with us, so that helps. This is the first time in a long time we have had a positive balance on anything for any amount of time. Might only be $20 in there, but it isn't <20>. We are still running tight, but we are going to get there. Got to think positively and so do you. Hang in there and keep us posted.

swoody,

Keep us updated on what the mortgage company and the attorney tells you.