Need to save our house or be Homeless

Quote:

Originally Posted by jayseport Our mortgage company wont work with me for loan modification and have used all kinds of delaying tactics, and now they have given me notice to auction out our house next month 6 th of july. We cannot afford to move. We have owned this 28 years old house for 8 years, and this is our only place to live. The Mortgage company GMAC it is a nightmare to deal with. During our research ,Chapter 13 seems to be the only option or is there another way out ?? Any feed back folks,what should we do. Thank you Jay During our research

Jay,

Read your post, you don't have a lot of time dear. If they're auctioning off your house next month, you've already been through the foreclosure process.
Normally if you've defaulted and facing a foreclosure action, there would be a number of different legal avenues to take, like sell or lease out the house.
Chapter 13 is a restructuring plan to allow you to pay off your creditors. You might qualify for Chapter 7 if your insolvent. If you file for bankruptcy now, it will delay the sale and buy you some time. Your bankruptcy attorney will file a "Notice" with the state court and send Notice GMAC's attorney stopping the sale. The bankruptcy judge is going to tell you that in order to keep the house, you gotta make the payments. But there's one more thing.

If you can show in bankruptcy court that GMAC doesn't hold the note or the note has been sold a bunch of times, it can immediately terminate the mortgage and you get to stay in your house. This is happening a lot these days especially in bankruptcy court.

Sara Goodman
DebtExecutioner:cool:

Quote:

Originally Posted by jayseport Our mortgage company wont work with me for loan modification and have used all kinds of delaying tactics, and now they have given me notice to auction out our house next month 6 th of july. We cannot afford to move. We have owned this 28 years old house for 8 years, and this is our only place to live. The Mortgage company GMAC it is a nightmare to deal with. During our research ,Chapter 13 seems to be the only option or is there another way out ?? Any feed back folks,what should we do. Thank you Jay During our research

If you search this website you will locate and approved debt relief consultant by the name of Doug Johnson out of Tennessee. He has access to a national program that legally cancel's mortgages. It works nationwide and is effective on more than 90% of loans. Contact him before you file bankruptcy.