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Have you filed for Bankrupcy?
We are having financial issues and can't keep up with our bills. They have started foreclosure and we do not want to loose our home. We talked to a lawyer today but are still not sure. We have the money to pay what we owe on our mortgage...3 months(because we got our tax return back) we are trying to work with the bank but they are really not being helpful. They seem to just want our home.(which i get but hate)
So..have you every filed for bankrupcy(sp) and how did it work for you. At one time we had money, now we have gone through everything plus. We took everythign out of my husbands 401k, and have used up everything we once had.
I hate the situation we are in, it is not for lack of trying. Our home isn't worth what we paid for but we really want/need to keep it. Filing is really scary, not sure what to expect or how it will effect us but, we feel it is our only hope to keep our home. So any experience good and bad?
My husband has a business that he started 3 years ago, it is doing ok, and I work part time. I would love to work full time but we have 2 chidren and the cost of daycare or a babysitter...we can't afford and would be a wash if i was to work full time. So we do both work. we just cant seem to keep up.
3 Answers
- CatDadLv 71 decade agoFavorite Answer
Do what's best for you and your family. Some people who like to exaggerate the negative effects of filing. It does not destroy your credit rating forever..It stays on your credit report for 10 years...You can have good credit again in 3 years after filing. Once you file for Chapter 7, you can't file again for 8 more years.
- You have to be super careful with banks. If you mail them a check for the past due 3 months, make sure that this will really stop the foreclosure process.
- ღ†Rocker Wife†ღLv 71 decade ago
You MUST separate your emotions from that house. If it's not worth the amount you owe on it, it may be better to walk away. So you take the last of what you have and catch up on your mortgage. Will you ever have equity in your house again? How long until you are behind again? Will sending the bank your back mortgage stop them from foreclosing? You really should talk to someone who can help you determine if it is FINANCIALLY sound to keep feeding a house that has no equity. If you're only slightly upside down (you didn't give numbers), it might be worth it to keep. If you are upside down in the tens or hundreds of thousands, then you may want to think twice and put that money to better use.
Source(s): Went through foreclosure and bankruptcy after a divorce 15 years ago. - Eric McTagueLv 41 decade ago
Trust me, the bank doesn't really want your home, especially in the current housing market. They would be stuck sitting on it for who knows how long and would probably lose money in the deal. Have you looking into refinancing? You may be able to get a lower rate and a longer term that would bring your payments down and start you from scratch with the mortgage. Interest rates are very low right now. Hope this helps.
