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E in Colorado
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0.10 Dollars($)
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Post subject: Should I file? |
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I have a terminal disease and have not been able to find work since being forced to take medical leave (and subsequently being laid off). I cannot make either the mortgage or revolving credit payments. I have applied for Social Security disability benefits - the case is pending...
With only a few years (at best) to live - how can I keep my children from inheriting debt?
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Hi Guest,
If you are unable to pay your mortgage dues. It's better to get rid of the property. You can apply for a deed in lieu of foreclosure with your lender. If the lender accepts your request, then you would be able to sell off the property and won't be liable for the deficient balance resulting from the sale. However, it will have a negative effect on your credit report. Your credit score would get reduced by 250 points and it'll remain on your credit report for 7 years. You won't be able to get a loan for the next 3-4 years.
Thanks |
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K.C.
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0.10 Dollars($)
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Post subject: Mortgage reaffirmation |
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| My husband and I filed for chapter 7 bankrupcy over 6 years ago. It wasn't until recently that I have discovered something went wrong with reaffirming our house. I have the letter which our lawyer sent to our mortgage company stating our intention to reaffirm the mortgage, and requesting the paperwork from them for us to sign. The mortgage company informed me that they have the letter, but nothing was ever signed. So now what can I do to get it reaffirmed? |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Post subject: |
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If you want to reaffirm the loan, then you should do it while you are in bankruptcy. As 6 years have passed since you filed bankruptcy, I guess your bankruptcy filing have been discharged. In that case, if you want to reaffirm the loan now, you will have to reopen your bankruptcy filing.
_________________
Good is the Enemy of Great. |
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JERRY A
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0.10 Dollars($)
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Post subject: FIRST AND SECOND MORTGAGE |
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| FIRST MORT DEFAULTED HAS A SECOND, RECEIVES A SUMMONS FROM THE SECOND. SERVED BY COUNTY POLICE, WHAT ARE MY OPTIONS |
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aazua
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Post subject: Bankruptcy help??? |
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Im 27, male, not married...I need to file personal bankruptcy, but not sure whats gunna happen!!
I bought a house with my sister a couple years back, I since then have had a child, & just fallen behind on my bills!! I owe about $70k in cc bills!! My concern is will they try to take the house? Where current on the payments, but under water on the house at least $50k!! I dont wanna mess up my sisters credit cuz of my stupid decisions!! But I need to know whats gunna happen? I dont wanna mess things up for her, & i just need to file now, haven't paid any of them in about a year now, they closed all my accounts & have all been passed down to other agencies!!
Thanks anything will help, Alex |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Post subject: |
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Hi Jerry,
I guess, you've defaulted on your second mortgage as well. As a result you've received the summons. As both the mortgages are in default, you will have contact both of them and apply for a loan modification if you want to save the property. If you want to get rid of the property, then you will apply for a deed in lieu of foreclosure with your lender.
Hi Alex,
As your name is mentioned on the property deed, then you will have to list the property in your bankruptcy filing. As your sister is not jointly filing the bankruptcy with you, her credit will not be affected. It will be mentioned in her credit report that the property was included in another person's bankruptcy filing.
Thanks |
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bamber
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Post subject: Putting a car in my name before bankruptcy is discharged. |
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| Is it ok to put a car in my name even though my bankruptcy isn't discharged yet? I've already filed but not discharged. After filing a family member wants to put a car title in my name. No loan, just the title. Is that ok or can they take it if it's in my name. |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Post subject: |
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Welcome bamber,
As your bankruptcy is not yet discharged, I don't think it is a good option to put a car in your name. If you do so, the trustee may consider the car as a part of your estate and may sell it off to pay off your creditors.
_________________
Procrastination is the enemy of your financial success |
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Laura Jones
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0.10 Dollars($)
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Post subject: home equity loan |
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| I owe about $500,000.00 on my home equity loan, my home market value is about $650,000.00, I am 52 disabled(waiting for a determination) with two 16 year old children who collect survivors disability until age 19. I have one rental $1,200.00 once the children's checks stop I will not have enough income to pay home equity loan, is there a way to wipe out balance or part |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Hi Laura!
Welcome to forums!
You won't be able to wipe out the home equity loan. However, you can contact your lender and apply for a loan modification. This will help you in modifying your loan terms and you would get a better payment plan to pay off the dues.
Feel free to ask if you've further queries.
Sussane |
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TerryLamb
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Post subject: Hi. i have some questions. |
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| i was in a bad car accident about three years ago. i am only 21 years old. this happened to me when i was 18. and i have bills coming to me still that i can not afford to pay. the sum of them is just over 25,000$. and i am engaged and want to marry my partner. i want to know what you think about me declaring bankruptcy and if it is a good option for me. thank you very much.....terry |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Post subject: |
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You can file bankruptcy in order to get rid of the debts. However, I would suggest you to contact a bankruptcy attorney and take his opinion in this regard. He will go through your situation and will help you in deciding which chapter of bankruptcy filing will be best suited for you.
_________________
Good is the Enemy of Great. |
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Chuckie
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Post subject: Vehicles |
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| Can I sell vehicles before I file bankruptcy or can I transfer them out of my company or personal name. Some are in my personal name and some in Company name |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Post subject: |
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It won't be a good idea to sell the vehicles or transfer them to a someone else just before filing bankruptcy. It will be considered as fraudulent and the trustee can bring back the account into your bankruptcy estate. Your bankruptcy attorney will help you in guiding you further in this regard.
_________________
Good is the Enemy of Great. |
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