Complete Confusion

Guest 0.10 Dollars($)

Ok, My husband was unemployed for 6 months. We obviously became deliquent and the bank started forclosure. Their solution was for us to pay $6000 a month to catch up which we couldn't do. (The arm was resetting to $5700 also and we didn't know how we'd pay that anyway) So the bank said they would aution our house on 2/27. My husband had to get a job in England and I was feeling unsettled and scared in the house not knowing when the sheriff would come, so we found a place to rent and I moved out April 1...The bank has moved the auction date 5 times since then and now says it will sell May 1st.
The problem is the house is old and falling apart. No furnace, plumbing problems, weeds now a foot tall...but I can't figure out what I do now. We have a 2nd so I'm not sure if the bank will take a deed in lieu. I talked to a really grumpy bankruptcy attorney and he said don't file until someone serves you. I'm just totally confused about what's going to happen to me. Someone said on another forum that I wouldn't be forgiven the debt even if I file bankruptcy. So does that mean I'll be trying to pay back the bank forever? I thought if you can't pay they take your house, your credit is shot but you move on. Does anybody have any advice or even a word of encouragement?

gmakerley · Posted: Fri Apr 25, 2008 12:38 pm Post subject:

dear1, i believe that last thought of yours is close to being correct. generally, if there is to be an auction - at least in my neck of the woods - all creditors will (or not) be paid from the proceeds of the sale, and that will be the end of it. if there are unpaid claims, so be it.

i think "your credit is shot but you move on" is the appropriate phrase. your attitude about it is good, i think. after all, "moving on" is the only sane thing to do.

indeed, you ought to be encouraged - you found yourself in a difficult position, from which you could not recover. now you have (or will have) the opportunity to recover from the loss of the house, and moving on is the only way to do it.

i think you'll be fine.

Guest 0.10 Dollars($)

Thanks so much for replying! It's funny but my "handle" is katie's kind ear as in I'm a good listener. It felt good to be called dear1 however Smile

My husband finally talked to a friend who had a real estate attorney talk to us and he said what you said, that we just offer the deed in lieu and if the refuse then say here are the keys, foreclose. He said it costs the bank money to foreclose and that they are trying to intemidate us but that bottom line the house was the security for the loan and we don't have to worry about it anymore. I really appreciate your answer and feel like I can relax for the first time in awhile. I know alot of people on these forums have looked down on people if they have walked away from their homes but we tried to do what we could and if the bank had refinanced us we would have stayed and kept paying. I think they were short sited and now they are stuck with our house. We had slowly been re-doing all the repairsand making improvements but it wasn't ready to re-sell. I thought we'd be in our house forever but life throws you curve balls. I'm trying to be positive about the rental we're in (thank goodness a couple believed in us enough to rent to us!) it's actually in better shape than the house we lost! I have my health and my family and now I have my sanity back again! Thanks thanks thanks

gmakerley · Posted: Fri Apr 25, 2008 1:28 pm Post subject:

keep that kind ear! you know what it can do for someone, and that's a rare gift - to be able to listen, commiserate and encourage. cherish your gift.

your attitude is a delight, and please don't worry about "walking away" from the house. you've obviously not done that - when we speak of those who have done so, i think we are usually talking about those who simply give up and stop paying and don't try to iron things out at all (at least that's how i mean it).

in a few years, with this well behind you and better prospects ahead, you may find yourself looking into buying again. if so, just move forward and do what you can.

and thank you also, for having posted again and letting us know how much or little benefit we have been in our posts.

sometimes, we just need to encourage the encourager.

0.10 Dollars($)

Hi,
I find you to be fascinating, and vulnerable. I think that it's best that you speak to a proper real estate attorney, and follow his advice.
I can tell, that you are intelligent, sultry, and despite your real estate issues, meant to be in a posh situation. You deserve a proper pad, and bloke.
Real Estate Mate

Guest 0.10 Dollars($)

Ok, that was my silly husband who now works in England and only sees me every 5 or 6 weeks...I think he's afraid I'll run away with G Makerly! I'm feeling so relieved I just might Smile

See you soon funny man.

larry · Joined: 27 Jun 2007 Posts: 3263 463.26 Dollars($)

Hi,

Well said George that "sometimes, we just need to encourage the encourager."

Hey ktskindear1, deed in lieu is really the best option for you if you cannot pay the deficiency judgment as George has mentioned above. It's nice to see that you got help from the community.

BTW ktskindear1, you are a registered member of this community but why are you posting as a guest Smile

Best of luck,
Larry

Guest 0.10 Dollars($)

I'm posted as a guest because when I typed ktskindear in it said sorry that name's been used so I added the 1. I'm just not that saavy. This is the first forum I've every posted on.

larry · Joined: 27 Jun 2007 Posts: 3263 463.26 Dollars($)

Hi ktskindear,

I think you just need to log in. Go to the top of the right hand corner of the page. You will get the log in option. Get log in with your user name and pass ward. That will help you to post here as a registered member of this community.

Have a good day Smile

ktskindear · Joined: 22 Apr 2008 Posts: 4 2.67 Dollars($)

Well, I did what you said and I think it's going to work! Thanks again for answering me!

ktskindear · Joined: 22 Apr 2008 Posts: 4 2.67 Dollars($)

Now I guess all the "money " I earn will go to me. What's the money for? Smile

larry · Joined: 27 Jun 2007 Posts: 3263 463.26 Dollars($)

Hi ktskindear,

Welcome back.

Are you talking about the $$$ showing below the number of posts? Yes that the money awarded us for posting here. Is not it great that you are helping someone out or even getting help from someone and at the same time earn some dollars Smile

But it needs genuine endeavor not just spamming.

ktskindear · Joined: 22 Apr 2008 Posts: 4 2.67 Dollars($)

You haven't told me what the money is for? I see it can be donated. Who is it donated to. Is it real money or credits used for something. Is there somewhere I should have read about all this?

larry · Joined: 27 Jun 2007 Posts: 3263 463.26 Dollars($)

Hi ktskindear,

The money is awarded to the registered members of this community for participating in the forums. If any registered member participate here and share his/her situation or help someone, some dollars are awarded.

"Who is it donated to"
You can donate it to any registered member of the community whoever you wish. You can even encash when you gather minimum of $10. Isn't it great Smile

. So you can even share your situation or even help people and at the same time earn something.

"Is there somewhere I should have read about all this?"
You can read about this at http://www.mortgagefit.com/annoucements/participate-earn.html

Best of luck,
Larry

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