 c_shellings
Joined: 18 Oct 2009
Posts: 1
1.47 Dollars($)
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Posted: Sun Oct 18, 2009 5:21 am Post subject: Considering filing bankruptcy on my house....
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| Where to start.... I currently have 2 mortgages on my home. Totaling to more than $400,000. My home will only appraise at around $300,000. I am COMPLETELY upside down in this house! My mortgage went from $2,000 to a whopping $3,200. I've definitely had some hardship - my soon to be ex. filed bankruptcy and won, thus leaving me with a huge house payment which was only increased once the bank saw that he (my soon ex) was cleared of all debt - apparently this show instability to pay on my part - however, I had been paying the mortgage alone for a year before my ex actually got bankruptcy (the bank would not recognize this and increased my rate). I have cc debt which is why I have not been able to refinance....my ex was also cleared of this debt. I was not interested in filing bankruptcy for the sake of trying to keep my home, however, I do not know what other choice I have. I am littlerally "house poor" - I can barely afford my outrageous house payment and NOTHING else. In a few months I have decided to no longer pay my mortgage, file bankruptcy, and let the bank take my home. I feel like I have no options left. Is filing bankruptcy my only choice? If I just continue to pay my 1st mortgage and not my second...what would happen? How long will it take for the bank to foreclose on my home? Please Help.... |
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