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Posted: 3/8/2006 8:19:00 AM EDT
Here is the run down, laid-off twice last year, another one coming up. Salary degraded from 70K --> 38 K ,Got divorced, Judge gave me all the bills, and mortgage company wants to forclose on my house. Will br allow me to keep the house? Or just say screw it and let them have it. (Ohio)


Link Posted: 3/8/2006 9:49:38 AM EDT
Bankruptcy will only produce a slight delay in the foreclosure in most cases.
Link Posted: 3/8/2006 10:03:00 AM EDT

Originally Posted By brickeyee:
Bankruptcy will only produce a slight delay in the foreclosure in most cases.



Untrue. Get to a bankruptcy attorney ASAP for a consult. When s/he files your banruptcy petition, it will get almost every creditor off your back immediately. The sooner you get the ball rolling the better.
Link Posted: 3/8/2006 3:08:25 PM EDT
Unless you afform the debt and bring it up to date under the terms of the note the holder willpetition the judge to allow foreclosure to proceed.
All it does is produce a brief delay.
Link Posted: 3/9/2006 6:27:48 AM EDT
Thanks guys
Link Posted: 3/9/2006 7:14:13 AM EDT
If you cannot bring the note current, you should look into selling.
If you sell, at least you might preserve some equity.
If the note holder sells it is always at a 'fire sale' price and the legal fees for the foreclosure get levied against any money they might get above the note value.
The big problem is that they have no incentive to recover any more money than they are owed.
i know it is hard no matter how you go about it.
Sorry.
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