Its Bankruptcy A Good Option Not To Loose My House?
I lost my job because a car accident (not my fault) and I’m about to loose my house and I don’t know what to do , I’m wandering if I fallow for bankruptcy will help me to keep m house ?,I don’t really know how its works,and how will affect me in general for good and bad ,I asked the bank to give some time to find job but one of the agents said no, and I need some advice please.
Tags: bankruptcy, Good, House, Loose, Option
January 22nd, 2010 at 8:22 pm
No. Bankruptcy generally is not a good option.
You need someone to help you. What should be attempted is this:
First, consider a restructuring of the loan. With the lender’s permission that changes the terms and conditions of the loan.
Second, consider a forebearance agreement. With the lender’s permission, that generally will push much of your past due amount to the end of the mortgage.
If you’ve fallen behind, you’ve probably already received documents from your lender explaining these options. If not, call and ask for them.
With a bankruptcy, you can often delay foreclosure. But, after a relatively short period of time, you’ll have to begin making your required payments on the mortgage. And if you fall behind, you won’t be protected.
Talk to a bankruptcy lawyer for more information.
January 23rd, 2010 at 12:55 am
The only way to not lose your house is to pay.
If you file bankruptcy and are current on your mortgage you can do Chapter 13(you must be current)and keep your home. You must then continue paying, ontime or you will lose the home. You can file bankruptcy and include your mortgage, this will then put you in foreclosure and you will lose your home, it could take 3-6 months. If you have a lot of other debt that you are falling behind on due to no work you are probably best filing and including the home. That way while in the process you can try to get work and move into something more affordable.
Really without knowing your whole situation I dont know whats best, thats why you should meet with an attorney, they do free consultations.
Dont let people tell you how horrible it is to file bk, people have to do it sometimes. I also lost my job and am having troubles. That is why it is an option out there. You need to think long and hard, can you afford to keep your home?
January 23rd, 2010 at 4:56 am
A bankruptcy just delays a foreclosure. After you file bankruptcy, you must start makings your home payments in full and on time AND pay the missed payments in equal amounts usually over 5 years.
If you don’t the foreclosure will happen.
January 23rd, 2010 at 9:40 am
talk to someone else at the the bank. the bank manager would be the one to go to. it also depends on how far behind you are. the bank wants to get its money so talk to them again. good luck