Hello, well looks like we will have to start bk procedures or foreclosure. i have a few ?? i hope someone can answer can help me out on some ?? or even a link on where to find this info.... 1. I read on the board that filing the bk papers stops the foreclosure process and you could live in your house for up to 2 years free if you have a good lawyer. what does this mean ?? do they just drag out the bk and it actually never gets discharged till after those 2 years?? 2. how do i find a good lawyer?? I live in wisconsin about 40 miles from Madison so will probably have to find one in that town. are there places to look online that can let me know about these lawyers?? i dont know anybody to even ask. 3. we are 2 months behind on our house payment . they said we had to be 3 months behind till they could help us. this is our first house and have now only owned it 17 months i dont really think we would get anything out of it if we sold it. and i dont think we could sell it since the major employer in this area layed people off permanently everybodies house is for sale lol. and lucky us they reassessed our house and now we have to pay taxes on 35,000 more a year which means our house payment would go up at least 100 a month. ok so my question is if we filed the bk papers and if by some miracle my husband got a job in the next month or so and we didnt want to move is there some way to keep your house then?? thanks for any help you can give msmcd
One question for you. Why dont you just refi and get mortgage caught up this way?? You do not need perfect mortgage history/payments to refi your home. You may be able to save your credit with a refi and save your money on paying a lawyer. If you are two months behind in mortgage payments you can still qualify for a refi but you have to do it asap before it actually forecloses.
well my husband has been on unemployment since june so it will end in december . the problem we have is that our house payment is 1370 a month and just paying the necessities like electric gas water food and gas for car is too much on what i make alone. yes he can probably find a job making like 7 an hour but.... it would still leave us having no money for food .... and even if he got a higher paying job i would have to cut my hours during the week to be at home for the kids. so we would be in the same predicament. and as for refinance well since he doesnt have a job i doubt we could get anyone to refinance us.
ok so my question is if we filed the bk papers and if by some miracle my husband got a job in the next month or so and we didnt want to move is there some way to keep your house then?? If you can get caught up, you can reaffirm the mortgage. Your lawyer can tell you what is customary in your district. As to staying in your home for 2 years. That depends on how fast the mortgage company files for relief from stay and how long it takes to foreclose in Wi. I'd say easily 120 days or more. 2 years seems a stretch.
If there are a lot of layoffs, have property values dropped? Is your reassessment accurate based on market conditions?
funny you should ask that..... our properties were reassessed this year last time was 1998 so we will now be paying taxes on 35000 more. property values went up here our taxes were already high 4000 a year i figure they will go up at least a 1000. well unless my husband can get a job soon we wont be able to get caught up on the mortgage so looks like we will lose the house i really hate that cause this is our first house we have been married 17 years it sucks lol
You should be aware that bankruptcy laws change on October 17. If you are serious on filing bankruptcy then you should visit a bankruptcy lawyer NOW. One obtains an automatic stay upon filing a BK. An attorney that SPECIALIZES in BK can give you an idea of how long it will take for a secured creditor - i.e. your mortgage - to obtain a relief from the automatic stay - i.e. to continue with the foreclosure.
