Are bk�s ups due to foreclosures?

[breezyday]

I haven’t seen any news reports stating bk’s are raising due to foreclosures.
With our 80/20 mortgage I’m sure we will end up doing both.

Since we set a time line of surrending our home in the middle of Sept I feel better! My therapist told me to do it a year ago, I shall had listen to her but kept hoping we would sell our home.
Instead where deeper in debt and more stressed!

Will continue to try and work something out with our bank but at this time they don’t care!

[sick of debt]

Best of luck to you

[justplaintired]

Today our local news covered this exact topic and they said BK are up and mostly due to foreclosures.

Also was doing some reading on the net today and found alot of sites who predict this year will have almost as many BK as 2005. Contributing alot of it due to foreclosures and cc.

[AngelinaCatHub]

Ms. Breezy: Until the Sheriff has to pick you up and carry you out, I would stop worrying about a house. A House is not a Home. A home you make with love and family. My parse of your post above is relevant in the fact that these banks will start feeling the pressure very soon. They do not want your house. They want your money or any money they can get to recover. Let's put it this way, half of something is better than all of nothing. A vacant house invites vandalism and destruction. Then what is the house worth vacant? Also, taxes whether yours or the banks will be paid. They don't want to do that. Hang in there. There is a certain amount of power when you decide you are bk. You have the vote as to pay a bit, or let it go. They would prefer you pay a bit over nothing at all. 'Hub

[Flamingo]

Foreclosures at the moment are higher than bankruptcies. Also contributing majorily to the bankrupcies are job losses. It just takes a big loss of income to start both the foreclosure or the bankruptcy. Every day in the business section a major business is letting people go. Those majorily in debt with the big house and every gadget on the planet will feel the loss of income immediately because unless another equal job is found quickly, they will not be able to pay the mortgage and/or the bills. Downward goes the spiral....

The cost from all the bankruptcies and foreclosures will affect us all in the long run. While we struggle along we will also end up paying for everyone else's bankruptcy or foreclosure in some way with higher prices or a job loss. Things are occurring that occurred during the Depression years from things my mother told me. The increase in people living in cars is on the rise and also people selling odds and ends (pencils and apples on street corners during the Depression) in any way possible is on the increase to try to get some income.

You will recover from this but take one step at a time and don't hold onto anything you cannot afford right now. For right now, think short term to get everything resolved...you have plenty of time for long-term.

[breezyday]

Thanks guys!
I really feel for people whom has been in their home for years and would love to remain but now must move.
With my husband military career we have bought and sold many houses.
TG I have no attachment to this house!

IN FACT>I hate this house! Never in my life has anything control and ruin my life!
I won’t in anyway destroy a single thing in it, dream about it but I won’t.
Guess my worse fear with pets is finding a rental, we may live in our camper for awhile. Any where since I will not give up my 2 dogs and cat.
I have a friend whom works at a rescue and everyday some poor family has to surrender their pets> how sad!
At this point with my husband job lost and taking a lower paying job we are losing $1000. a month.
I feel like a fool!
Why did we wait so long???> one word PRIDE!

PRIDE GOES BEFORE A FALL

[AngelinaCatHub]

Breezy, I feel your pain. We had to live in a 20’ camping trailer for a year in that long ago a recession caused my in between transfer to be put on hold for a year. I had two young daughters and it was winter up North. We did great. I fixed up the place to be real self contained big time. We were snug as a bug. Looking back it was a good time.

If you could attempt a sale now on your house, put what you can into a little quarter acre lot that would allow you camper, let’s call it a “retreat”, it may come in handy in a real depression. It is doable. ‘Hub

[Shaoline]

Breezyday,

I struggled for a long time too before realizing that miracle I was hoping for wasn't going to show up. My husband told me a year ago that it was time to file bankruptcy, but I didn't listen. The stima of bankruptcy was overwhelming to me.

My experience has been like yours with banks, they wouldn't to budge on their stance.

[Shaoline]

Ms. Breezy: Until the Sheriff has to pick you up and carry you out, I would stop worrying about a house. A House is not a Home. A home you make with love and family. My parse of your post above is relevant in the fact that these banks will start feeling the pressure very soon. They do not want your house. They want your money or any money they can get to recover. Let's put it this way, half of something is better than all of nothing. A vacant house invites vandalism and destruction. Then what is the house worth vacant? Also, taxes whether yours or the banks will be paid. They don't want to do that. Hang in there. There is a certain amount of power when you decide you are bk. You have the vote as to pay a bit, or let it go. They would prefer you pay a bit over nothing at all. 'Hub

I started to cry when I read your message. I have been doing my best to be cheerful and positive and not take all this so personally other then learning from this situation. Quite frankly this has taken over my life, there is so much to learn and know, I feel like I should be doing something yet my back is against the wall. I hate the feeling of helplessness and waiting for the axe to fall.

Your voice of reason has helped me. Thank you.

I was told by a couple of attorneys that there is no need to file bankruptcy until there is a judgement against me, but it seems many people are filing bankruptcy before their house is foreclosed on.

[hnhlvr]

http://www.nakedcapitalism.com/2007/11/new-bankruptcy-law-backfires-by.html