Questions about forclosure and heloc

[charleshaw]

Hello,

I had a home in idaho that got forclosed on and one in california. The home in idaho had a 1st and a 2nd, both used for purchase (100% financed.) The home in California had a first (which forclosed) and a heloc. I lost the home in California 2 years ago and the home in Idaho on Febuary 16th of this year.

The 2nd from the home in idaho is still trying to collect $54K and the heloc in california is still trying to collect $150K.

I still have a primary in cali valued at around $550K with a $590K loan.

My Question:

Should I file for BK, and if so what type? Should I try to negotiate with the creditors myself? Will these debts ever go away?

Best,
CharlesShaw

[lrprn]

Welcome to BK Forum, Charles - glad you found us.

We need more information before we can help you sort out what's possible and what's best to do in your situation.

- What state do you currently live in and how long have you lived there?
- Are you married? Kids? Other adults living with you?
- Looking back six months, how much income from *all* sources have you and your family living in the same domicile made?
- Do you have other secured assets besides the two foreclosed homes? (Cars? Other property?)
- How much equity do you have in the other secured assets right now?
- Have you filed bankruptcy before? If yes, what chapter and when?
- Is a business (or businesses) involved in your finances? If yes, what type of businesses are they? (LLC, S-Corp, etc) Are you personally liable for the business debts?

This will give us a good start. No need for names or anything really specific - just looking for basic information. Once we know more about your current financial and family situation, that will help us help you better.

[charleshaw]

Sorry for not giving these details:

- I currently reside in California and have lived here for the past 14 years.
- I am Married (but only my name is on all of the forclosed homes). I have one child as of January of this year.
- 6 months ago my household was grossing $9800/month, with the new baby we are currently averaging around $8K/month.
- The only secured asset (which is in my wifes and my name) is our primary residence. Purchased 2 years ago currently worth around $550K with a
$590K loan. No other car loans, etc.
- Negative equity I in our home I believe. I am guessing on the current value as I haven't had an appraisal, I watch my market pretty close though.
- I've never filed for BK before.
- A business is not involved in my finanaces

[charleshaw]

Should I have posted this somewhere else

I don't care about having bad credit, and the calls really are not that bad. I just don't want them to sue me down the road or something.

Do they have a certain time limit to collect on these debts? Will they ever go away if I don't pay and don't file for bk?

Any help or advice would be greatly appreciated.

[charleshaw]

Any idea's?

Will this ever be removed from my credit?

Any idea's on reading materials for me?