Hello everyone,
I'm not sure where to post this as it includes foreclosure and possible bankruptcy. So I decided to post here. I lost my job back in Aug 09. We are now almost 4 months behind on our 1st mortgage and 2nd mortgage (home improvements to back yard) both owned by a CU. We have tried to get a loan mod with no success. We, like many are upside down in equity.
Trying to be proactive and determine our options we talked to a BK lawyer around the time that I lost my job. I had a laptop at that time to take notes, unfortunately that laptop died and I lost my information. We have gotten the certified letters for 1st and 2nd stating pay within 30 days or foreclosure process can be initiated.
The lawyer didn't think the CU would come after us for the 2nd mortgage since they owned the 1st, but stated they would have to do so within 30 days of the "official" foreclosure proceedings. If they do try to force us to continue paying on the 2nd we would have to file BK. My concern is we have a vehicle that we outright purchased a couple of years ago by borrowing the purchase amount from my husbands mother. We pay her each month interest free for this vehicle. The lawyer said should we have to file BK we should file a form (can't remember which form) to protect that vehicle since it is worth more than $10,000. We still owe $12,000 to her.
Does anyone know what that form might be? Is it a 96-0236? We live in AZ. Also...can the CU try to put a lien on the vehicle? We purchased the car after we bought the house.
We have been hit so hard financially. We have also recently incurred legal expenses for a custody battle, which basically wiped out any savings we did have that could have sustained us mortgage wise. We are thankful to have a place to go to, though very very modest.
My husband has a double wide that his brother has been living in and his rent has paid the mortgage on that. It needs a ton of work and isn't worth much. My husbands income is enough to live there if I am unable to find work. I've never had a problem finding work until this economy.
I welcome any thoughts, insights, etc. regarding our situation. We are in a scary place as are many of you. We had exceptional credit until this economic storm hit. I am thankful to have found this site.
**I'm so confused...I just want to cry...again. I just listened to our voice mail and now the CU is telling us to call them about helping us get the modification...which they previously declined us and weren't very nice about it....I'm so confused. I've also read in places that people who get the temporary modification have been slammed with being evicted the day after the 3rd month temporary mod payment is made. These people were given 3 days to vacate the home. This tells me the banks have no intention of making the modifications permanent. Ugh!
I'm not sure where to post this as it includes foreclosure and possible bankruptcy. So I decided to post here. I lost my job back in Aug 09. We are now almost 4 months behind on our 1st mortgage and 2nd mortgage (home improvements to back yard) both owned by a CU. We have tried to get a loan mod with no success. We, like many are upside down in equity.
Trying to be proactive and determine our options we talked to a BK lawyer around the time that I lost my job. I had a laptop at that time to take notes, unfortunately that laptop died and I lost my information. We have gotten the certified letters for 1st and 2nd stating pay within 30 days or foreclosure process can be initiated.
The lawyer didn't think the CU would come after us for the 2nd mortgage since they owned the 1st, but stated they would have to do so within 30 days of the "official" foreclosure proceedings. If they do try to force us to continue paying on the 2nd we would have to file BK. My concern is we have a vehicle that we outright purchased a couple of years ago by borrowing the purchase amount from my husbands mother. We pay her each month interest free for this vehicle. The lawyer said should we have to file BK we should file a form (can't remember which form) to protect that vehicle since it is worth more than $10,000. We still owe $12,000 to her.
Does anyone know what that form might be? Is it a 96-0236? We live in AZ. Also...can the CU try to put a lien on the vehicle? We purchased the car after we bought the house.
We have been hit so hard financially. We have also recently incurred legal expenses for a custody battle, which basically wiped out any savings we did have that could have sustained us mortgage wise. We are thankful to have a place to go to, though very very modest.
My husband has a double wide that his brother has been living in and his rent has paid the mortgage on that. It needs a ton of work and isn't worth much. My husbands income is enough to live there if I am unable to find work. I've never had a problem finding work until this economy.
I welcome any thoughts, insights, etc. regarding our situation. We are in a scary place as are many of you. We had exceptional credit until this economic storm hit. I am thankful to have found this site.
**I'm so confused...I just want to cry...again. I just listened to our voice mail and now the CU is telling us to call them about helping us get the modification...which they previously declined us and weren't very nice about it....I'm so confused. I've also read in places that people who get the temporary modification have been slammed with being evicted the day after the 3rd month temporary mod payment is made. These people were given 3 days to vacate the home. This tells me the banks have no intention of making the modifications permanent. Ugh!