Sell the house and get out of bankruptcy???

[Guest]

My husband and I filed bankruptcy due to a serious illness that kept him out of work for half a year. We had many bills, were in collections, and the house payments were about 5 months behind. We filed to save the house, our shady mortgage company would not take payments from us and tried to sell the house at auction 1 day before we filed. All that aside, this house has been nothing but a nightmare for us from the beginning, predatory lending, bottom-of-the-barrel mortgage companies, and so many problems. We are 15 months into a 3-year plan.

My question is this-
Can we just sell the house, pay off the bankruptcy, and get out of here? What do I need to take into consideration? Is this something that is a possibility, or should we just stick it out?

[keepmine]

You'll need the trustees permission to sell. Any unsecured creditors in the plan? If so, if their payout is less than 100%, look for the trustee to up the payout.

[Anj]

you gotta be careful on this one - if you owe money to the mortgage company and you are not under the protection of the 13... they can and will come after you and sell your home if you can't come up with what money you owed them when you filed.

GL!!!

[PI_Lvr]

As keepmine was saying, get a pay-off quote from your trustee. If you're not at 100% payback, there will be a significant difference in your payback plan and your 100% payback. There's trustee fees (mine was 10% of claimed) and some interest for secured loans. Trustees are your friends and I am more comfortable talking to them than to my lawyer.

Good luck,

[Minnymouth]

. Trustees are your friends and I am more comfortable talking to them than to my lawyer.

SINCE WHEN????????????? Trustee's DO NOT WORK FOR YOU - they work for the creditors.............

FRIENDS - not hardly!!!! Trustee makes a living out of your pockets..................

[Isellhomes]

My husband and I filed bankruptcy due to a serious illness that kept him out of work for half a year. We had many bills, were in collections, and the house payments were about 5 months behind. We filed to save the house, our shady mortgage company would not take payments from us and tried to sell the house at auction 1 day before we filed. All that aside, this house has been nothing but a nightmare for us from the beginning, predatory lending, bottom-of-the-barrel mortgage companies, and so many problems. We are 15 months into a 3-year plan.

My question is this-
Can we just sell the house, pay off the bankruptcy, and get out of here? What do I need to take into consideration? Is this something that is a possibility, or should we just stick it out?

Well, how much do you owe on your mortgage? If you have enough in equity, you may be able to sell!
Do you have A BK atty. to talk to?

Take into consideration that folks without any reserves in the bank, unability to show employement, and with bad credit, sometimes people may not qualify for another mortgage, do you have a place to go? Have you checked out rentals until you can get your credit score back up?