Facing foreclosure, thinking of BK
Hello everyone
I wish i could say we are new to BK but we are not. Back in 2000 we had chapter 7, due to a car that got stollen and bank trying to garnish our pay checks to collect. In 2001 Bk was discharged, and exactly one year later we bought our first home, refinanced it 4 times and pushed our credit score in 740`s, maybe even higher.
Now our income is less than half of what it was, and we are atempting loan modification, but the bank won`t budge. If we have foreclosure, word is that it will take 5 years to buy another home, whereas BK probably takes less. Our friend who discharged his home loan due to failed modification is already buying another home, and he had his BK little over a year ago. So my husband would rather opt out for chapter 7, or even 13 if judge had power to bring our payments down, which would allow us to keep our home, but i don`t think that is even possible.
My question is this:
If we wait longer to try to modify our home loan,that fails and house enters foreclosure proceedings, are we still able to go for Bk and discharge the debt, without having foreclosure on our credit, as well as BK?
I hope i am not sounding like an idiot, this is the best i could do to explain it. I am sick and tired, my nerves are shot, and my kid probably thinks that her parents are two big failures....
Thank you all, in advance...
I wish i could say we are new to BK but we are not. Back in 2000 we had chapter 7, due to a car that got stollen and bank trying to garnish our pay checks to collect. In 2001 Bk was discharged, and exactly one year later we bought our first home, refinanced it 4 times and pushed our credit score in 740`s, maybe even higher.
Now our income is less than half of what it was, and we are atempting loan modification, but the bank won`t budge. If we have foreclosure, word is that it will take 5 years to buy another home, whereas BK probably takes less. Our friend who discharged his home loan due to failed modification is already buying another home, and he had his BK little over a year ago. So my husband would rather opt out for chapter 7, or even 13 if judge had power to bring our payments down, which would allow us to keep our home, but i don`t think that is even possible.
My question is this:
If we wait longer to try to modify our home loan,that fails and house enters foreclosure proceedings, are we still able to go for Bk and discharge the debt, without having foreclosure on our credit, as well as BK?
I hope i am not sounding like an idiot, this is the best i could do to explain it. I am sick and tired, my nerves are shot, and my kid probably thinks that her parents are two big failures....
Thank you all, in advance...
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