Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do: (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.

Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Behind on mortgage and want to keep house

  • Filter
  • Time
  • Show
Clear All
new posts

  • Behind on mortgage and want to keep house

    Hi! We were recently told that we passed the means test to file a chapter 7. We plan to file either a 7 or 13 in October. Here is part of the story and any advice would be helpful. Our 1st mortgage balance is $488K and 6 months late (value is way under this - in the $300's). We were served on 7/31/2012 and given a hearing date at the end of November. (Filing in October.) We want to keep the house. My attorney thinks we may have trouble funding a plan in a Chapter 13. My idea (worst case scenario) is to take a hardship withdrawal on our 401K if we can't get a modification prior to losing our house in foreclosure. And yes, I know walking away makes the most sense, being that we are under water, but we have 4 kids and 3 dogs and do NOT want to rent in this situation. Way too complicated, and we love our house. We also have a 2nd and 3rd mortgage, and we'd like to try to get settlements on those after the discharge. Does any of this sound "doable" or are we gambling way too much? I'm afraid of trying to do a Chapter 13 if I'm setting myself up to fail. Does anyone out there have any thoughts on this? Thanks!

  • #2
    have you tried for a loan modification? by the sounds of it, you may have too much income.

    i understand you love your house. we did also for over 30 years and it was indeed so difficult at first to leave it. also, we didn't have the complexities of having children and animals in tow. while i love my kids, i was thankful they were grown when this happened to us, so i totally understand where you are coming from.

    i hate to say this, but unfortunately you may have to start changing your mind set. it really sounds with your home having a 1, 2, and 3rd on it, that is really effecting your total financial stability. a home really is where the heart is, also with all your memories, not the four walls surrounding you. i know it's so difficult to think about moving, but it may be your only way out of this financial situation especially in light of the fact you are 6 months behind.

    i would NOT take your retirement money since it is one of the only things that can out live a bk and be completely protected. you may be throwing good money after bad. it's hard to think with your mind and not ones heart when you are in a situation like you are, but you really need to sit down and see if this can really and truly be the best for your family's future. i know, i'm not much help, but i wish you the best of luck with which ever decision you make.
    8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! and all are welcome to bk forum's Florida State Questions and Answers on BK


    • #3
      You have become way too emotionally attached to your (severely underwater) house, that you have lost sight of what's really important here. Home is a place to sleep at night and store your stuff. That's it. You should not allow yourself to become so emotionally attached to a building and land--which can be easily replaced--that you raid your retirement funds, and probably still end up losing the house to foreclosure anyways. What you should be doing is to quit paying ALL mortgages on the property, filing modification requests in order to drag out the foreclosure for as long as possible, and saving the money that you're NOT paying to the mortgage bank(s) to cover moving expenses and deposits for a rental.


      • #4
        I agree with what has been said. Does your housepayments taxes and insurance total more than 25% of your income? If so you wasting your time and money keeping the house. You cannot afford this home. It is hard to let go, I know we are letting our home go.
        A bankruptcy is suppose to get you a freshstart. You need to take full advantage of it ,
        chpt 7 ,5-2009


        • #5
          I know our house is underwater. But with the Chapter 7, we can afford our house payments which will be about 22% of our income. We just need to get it current (hence the hardship withdrawal idea as worst case). We've tried for a modification in the past, which is why the payments are behind to begin with. Our attorney is hoping to get a modification after the discharge and also told me to stop worrying about the 2nd and 3rd, and that I won't need to settle with them anytime soon. I guess what I need to do is be prepared to walk away if we can't get the modification. Has anyone out there gotten a modification after a Chapter 7 discharge?


          • #6
            Originally posted by ld2366eh View Post
            Has anyone out there gotten a modification after a Chapter 7 discharge?
            Yes, but there are a lot of factors. First, income - if you are staring at a Ch 13, you are likely high enough in income to not qualify for the federal programs. That does not mean that you can't get a mod directly from your bank. Second - are your 2nd and 3rd with the same bank as your 1st? If so, that throws a major wrench into a mod.

            Last - a mod isn't all that it is cracked up to be in most cases. Here is a thread that talks about mods and how they are done:

            A modification may make the payment lower, but you would likely still be underwater. In addition, the second and third would have to play ball to make it work.

            I hated walking away from our house, but it wasn't the end of the world.


            Unconfigured Ad Widget