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Facing foreclosure with homecomings

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    #1

    Facing foreclosure with homecomings

    Homecomings is in the process of taking our house. We are in an upsidedown. We owe $180,000 now the home is valued at $157. The bank agreed to do a short sale and it has been listed with a realtor for 8 months now. Now the bank wants the house. My question is does homecomings come after you for defeciancy judgement? About 4 years ago my husband lost his job of 15 years we had to file a chapter 7 to keep the house. Now we might have to file BK if they come after us for the difference. I don't think we can file BK yet. How long do we have to wait? We might be screwed. I am so sick from nerves because of all this.
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    #2
    Welcome to BK Forum, honeybear4 - glad you found us!

    Originally posted by honeybear4 View Post
    The bank agreed to do a short sale and it has been listed with a realtor for 8 months now. Now the bank wants the house. My question is does homecomings come after you for defeciancy judgement?
    If the house does sell as a short sale, then yes, you would be responsible for the difference between whatever the house would sell for. Frankly under the circumstances, filing then allowing the house to be foreclosed inside your bankruptcy is what will work out best financially for your situation.

    About 4 years ago my husband lost his job of 15 years we had to file a chapter 7 to keep the house. Now we might have to file BK if they come after us for the difference.
    Your mortgage lender will come after you for any difference between the sale price and what you owe if the house short-sells or if they foreclose then auction the home.

    I don't think we can file BK yet. How long do we have to wait?
    Since you filed Ch 7 four years ago, you can't file Ch 7 again for four more years. You can file for Ch 13 and then not sign a reaffirmation agreement and then allow the house to be foreclosed. This way you end up with no financial consequences and owing nothing for the home.

    However, to file Ch 13 you must be able to pay your creditors at least as much as they would receive in Ch 7 and be current on any other secured assets like cars that you hope to keep.

    Start to deal with your fear by making appointments for free or low-cost initial consultations with 3-4 bankruptcy lawyers in your area. You'll learn a great deal about what's going to be possible in your situation and that alone helps reduce the fear of the unknown.

    Post other questions you may have here and we'll help you sort things out as best we can. Hang in there!
    I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

    06/01/06 - Filed Ch 13
    06/28/06 - 341 Meeting
    07/18/06 - Confirmation Hearing - not confirmed, 3 objections
    10/05/06 - Hearing to resolve 2 trustee objections
    01/24/07 - Judge dismisses mortgage company objection
    09/27/07 - Confirmed at last!
    06/10/11 - Trustee confirms all payments made
    08/10/11 - DISCHARGED !
    10/02/11 - CASE CLOSED
    Countdown: 60 months paid, 0 months to go

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      #3
      Thanks

      Thank you for the advice lrprn. I will start talking to some lawyers. I only have a couple of credit cards and they are going to be payed off in a couple of months. The only thing i need to keep is the my car and I am never late on its payments.

      Thanks
      Last edited by honeybear4; 03-23-2008, 07:09 PM.

      Comment

        #4
        LRPRN,

        Does the OP really need to file BK to prevent paying the difference?

        As long as they didn't re-affirm the mortgage after filing 7 a few years ago, can't they just walk away, and not be responsible for the debt?
        You can't have your cake and eat it too. But you can dip your finger in the bowl and lick the icing

        Comment

          #5
          Things keep getting worse. Now the County Treasurer hired a lawyer for taxes. We got a certified letter from the lawyer. The thing is we already sent the check yesterday to the treasurer to pay in full. Can they still get me? :-(

          Comment

            #6
            If you do get a contract on the house, have the lawyer draft a document stating that they won't go after you for the difference.

            Comment

              #7
              Thanks for the info. I am trying to make an appointment this monday with a lawyer.

              Comment

                #8
                The Realtor has gotten a couple of people interested in the house. But the bank will not return her calls. Even their lawyer will not return the realtors calls.

                Comment

                  #9
                  Go to foreclosure.com

                  Then look to see if your state allows defeiciency judgments for your defaulted mortgage- if not, the lender cannor pursue a claim against you for their loss, on a first mortgage anyway. If you have a home equity loan or a second, that might be a different story.
                  "Starting again is part of the plan"

                  -Gloria Estefan

                  Comment

                    #10
                    Thanks! We do not have a 2nd mortgage on the house. I talked to a lawyer today. He said at this point there is not a whole lot we can do. He did say they will not come after you for the defeiciancy judgement. But they will send us a 1099 for taxes next year.

                    Comment

                      #11
                      I Hate Homecomings

                      AN update...we got an offer on the house from a couple. They submitted it to homecomings. They never got back with them so the people walked. They where willing to pay full asking price to. I don't understand the bank. I guess they would rather sit on a foreclosed home than sell it. The lady in charge of our case at the bank won't even return the realtors calls, not even their lawyer will. The realtor said they have changed the locks on the house. So now what?? We have tried everything but just keep getting nowhere. My nerves are shot because of this whole thing.

                      Comment

                        #12
                        Forgot

                        Has anyone out there had them come after you for the difference when the sells at auction?I live in ohio. A lawyer here in town told me they don't.

                        Comment

                          #13
                          Just repeating my entry on this post from weeks ago as no one commented.........


                          Does the OP really need to file BK to prevent paying the difference?

                          As long as they didn't re-affirm the mortgage after filing 7 a few years ago, can't they just walk away, and not be responsible for the debt?
                          You can't have your cake and eat it too. But you can dip your finger in the bowl and lick the icing

                          Comment

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