How Public is Foreclosure

[Flowers]

my lawyer says I actually have to go into foreclosure before starting bankruptcy.

Is it awful? Like do police show up and force you out? I know I have the funds to cure the foreclosure once the process begins.

any help? i want my dignity.

[SJM]

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[Help!]

my lawyer says I actually have to go into foreclosure before starting bankruptcy.

Is it awful? Like do police show up and force you out? I know I have the funds to cure the foreclosure once the process begins.

any help? i want my dignity.

We did not have to go into foreclosure, in fact, we were only two weeks late on our mortgage payment when we filed Ch. 7. It's very public where our house is located - small town w/ newspaper listings that everyone seems to love to talk about.

Rather than feel ashamed about it, I'm talking about it openly with people I know. We've relocated because of husband's employment and everyone has seen the for sale sign in the ground for the past 9 months. Everyone knows the housing market has tanked, in fact, there are at least six homes in our neighborhood that went into foreclosure in the past year. I think there are probably only a handful of families (mostly 30-somethings with kids) in our neighborhood that aren't struggling to keep from doing the same. If anything, they are probably learning from what I'm going through. Maybe they'll know not to empty out their 401K to make those last few house payments before filing BK, only to find out their savings would have been safe if they had left it where it was.

I'm thankful we're not in the house, but if I were, I think I'd leave beforehand. Your dignity is up to you. Don't let your money (or debt) define you as a person!

[Flamingo]

With 500 homes a day going into foreclosure in the State of California alone, I would not let what other people think affect anything I do as to a foreclosure or a bankruptcy. This economy is horrid and affecting all sorts of people in all sorts of ways. Businesses are going under right and left and people are being laid off by the thousands every day.

The media will not show up with the flashbulbs if you have to foreclose. I really don't think anyone would care unless they were worried about what another foreclosure in their area would do to their house value, but you have to worry about yourself and not them.

[Minnymouth]

With the current price of gas, groceries, etc and continous job losses - NO ONE is surprised when someone's home goes into foreclosure. EVERYBODY in middle class and low income families are now struggling just to make ends meet these days.

For many the only outlet is filing bankruptcy..... and often it might mean loosing their over-priced home. Which can turn into a "good thing" before its over. If your paying more for a home then you'll ever sell it for, then your the one taking the major loss.... and many homes are in that catagory right now.

Don't be embarrassed or ashamed of making a "business decision" to straighten out your financial affairs. Your families future often depends on it. Quite often your neighbors are in worse shape financially then you are - you just don't know it!!!

Most young folks with the expensive new homes, fancy new cars, speed boats, travel trailers,etc are so far in debt they will NEVER see daylight. They work to make that monthly payment each month to keep all their little "goodies"...... then when disaster hits (job loss, sickness, an emergency), they loose it all.

Do what you "have" to do

[chellyalb37]

I know how you feel. Yes I have seen one of the houses on our street being forcloused on. The police car sat in the street with his lights on and the electic company and the gas company and the water company with lights on and yellow cones out in front of there house. they did this for at least 8 hours. Then they posted big forclosed signs all over the house and use dead bolts to lock the garage doors front doors, and back doors. So that is what they do in my state with forclosers. I hold my breath every thing I see a white police car because you never know what house it is going to. It could be mine or some one else. They also do that for when you get the notice that your going in to forecloser here. They place big orange sign in all your window's and on all your doors. Luckly we stopped that from happen to us. Why can we keep these to our selves? Why does every one in world have to now what is going on in our lives? I think it is stupid and unfair. 1st you are lossing your home something that you hold close and dear to your heart and then, they slap you in the face and take it way from you in public. Not to fair if you ask me. Also, one last thing we do as parents get mad at our childern when the embarrass other childern like at school, at home or any other place we do not let them push other kids around or treat other like gargbage? But it is ok for us when we get adults to treat people like that not to fair if you ask me. I feel for you since we are at the same stop you in. Good luck.

[Hillbilly]

Chellyalb you didn't mention what state or city you are in, but such a dramatic foreclosure process is unusual in most of the country.
In our case, we had two homes in Michigan that we lost to foreclosure, our principal residence of 31 years, and also a rental property.
There was a Notice of Foreclosure published in the local paper for four weeks, and a similar Notice of Foreclosure was tacked to our front porch (it was white and only around 7"x11" and was not very conspicuous at all) We never even saw the person who posted it, and although we continued to live in the house for months afterward, we were never confronted by the police or by any other officials (we did continue to pay our monthly utilities)
My understanding is that the Lender sent out a inspector who performed a "drive-by" only to determine if the property was still inhabited or if it had been abandoned.
As most states have a statutory "redemption period", providing a opportunity for the homeowner to find alternate financing or funds to redeem the property, in most cases there is no valid legal right to evict defaulting homeowners before the expiration of that statutory redemption period. (In Michigan, 6 months after the Notice of Foreclosure is publicly posted. But I have known some who have occupied their homes for many months longer than that)
In our case it was about a year from the time that we made our last payment, until we were fully moved to our new residence some 600 miles away.
Our friends and neighbors understood our situation, and no one ever said anything that was insulting or derogatory, we remain in regular contact with all of our old friends and neighbors, some of whom have even made the 1200 mile round trip to visit us here.

As Minnymouth said, we made a "business decision" which although it was forced upon us by economic circumstances, has at least in our case, turned out for the better in almost all respects.
We wouldn't want our old home back now even if they were giving it away!
It was a very nice house (and remains empty 3 years latter) Its just that we have found an incredibly much better lifestyle here.
Change or a "loss" is not always bad, or only for the worse.