Announcement

Collapse

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

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com 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:
BKFORUM.com (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 BKForum.com 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 BKforum.com.

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 BKForum.com 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

What to do when your house is worth less than what you owe

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • What to do when your house is worth less than what you owe

    I own a home in a rural area. Property values have been dropping since I purchased it, it seems. It was supposed to be a retirement home but since I'm getting divorced, I no longer need, or want the house. It's nowhere near where I work and the area it's in is being fracked, so who knows what the water situation will be like in the future. Another key factor is that my stbx husband lives in the house full time. He's basically destroyed it, and the property, by being a complete slob and hoarder. He has inherited a house, which I stay in while I'm at work during the week. He's planning to sell that house, which means I'll need to find an apartment closer to work. I don't have the funds to buy myself a home/condo/townhouse. We just came out of bankruptcy in December. My credit is slowly climbing upwards due to my on time payments and slow use of a credit card. Now here's my dilemma: once the stbx sells his house and leaves my house, I am now going to have to shell out every month for my remaining mortgage while having to pay rent in an apartment-which is a feat I can't accomplish if I want to be able to eat. Since I already went bankrupt, I think my only choices are short sale (my mortgage is through M&T so I doubt they'll go for that), deed in lieu or foreclosure. The home across the road from me has been on the market for over 2 years and is completely updated with S/S appliances and granite countertops, etc. The price has dropped at least 5 times with no takers. I can only hope that a meteor comes and hits it while no-one is in it and it just sinks into the earth. I am at a total loss as to what to do. My credit is starting in the right direction again and it's just going to take another nose dive. I tried playing Mega Millions, but that backfired as well. ;)
    Help...
    Last edited by NextPhaseNow; 08-07-2018, 06:51 PM. Reason: Added tags

  • #2
    Some one with more knowledge should have answered you already ,but I'll offer my deepest commiseration to you in your plight.
    Are you the sole mortgage holder?( Is his name on the deed?) If you are making the payments, is he paying you rent? What about deed in lieu (What is that anyway?) ) Is the house unlivable? Could you have it cleaned up and rent it? Could you sell it as a rent to own? Are you able to get alimony in the divorce? Do you have an attorney?
    Find some one to talk to about your options -there must be some one (probably a lawyer) who can give you sound advice how to get out of what sounds like quicksand! Good luck!

    Comment


    • NextPhaseNow
      NextPhaseNow commented
      Editing a comment
      I am the sole mortgage holder, he is not on any paperwork related to this house (maybe a utility bill, but that's it). I am current on payments and as of right now he is not paying me rent. Once I leave his house (that he's going to sell) he will pay me rent until he leaves. Then, I'll be forced to pay rent where I lay my head and at the house as well. The deed in lieu of foreclosure is something I'd have to discuss with the bank, not sure they'd be willing to work with me, but that remains to be seen. Right now the house is unliveable because of the way he's kept it. It will take a lot of time, money & effort to clean it out. Renting is an option, but the area it's in, rents are going for about $800 less a month than what my mortgage payment is. Plus, I don't have the funds to repair anything that may need it if I did find someone. No, I don't get alimony. I work, he's disabled which means he may also collect alimony from me. He says he won't, but we'll see. Selling it as a rent to own may be an option-one I never thought of. The attorney used for our bankruptcy is one I don't think I'd use again and I dont have a divorce lawyer. So, here I am at what could be square one again. But I will look into rent to own. Thanks for the input.

  • #3
    I'm confused. Did you reaffirm the house in your bankruptcy? If so, that's a prime example of why many on here warn people not to reaffirm anything (not to call you out). If you didn't re-affirm, your life is a little easier. If you did reaffirm, I suppose you could file a five year chapter 13 to give you time to convince the bank to do a short sale, or perhaps negotiate the terms of a deed in lieu more favorable to you. Remember if your other bk was very recent, you wouldn't get an estimate discharge, your just buying time to get the house issue resolved.

    as usual an attorney is your best bet, a good one. Good luck

    Comment


    • NextPhaseNow
      NextPhaseNow commented
      Editing a comment
      Ok, I'm a little fuzzy on the reaffirmation thing. But the mortgage was not discharged in the bankruptcy, if that's what you mean. When we filed I had no idea about divorcing. This came shortly after we filed, and of course the house was not "included" in the bankruptcy. We were discharged in December after 3 years. It's looking as if I can't do a short sale or deed in lieu, foreclosure may be my only option.

Unconfigured Ad Widget

Collapse
Working...
X