new bankruptcy laws 2008
Fourclourse sale is due on 10/17/08, what can I do?
I bought my house on 08/2007. Total loans and $ 348,000.00 from zero. Then I lost my job at 10/2007. Used Credit Cards to pay monthly rate to 01/2008. No payments paid from January. I have a job on 06/2008, but laid down again on 9/26/2008. My house is ruled out by auction on 10/17/08. Loan balance $ 345.000. Past charges of February is about 24,000.00. Plus legal fees. Current House Value 310,000 after the property tax assessment. Actual value is about 290,000. (after the evaluation of my neighbors). Is there a way to keep my house and reduce payments under the new Law? We (a few thousand dollars can pay for one or two months on loan payment if necessary.) If it is not possible to keep the house, is what next? Do we need 17 leave? Will bankruptcy help us? We live in Montgomery County, Maryland.
You can use a Chapter 13 file but all does is put your arreage in the plan and you must be able to the trustee payment, which will house the full amount, plus a few on the arreage. This will stop the foreclosure, but if you do not work, it only delayed the process and if you do not pay, bankruptcy, and they have moved it to partition and without prior Notice. Chpt. 7 requires that the house be sold. Since you do not qualify to refinance so far behind, there are no mortgages for bad credit. It sounds as you do not have much of an option left except to go. If I were you I'd go ahead and file chpt. 7, which wipes out all debts. There you will find a Foreclosure already have on your credit card. FHA has programs for people who filed bankruptcy and was excluded after 3 years if everything after the bk and foreclosure . Clean They are down 3%, then it must be because to change it, I hear it increased to 3.5% next year. Good luck, sorry to hear you with to deal with it.
Finance & Investment Tips : What Are the New Bankruptcy Laws?
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