My husband and I completed our Bankruptcy = 9/09. We bought our home in August '07. In April of '08, we had our daughter and we planned that I would leave my dental assisting job and stay home = by choice. All was going well, mortgage, car notes, credit cards and all other bills were being paid until Dec. '08 when my husband had to take a 50% paycut due to "reorganization" of his company due to the economic conditions.
We had his paycut documented through e-mail correspondance between him and Human Resources and took that info. to a Bankruptcy lawyer. We stopped making mortgage payments = filed, processed and completed the bankruptcy. We have immediately begun to re-build our credit. We have no doubt we will be able to obtain a new mortgage within 3-5 years. How?
1. We had great credit before the paycut and paid all of our bills on time. Our credit report was at a good number prior to a job loss.
2. We have a documented circumstance with which we can prove that the reason for filing bankruptcy was due to a loss of income and wasn't due to our own negligence, overspending, or poor choice of mortgage terms, etc.
3. We are prepared to live well below our means and save, save, save for the next several years until we have at least a 20% downpayment in the bank before we begin a new search. (We already anticipate that the downpayment of 20% or higher will probably be a requirement).
In addition, there are just too many honest, hardworking people who are finding themselves unable to meet their mortgage obligations due to job loss or medical crisis. There are so many that the banks will not be able to just ignore them after this whole mess has been ended. Houses are going to be sold to someone...and we might just fit and fill the real estate need of the future.
When we filed for Bankruptcy,
of
@
Sep 21, 2009 19:03:44 PM
BUYING
MY HUSBAND WE ARE TRYIN TO BUY A HOME BUT OUR CREDIT IS MESSED
UP WITH SPS WE WERE IN A FORBEARANCE AGREEMENT AN WE PAID
A SUBSITIAN DOWN AN KEEP THE PAYMENTS ON TIME BUT WE OUR CREDIT
WAS RAN IT SHOWED THE MORTGAGE PAYMENT WERE LATE IT SHOWED ALL KIND OF STUFF THAT WAS LATE ITS A MESS BUT WE HAVE DOCUMENTATION
FOR EVERYTHING ON THE CREDIT REPORT SO HOW LONG WILL IT BE BEFORE IT IS CLEARED UP ALSO IF YOU PURCHASE A HOUSE AS IS
CAN YOU GET A LOAN CALL BUY AND REPAIR.
VICKKI ROCHELL
of AR
@
Jun 01, 2009 15:16:58 PM
magaret payne stewart
That was the longest run-on sentence I have ever read. Reading your post was painful.
I am sorry for your problems and suggest you see your local legal aide office or a credit counselor.
gg
of SC
@
May 25, 2009 15:40:46 PM
foreclosure
Hello, I know how you feel. I had my home for 6 years and because i fell behind due to fighting cancer and tried all i could to get the mortgage company to work with me and failed to get them to help me i lost my home. They approved a short sale which i had a buyer and again they screwed me they turend the offer down because they wanted 12,000 more saying that would put it at fair marker value. Low and behold they sent it to auction and sold it for 220,00 which was 43,000 less than i had it solf for. not to mention i received a letter from the trustee company saying to stop the foreclosure until after the 1/9/09 to see if they could work with me directed by the fannie mae. this all happened on the same day. now i have a foreclosure, lost my home barely got someone to rent to me. had to adopt a few of my dogs out just to get that. I have another surgery two days after my move. these are the people who get bailed out. nobody is monitoring what they continue to do to the homeowners. yes we pay the consequences they skate. I doubt if oboma knows what has happened to us or does anyone really care. what is out there for me now. can i ever own a home again?
Best of luck to you and you'll alll be in my prayers. patty smith
patty smith
of OR
@
Jan 05, 2009 00:23:05 AM
help
I also have the income and would like to get into anothere mortage. I had tragic situations and loss of income and lost a home of 22 years. I purchased another home on a aquired mortgage and now the investors bailed out. I need to get a mortrage bad. Any help?
jatkinson
of IL
@
Dec 20, 2008 16:45:47 PM
help
I also have the income and would like to get into anothere mortage. I had tragic situations and loss of income and lost a home of 22 years. I purchased another home on a aquired mortgage and now the investors bailed out. I need to get a mortrage bad. Any help?
jatkinson
of IL
@
Dec 20, 2008 16:43:57 PM
FHA Preapproval
I applied for a FHA loan in November and was PREAPPROVED. Now that I have paid for the appraisal, and am a week from closing, I am being told I can no longer get a FHA loan due to a foreclosure in 2006. I filed bankruptcy in 2005 and everything was discharged. FHA is stating that I am not liable for the debt, but I still can't get a FHA loan because of a foreclosure after the bankruptcy discharge!!
The bank that done the preapproval is even at a loss because my credit report doesn't show a foreclosure.
Disappointed
of OH
@
Dec 11, 2008 21:26:47 PM
My Future
My wife and I recently walked away from our home as I lost my job and I was out of work for 4 months. At the same time our adjustable jumped up 6 percent. My wife and I knew before our rate jumped and my lay off, that we would not be able to make the new payments.
We tried to short sale on our home and we had two offers that our lender wanted more money from (5,000 is all) and our our potential buyer could not get so the offers did not go through. With all this going on we did not make any payments putting us 4- 5 months behind on our mortgage. At the final stages our lender decided that they would re-negotiate our loan if we made four months worth of large payments to pay back the foreclosure costs, escrow etc...
Well, we made the large payments, putting all of our other credit cards and loans on hold... In the end the new loan our lender sent us was a two year fixed in to an adjustble but the payments were way too high...causing us to be broke, ruined credit and we walked away..
What options do we have now??
Brian
of CA
@
Nov 30, 2008 18:08:47 PM
Two Way Street
If we can convince the banks to lend to those who CAN afford the mortagage for more than 3 years down the road and if we can convince the buyers that the mortgage is more important than a $200/month cell phone package and satellite radio for their cars, we could make a real dent in this housing problem.
Fiscal responsibility is the answer. When both sides make stupid decisions, all of us pay the price. It is a real shame that we have to go "belly-up" before this has to be addressed.
There is no doubt of some of the legitimate losses and sad cases. There would be a considerably greater leniency if both sides showed more responsibility.
Jon
of FL
@
Nov 20, 2008 18:58:41 PM
house lost to foreclosure
Let me see., " mortage companies can OVER APPRAISE MY home to INDUCE me to take a loan" and now it is the BANK'S fault that YOU had YOUR house reappraised, YOU took out another morgage on YOUR house, YOU lost YOUR job and YOU fell behind on the payments and lost YOUR house but it is BANK's fault?
Banks are a BUSINESS that get paid a % to write loans and that is the part MOST people are missing. The bank's have WRITTEN guidelines that tell then IF they write a loan that meet these guidelines then Freddie and Fannie WILL buy the loans so there was AND IS ZERO risk to the banks on these type of loans. SO forget "bank" and think PAID COMMISSION to process paperwork. The Bank does not hold a gun to your head and say you MUST borrow more money. The Bank does not come knocking on your door begging for business. YOU as the homeowner made a CHOICE to borrow funds that YOU failed to repay for whatever reason.
Think more "lack of personal responsibility" then "victim of bank fraud".
of @ Sep 21, 2009 19:03:44 PM
VICKKI ROCHELL of AR @ Jun 01, 2009 15:16:58 PM
gg of SC @ May 25, 2009 15:40:46 PM
patty smith of OR @ Jan 05, 2009 00:23:05 AM
jatkinson of IL @ Dec 20, 2008 16:45:47 PM
jatkinson of IL @ Dec 20, 2008 16:43:57 PM
Disappointed of OH @ Dec 11, 2008 21:26:47 PM
Brian of CA @ Nov 30, 2008 18:08:47 PM
Jon of FL @ Nov 20, 2008 18:58:41 PM
Jerry Lee of NV @ Nov 20, 2008 16:49:31 PM
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