Quote:
Originally Posted by Nikki_Licks
Wow! I just found out they received a certified letter today notifying them that the note to the house was turned over to the bank.
I wonder if they filed a chapter 13 at this point, if it would save the house or would the bank be willing to deal with them VS trying to sell the home in this economy.
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In my situation I have the house and ALL debt related items in my name only and have been building up great credit for my wife.
Various foreclosure related papers tell you you have 30 days to respond. Wait 29 days and overnight the letter.. that buys you at LEAST another 30 days for them to get back to you. Generally doing this can buy you 6mnths of free living in your house ;)
In my situation I could simply stop mailing in my mortgage payments and start putting my mortgage payments into a savings account in my wifes name. By time we'd have to move we could either close on a much cheaper house and get the loan and all that in HER name.
Debts such as homes and car loans should be put into only ONE persons name and give the other person 1-2 credit cards and keep them paid off at all times.
2-3 years after filing bankruptcy you can have a 700 credit score easily. Use secured credit cards IMMEDIATELY after filing and 1yr after bankruptcy you can get real credit cards again and after a year of using them wisely you can then get things like car loans easily. Within another year of that you can get nice rates on home loans.
With the current housing slump home foreclosures really won't be looked down upon like they were 10-20 years ago. Play the system thats in front of you. Consult something like a bankruptcy lawyer. If you file bankruptcy they CANNOT take your home and it'll buy you like ~6mnths but you'll eventually be paying.