Bad news...

My mom filed for bankruptcy last year after the mortgage company "accidently" sold our house. (we did get it back but it ruined everything) we have no credit and we are in the final stages of this so it will get over with. When my mom met with the lawyer last month to finalize it he said we may have to give the creditors all of our income rebate tax back. (we usually get like $4000 or more) I thought that was bad, but now the lawyer just called and said that they may force us to sell the house or take out an equity loan to pay them off... For one, we have no credit so no one would give us a loan, therefore we also wouldn't be able to get a house if that happened. I have seen that board magic works so I am asking for some vibes....Thank you in advance!

(We still don't know when the court date is for this though)

Im so sorry

i'm sure everything will work out - Did she do a Chapter 13 or 7? There is always someone willing to give a loan.

I think it is chapter 7. We are only $8000 in debt, yet they can take a house appraised for $190,000? That confuses me very much, but I don't know much about the law...

It depends on if you are current on your mortgage payments or not, and the bankruptcy laws of your state. I think they can take a house if you have so much equity in it.
We can keep our house when we file .. we just have to be current on our payments, otherwise it will throw up into a chapter 13. Go to Ivillage's website and click on the bankruptcy forums ... very helpful people... I go there. It's not the end of the world .... things happen to people beyond their control, luckily for us, there is a law for that

Thank you so much!

Good luck with that! Sending lots of positive "Keep the House" vibes your way.

OH...i'm soo sorry to hear about your situation. I pray that never happens to me and my husband (recently bought first house, slowing moving in), cause if it ever did, I don't know how we'd stay 'sane'. I'm sending you thousands of mega positive vibes your way!

Thank you so much everyone, the lawyer says they usually don't take houses because they don't like taking the time to sell it. So hopefully he is right, anything is better then losing a house, especially with our pets!

For what it's worth, from what I read, mortgage companies dont like to do foreclosueres .... its a no-win situation. However, I have read that it can take several months for that to even happen.

I am so sorry to hear that you're in this situation! Sending major "keep your house" vibes. (((HUGS)))

I am sorry you are going through this - sending you mega positive vibes from me, Peedoodle and Kahu.

I'm so sorry. You're in my thoughts.

I'm sorry that such things have to happen to you.. sending you mega vibes to help you tide over this difficult period

oh dear - sending mega 'keep your house' vibes

ALSO - SENDING OUT LOTS OF COME HOME PRINCESS VIBES

I am so sorry! I hope everything turnes out ok!
I´m sending you a lot of good vibes for a happy ending
(((((((((V I B E S))))))))))

How long has Princess been missing? You have all my sympathy! I really hope she will return home to you, happy and healthy!