More people, businesses surrender to mounting debt AZ Central.com
Granted, nobody enters into bankruptcy lightly, and it's impossible to gloss over the negatives. Attorney fees, court-filing fees and other costs can reach $2,000 to $4,000 or more, and it could take anywhere from a few months to several years to get through the process.
Plus, you will need to lay bare your finances, submit to instructions from your attorney and court officials, deal with a lot of paperwork, get pre-filing credit counseling and live with a mark on your credit reports for up to 10 years.
All that's in addition to admitting you made mistakes and recognizing that a bankruptcy would harm banks, retailers, credit-card firms and others to whom you owe money.
Nevertheless, bankruptcy is probably inevitable for thousands of debt-soaked Arizonans, and there's a point at which it pays to recognize this and get on with the process.
"When people come to me, they're dealing with the psychology of ethics and morals, complaining that 'This is my debt and I'll have to pay or I'll have a red letter on my forehead,' " said Diane L. Drain, a Phoenix bankruptcy attorney. "I tell them to take a hard look at the situation, move away from the emotional side and treat it as a business decision."
Refinance Help. Fill this form and get help!
1 yr ago I filed bankruptcy, divorced and 6 months ago refinanced home,can't pay-want bank to foreclose?
After divorce I refinanced 1st and 2nd mortgage so he would be off the loan and gave him his VA cert back. Now 6 months later I can't pay due to wage issues. took in a roommate but now hours are cut and back in same boat. Foreclosure seems only option. Can't file bankrupcy, can't refinance and too soon for any equity or pymt options. please advise
It's ok it happens to the best. Go to the lender and ask for a forberance agreement and ask them how they can help you given your income situation. Most of them will help you they don't want your house. Once the agreement is done, if they will do one, then you will have a better direction. If they won't do one then try to sell before they foreclose. If no sale then I'm afraid that they will foreclose. Since you recently filed bankruptcy assuming you are on a plan or got discharged, and then did the house (if you filed for bankruptcy after you did the loan your house is in an estate and it does not belong to you) any foreclosure of your home that does not generate enough money to pay for the debt can also lead to garnishment of your wages after the judgement on a deficiency is reduced to the garnishment. I certainly hope that your lender will be reasonable given your circumstances.
Buena Suerte
that's the best bet.
Call your bank and explain, ask for options.
Regards
How can one refinance a house with negative equity?
My ex wife lives in the house we owned when we were married. Since the divorce, she had to refinance the mortgage due to financial difficulties. Right now I believe she owes more than the house is worth on the open market. She still has financial difficulties having a large amount of debt in addition to the mortgage. Does she have any options in trying to rid herself of this house to move into a smaller, more affordable one? If she sells the house at a loss, is she required to repay the difference back to the bank or mortgage holder immediately? What options might exist for her to rid herself of debt besides bankruptcy?
She should speak with the current mortgage lender regarding a "Short Sale". This type of transaction is used when the house sells for less than the mortgage owed. Yes, the difference must be paid back. A payment schedule is created by the bank. It is a better option than bankruptcy - but will still effect her credit score (or anyone else's score that is on the loan). However, most people who have a short sale are still able to buy another home (while bankruptcy could proclude one from doing that)
Regards...
You can email me at Jasonf@providential.com.
I will be back to my office on Wednesday the 5th, but i will be on my email account through tthe weekend if you would like to talk now!
Either way i hope you enjoy your holiday weekend!
Jason Fry
How much will paying off a mortgage raise my credit?
I divorced two years ago. At that time my ex remained in our house that is in my name only because I could not afford the payments. He decided to make the payments whenever the felt like it and the house went into foreclosure. I ended up filing bankruptcy. Before I filed I bought my own house. My credit score was going back up but because he has decided to once again not make the payments on the mortgage on time it has gone back done to about a 590. He has until next week to get the house out of my name or I am going to sell it. I have a total showing on my credit report of $405,000.00 in mortgages. Once I sell this house it will take it down to $145,000.00. I need my score to go up because I need to refinance or in 6 months my interest rate is going to 13%.
It might help your credit some, but mostly it will greatly increase your DTI ratio so that will bolster your credit rating...here is a breakdown of how the FICO score is calculated, so that is why we can't give you an accurate answer
35% Payment History
30% Amounts Owed
15% Length of Credit History
10% New Credit
10% Types of Credit
They got some good reading material!
Try the first place and then the second, good luck
http://www.smartaligator.com/legal1.html
http://www.smartaligator.com/Creditrepair1.html
Good luck
Is it possible for you to edit your question?
What I can tell you is that if you have adverse credit AFTER a bankruptcy....very, very few creditors is going to touch that loan, and 13% may look like a deal.
How long after a first bankruptcy can you file again?
I am getting ready to go through a divorce, in which I will be left the home we were residing in. That is all well and fine, but when we bought the house, we got shafted on the rate. Now as a single mom (with child support) the mortgage is going to hurt. My credit is terrible due to the marriage, so I cannot refinance, and really cannot even attempt looking for anything to start over in. I love the house, and the school district for my kids....so my only choice is bankruptcy.....again. What are my chances of sucessfully doing this?
I do have a job! The house is in one of the finer parts of town, and the mortgage is just very large. Our first bankruptcy was after 9-11, we were living in a military town, and the economy as well as the town suffered miserably. We re-established ourselves, this divorce was hard on us both. Like I said, I want to save the house for the sake of my kids, (nice neighborhood, and great schools). I am a working mom, who receives child support, NO gov't assistance.....just a good woman, with crappy luck!
sell the house and rent
and get a job
Maybe you should start looking for another place and just let them foreclose on the home.
to keep the roof over their heads. If you sell it do you have
to give him half? I would sell it and purchase a smaller
home or a condiminium. People and love make a home
no matter where they are at. You could probably find
something in the same school district. See if you can
go to the local tax deed office and see what they have
for sale of houses that are behind on taxes. You just
have to dig.
If you want to keep the house and can afford the normal monthly payments but are behind, you need to file a chapter 13. You will be able to save the house and pay a portion of the debt, however i have no idea if it's been long enough since your last bankruptcy, so you should consult a bankruptcy attorney. You can technically file a 13 at any time and just accept that you won't get a discharge, just to force the creditors to work with you, but if you need the discharge then you don't want to waste your time.
Ex is wanting to file bankruptcy.?
His name is still on the mortgage payment that I got in the divorce. I can't refinance just yet. (credit is shot) If he files bankruptcy, what will that do to the house?
If your husband files chapter 7 and includes the home once it's discharged you will be responsible for the entire mortgage.
It will show on your credit bureau as "Included in bankruptcy of another person".
As long as you make the payments as agreed there is nothing they can do.
How can I get my name off of my former home(Divorceed)?
In 2004 we filed bankruptcy and filed for divorce at the same time. My X has all rights to the house and property. I included the mortgage comapny in my bankruptcy filing, she kept making payments and re-affirmed. Here's the problem: I just got notice that my wages are being garnished for property taxes due for 2005 and 2006. I call the state of Kentucky and they tell me that's between my ex and me, my name is still on the property. I call the mortgage company and find out my name is still on the mortgage because they will not re-finance her without my income. Can the mortgage company keep me on this loan after I filed bankruptcy against this? My X says she has tried to refinance with no success. I cant buy a house and have even worse credit now thanks to her late payments. HELP!!! before I go crazy.
In my situation the judge forced her to refinance(if she couldn't she had to sell the house). All I had to do has sign a quit claim deed with the county. I would suggest finding an attorney because if your ex is like mine, she will use this against you as long as she can.
Bankruptcy generally only wipes out unsecured debts. With secured debts you can either keep the collateral and the debt or get rid of the collateral and pay off the debt.
The mortgage is another issue. Most mortgage companies will not let you off the hook until the mortgage is satisfied (paid off).
My name is on mortgage, not on title - do I have dower's or any rights?
My husband bought 2 properties before we were married, I had one property in my name before we married. When we got married and we refinanced his 2 properties with both of our names on the mortgages. I just found out only his name is on the title to the properties. What property rights, dower's rights or any rights do I have?
In the last 9 months I've become legally blind, lost my job, started receiving SSDI. After waiting for so long with no income for SSDI to start, we've been having lot of financial and marital problems. He's threatening to kick me out, divorce me, quitclaim one house deed to his mom, all while still making me responsible for the mortgages. My friend says just move back into my house and file for divorce and bankruptcy - I have no rights since I'm not on the deeds to "his" houses. I think I should have some rights because we are married. I don't think he can just quitclaim the deed to his mom since I'm on the mortgage. I know I need a lawyer, but he makes sure bills are paid from my SSDI check first since it's "my fault" we got in over our heads financially when I became blind.
Other than legal aid - any suggestions?
We do live in Michigan - I think this is one of the few states that has Dower's rights - but I'm not sure if he needs to be dead before I qualify for those rights. Michigan is not community property, but equitable division. My other friend said if I file for divorce I should seek alimony because of my disabililty since our marraige.
California is a community property state.. had he not refi'd the properties during the marriage you would be sol... however since he DID refi them i suspect strongly that you legally own half of both of them...
you SERIOUSLY need to see a divorce attorney
Messy Situation - How do I get off mortgage/title?
Hi all, my situation is a bit complicated but probably not uncommon. 5 years ago I bought a house with my Ex gf. We broke up and I moved out 5 years ago. She has been living in the house and (sometimes) paying the mortgage. There is an open agreement with my lawyer that if she refinances I am off the title. Problem is that she declared bankruptcy in 2006 (but settled it) and also she defaulted on a loan with her parents (they won't talk to her ever again) and so there is no obvious co-signer (because she needs one). Also she got married a few years back, then a few months ago the house was in foreclosure because she hadn't paid property taxes in 5 years... however her then husband paid it for her, and then she kicked him out and had his "best friend" move in with her. It's really expensive to force the sale... and the husband may find it hard financially to justify a divorce to split the assets. BTW balance owing = $62k, house worth could be $50k to $80k. How do I get off the mortgage?
Bankruptcy paperwork question involving a quit claim deed.?
I was divorced 5 years ago and at that time I filed a quit claim deed on the house. This did not relieve me of financial responsibility, but removed me from the deed.
The ex has stopped paying the mortgage loan and is not able to refinance due to shot credit. I am filing Chapter 7 in order to clear myself of the financial obligation on the mortgage loan.
Since I am no longer on this deed should I still list the house as an asset? I know that I am required to list all assets according to law, but since I'm not on the deed and have not been for years is it really considered an asset? If so do I just list my part of the joint value as 0.00?
Thank you for taking the time to read my question :)
Yes. You can't sell it so therefore it is not an "asset" of yours. Your portion of the joint value would be "0" as you suggested.
Why didn't I receive settlement document from lawyer?
6 years ago I had a bankruptcy discharged. In the list of creditors was a mortgage company. That debt was discharged in the bankruptcy. About a year after the bankruptcy was discharged, another company bought out the mortgage company. This new company "resurrected" my discharged debt. The got an illegal judgment against me because my ex-husband signed for the papers when served. They accepted my ex as my husband. I had been divorced from him and living apart for a number of years.
I sued the new mortgage company and we settled in 2006. They were to remove the judgment from my credit report. The judgment was removed for about 3 months and then it reappeared. I am now trying to refinance my ARM mortgage and am having trouble because the judgment is showing up on the Equifax report.
I contacted the lawyer who handled the lawsuit and he is not responding to me. I was never sent the settlement papers and was only given a settlement check from the lawyer.
Since I am trying to refinance, I am in need of the settlement papers to prove that I am not liable for this debt. How do I get the lawyer to cooperate and why wouldn't I have received something in writing in the first place? If you're wondering why I waited this long to pursue the documentation, I did ask for it right after the settlement, but never received it and I forgot about it till now.
The settlement was not in court... we went to a lawyer's office and did it there. The bankruptcy documents are not what I need.... apparently they are not good enough for the new mortgage broker... they want the settlement documents from 2006. I sent the a copy of the settlement check because that's all that I have..but was told that is not good enough. They said this judment must be "stricken" from my Equifax report. I'm ready to sue Equifax for putting it back on there after it was removed.
You can get copy of the bankruptcy docs from the court, if you do not have success getting them from the lawyer. You can also get copy of court judgment form the 2006 lawsuit, if you can't get from attorney.
It is standard procedure to give client copy of judgment, so I have no idea why you can not get copy.
These docs are needed to do the loan. I have used such docs to correct borrowers credit report, and am quite familiar with them.
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