I am very nervous about what can happen to my home. I am waiting for a closing date as my parents gave me money to purchase a modest home. I am married and my husband and I need to file bankruptcy. We lost our home to forclosure a few years ago, lost our vehicles and had some credit cards. My parents want to see me enjoy part of my my inheritance now and I also have health issues that allow me to only work part time. I know I need to contact an attourney but I dont have the money for that yet. We are still renting but will be closing within the next 2 weeks. What should we do when we file? Again, the home will be only in my name which I am not sure if this will help or not. My husband has some personal credit issues and I as well. But, most of our issues are together. We believe we should file a chapter 13. He is a school teacher and I am a part time self employed music teacher. He also owes a lot of money on student loans from getting his Bachelors degree. I am 51 years old, am very grateful to my parents yet very nervous about losing my home. Thank you !
My parents do not want the home in their name as they do not want to pay Insurance and taxes among other reasons. I have heard of many people owning homes and filing chapter 13. If this is the answer do you think we need to do it soon so the courts do see that we are trying to resolve the issue after recieving this gift? They will also see that our hardship and loss was due to my husband being in the mortgage industry and my health issues.
Thank you for your answers. Here is my second question to my second answer.
We had put down a chunk of money for escrow. We were to close a few weeks ago until Fannie Mae said that they need go over the homes forclosure papers. Something was not done exact. I and Fannie Mae signed an extension. Can I back out of the deal and do the bankruptcy then look again for a home again? Or, will I lose the escrow money which my dad would kill me for that. That is my concern now?
Omg… yes they paid cash…. And, yes it is in my name only.

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This year has been extraordinarily difficult and I’ve had to use the money that I was setting aside for property taxes which are due in Jan and Feb. They give you till the end of Feb to pay without penalties. Credit cards and title loans aren’t an option, those have already been tapped this year as has the Roth which was depleted anyways because of previous problems years ago. About the best I could hope for would be to borrow against my 403b but again due to serious problems a few years ago (including being told I would be dead within two to five years by Doctors), I never amassed anything significant there and actually nearly lost track of having it. It would only be enough for maybe half of the property taxes. There isn’t any equity in the home that can be drawn on, I’ve only had it for a year and aside from antique computers, I have nothing to sell. There’s a benefits retirement program but because I had a backup job that reactivated the program when I lost my job in April, I can’t touch that money at all unless I quit my job. Also that money may have gone into the State lost funds thing because I lost track of a lot when I was really sick a few years ago. So now with maybe four months max to save up for property taxes, which means it isn’t going to happen, what’s going to happen when I can’t pay the full bill by the end of Feb? Should I file for forebearance from the mortgage company? The Obama MHA would require an escrow for the taxes to be established, if I can’t save up enough for that by the end of Feb, how could I establish an escrow for that amount? Should I let bills go into arrears to save up for the taxes? Should I just declare chapter 13 bankruptcy?
I should probably add that I’ve lost a third of my income. I had a backup job already arranged when I lost my job in April but it was at two thirds the pay with better benefits. My girlfriend also had legal problems that I sorted out for her but that has left me with a budget that doesn’t balance. I’ll make it balance somehow, I have to. But loosing one third of my wages is loosing over k. I’m in a serious negative cash flow situation. I should be able to pick up some contract work, that should bring in up to 20% more cash but that’s not a certainty. Can’t ask family, sister had a stroke and is about to declare bankruptcy if the hotel folds. Probably need a DMP to make budget work.

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I filed Chapter 7 and before we had the chance to remove the recorded Judgements, the court discharged the case and closed it. I wonder how to remove the judgements without re-opening the case. We know that the judgements were wiped out in the bankruptcy, but not sure how the recording can be voided and removed?
So if I attempt to purchase real estate in a couple of years, the escrow and title companies wouldn’t bother asking me to deal with those judgements???

Technorati Tags: bankruptcy, chapter 7, escrow, judgements, real estate