How would you solve our foreign diplomacy problems? Bomb all of our enemies? Do we start nuking Korea, Iran, Iraq, Egypt, Pakistan, Palestine China. Would that solve it? Then what do we do with all those dying people?

How would you solve our financial problems? Let every company now fail, and all the banks fail? GM fail, all housing in foreclosure, and all people on the streets?

How would you solve our health care problems? (One in four bankruptcies is now caused by inability to pay medical costs). Would you just turn away anyone and everyone who is dying if they cannot pay? If they are in a car crash, do we let them die in the wreckage if they cannot show a medical insurance card?

I find lots of you on here are big to criticize, but I find no real alternative solutions.

Take one of these and discuss it.

Technorati Tags: alternative solutions, bankruptcies, banks, bomb, car crash, diplomacy, egypt, enemies, foreclosure, gm, health care problems, insurance card, iran, iraq, korea, medical costs, medical insurance, pakistan, palestine, wreckage

Hey everybody,

I’ll be 23 in a few months. I’ve already been married & we bought a house [but due to a pipe busting in the winter & causing a ton of mold & then five trees falling on the house in a wind storm that the insurance company did not want to fix], the home ended up going into foreclosure. The loan was not in my name, however my name was on the deed. I’m not married anymore & the last time I checked my credit, the house did not show up but, I think that was before it was actually foreclosed on.

He & I have two credit cards [probably 00 of debt total] that I have to pay half off of [so, about 00 right there.]
Then I have a Kohls & Macys card [about 0 total].
Then I have three other items that are not credit cards that come to about ,050.

Total, I have just a little under ,000 worth of debt which I know doesn’t seem like much but, after I deduct all my bills, I don’t have much money left. Things keep popping up left & right like medical expenses & tires for the car, etc & whenever I think I’m starting to get ahead, I end up even further in debt. I already have two jobs, I already save as much money as I can. Every bit of debt that I have has already gone to collection agencies so I can’t go online & pay on anything.

I’m just wondering if [since my credit is already horrible] I should just file for bankruptcy. If I did, would the foreclosure still show up [assuming that has affected my credit]? Would it be easier to rebuild my credit after bankruptcy or repair it by paying everything off? If bankruptcy is my best option, how long will it affect me? Will I be able to rent an apartment? What if a few years from now, I want to buy a house or condo? If bankruptcy is not my best option, is there any programs that aren’t scams that I could use to consolidate or something? Not sure if this makes a difference but, I do have a 2007 car that I bought brand new. I have three years left of payments & I’m current on it. I’m thinking about trading it in for a vehicle with AWD.

Serious answers only please. I’m trying to figure out what steps that will help me further myself faster. Thanks in advance.

Technorati Tags: amp, apartment, collection agencies, credit after bankruptcy, credit cards, foreclosure, insurance, insurance company, jobs, kohls, last time, medical expenses, mold, scams, tires, trees, wind storm

Okay we lost a home due to foreclosure and have been informed to file bankruptcy on this debt before they try to take wages. Exactly what happens when you do this? Someone told me they will auction off your furniture kids toys anything you have pretty much. Including you won’t get tax returns for the next 3 years, it will all go to creditor. Is this correct? Any advice or anything else valuable to know? Thank-You so much in advance.

Technorati Tags: 3 years, bankruptcy, creditor, foreclosure, furniture, kids toys, tax returns, wages

When I called and asked what happened, They told me that all necessary docs were filed and they have copies of everything that was filed and the copies show the court stamp as being filed, even the doc that the court said was not filed.
Then I was told that it was a court error. She told me she spoke with the court supervisor and was told that even if it was a court error,if i want to refile, I have to pay the full filing fee again.
They want me to pay for refiling, I disagree it is not my fault that the court files are incomplete.
Can the court make me start all over even though we can show them a copy of the missing doc which bears the courts "FILED" stamp?
Since I paid the lawyer to do the filing isn’t it the lawyers responsibility to guarantee her services since I provided all the information necessary for the filing? Isn’t it her responsibility to pay the filing fee to start the process all over again? Or should the court have to accept a copy of the "FILED" missing doc to complete the file and reopen the case without charging the full refiling fee/
this mistake
My lawyer has told me that I have to pay the filing fee again even though I am filing BK because I can’t pay my mortgage, I am in foreclosure, and I am currently not employed… I need what few $ I have.

Technorati Tags: bk, court supervisor, docs, foreclosure, lawyer, lawyers, mistake, mortgage

I purchased a Condo in Florida (investment property) at the height of the real estate market. The purchase was made with a friend as a joint owner. As luck would have it, my partner lost her job a couple of years ago and cannot pay her half anymore and is proceeding into bankruptcy.

Obviously, I am liable for the loan and am searching for any alternatives, either short term or long term. The Condo mortgages along with my personal residence mortgage is 48% of my gross pay. At this rate, I’ll eat up my savings within six to nine months. I am current on all payments. The value of the property was financed at 90%, with a mortgage and HELOC. Both are interest only loans. The current value of the property is 72% of the loan amount.
This means the value of the property is currently about 65% of what we paid.

We have been renting the unit as a vacation rental, but only have been able to rent it about 25% of the year. It generates enough income to cover about 20% of the cash outlay. Long term rental prospects are slim.

Any thoughts on how to either keep the property and minimize damage or is foreclosure an option I need to consider down the road? Is a loan modification possible, even on investment property? My credit score is very good at 805, so I guess I would sacrifice that as well.

I’m not looking for an easy way out, I just want to understand all my options.
thanks
The condo is in Panama City and I am working as an engineer in Georgia about 350 miles away. So, a business in the unit is not really an option. I guess another investor is an option. 50% ownership at 25% of the cost. That may work.

The the intent was to rent about 200 days a year, however, the rental market in this area was saturated with new condos, thus only able to rent about 3-4 months a year at best. Additionally, the with the hurricanes several years back, the insurance and property taxes more than doubled, which was not anticipated.

Technorati Tags: 4 months, bankruptcy, cash outlay, credit score, current value, engineer, florida investment, foreclosure, gross pay, hurricanes, interest only loans, investment property, loan modification, new condos, nine months, panama city, personal residence, property taxes, prospects, vacation rental

Last year at this time my credit score was 750, but over the past year I have had some financial crisis and am very deeply in debt. I talked with a lawyer today and I understand the difference between chapter 13, and 7. My question is, other than the obviouse destroying my credit, how will filing chapter 7 affect me? Will I ever get a credit card again? Will I lose my atm/debt card? Will I be able to rent a house or apt after my foreclosure? Please, anyone who has any experience with this, any info would help.

Technorati Tags: atm, chapter 13, credit card, credit score, debt card, filing chapter 7, financial crisis, foreclosure, lawyer, obviouse

When a person files for bankruptcy,do the credit card companies/ banks (or any other institution that person may owe money to) collect on the debt? For instance, if John has acquired ,000 in Credit Card debt. Once he files bankruptcy, does the Credit Card Company lose out on the money or does it some how acquire some or all of it? Is foreclosure and seizure of property after bankruptcy done for the purpose of paying off any debt?

Technorati Tags: bankruptcy, banks, credit card companies, credit card company, credit card debt, foreclosure, money, person files, seizure

Ok, I am having a hard time finding the answer I’m looking for, hope someone can help. My hubby and I do not want to foreclose on our home, nor do we want to do a short sale, as I hear a short sale is every bit as bad if not worse than bankruptcy. We have a second mortgage as well. If we file bankruptcy and put the house in with that, approx how long will we be able to stay in the home before we get kicked out, and how do they do it? I don’t want them to come and slap a yellow sticker on the window like they would in a foreclosure and make it obvious to the neighborhood that we defaulted on our mortgage. Does anyone know how long we will be able to stay, and what will happen to the house when we are forced to leave?

Technorati Tags: bankruptcy, foreclosure, hard time, hubby, neighborhood, second mortgage, yellow sticker

I walked away from my home in Michigan ( prop val. fell from 140k to 65k) and bought another home outright….. the bank has not come after me yet and I have not made a payment in 5 months nor have they foreclosed…… I know the foreclosure is coming and probably a deficiency judgement but I plan to file bankruptcy if they do…… but my question is…… the mortgage was in my name only and I have all my money in cash in a safe and would like to open an online trading acct. and put some money in the market in her name……… would it be a wise thing to do? Even though we are married , can the bank come after anything she has in her name even though her name was not on the mortgage?

Technorati Tags: 5 months, acct, bankruptcy, deficiency judgement, foreclosure, money, mortgage

We had 2 loans and our house went to foreclosure. When I called to the second loan, they said that since it wasn’t foreclosure sell – house belongs to the bank, we are still responsible for the second loan. It still a lot of money. We signed the deed when we took the loan and we didn’t ask for transfer, only for sell. What should we do? We really don’t want to file bankruptcy.

Technorati Tags: bankruptcy, foreclosure, loans, money

When filing Chapter 7 bankruptcy, if you check that you are surrendering your home to the bank, can they come after you for whatever is still owed after the foreclosure and re-sale of your home? Or is any debt associated with that mortgage discharged?

Technorati Tags: chapter 7 bankruptcy, filing chapter 7, filing chapter 7 bankruptcy, foreclosure, mortgage

my house is for sale
i just relisted it
i had taken it off the market when my boyfriend asked me to stay and not take new job out of state
now we’re broken up and i just listed my house
but im set for a tax sale mid september and in foreclosure.
if my house goes under contract shortly after i file for bankruptcy what should i do ?
withdraw the bankruptcy petition ?
i have some equity in the house and the sale would wipe out all my debts and of course the real estate taxes too.
also i feel stupid because ive couldve applied for a homestead exemption to lower my taxes the last 2 years. can i do that retroactively ?

im in pa
thanks

Technorati Tags: bankruptcy petition, debts, foreclosure, homestead exemption, new job, real estate taxes

I work for a small business that is in serious financial trouble. The owner has just about all the assets in his name and the company’s name. It is a corporation… if that makes any difference, I want to know as we deal with the issues, what if any, our options are. The owner owns his home and our office building. He is going to have to stop paying on one, if not both. What do we face when that happens? How long does foreclosure take? The owner also has 2 vehicles that he has financed. He doesn’t need both and wants to turn one in, or have it repossessed. How long does that take and what kind of damage will he do to his credit report? Should he file for bankruptcy? He still wants to have the same general contracting business. He wants to do whatever he can to keep the company open. Ideas, suggestions, info very appreciated.

Technorati Tags: assets, bankruptcy, credit report, financial trouble, foreclosure, general contracting, small business

Landlord stopped paying mortgage for like 6 months and stopped foreclosure by filing bankruptcy on the day of the auction, and told us that bout her 3-6 months before she can file file for bankruptcy again, buying more time, CAN WE Leave?

Technorati Tags: auction, filing bankruptcy, foreclosure, landlord, mortgage

Today I found out I lost the house I have had a contract on since last April (2009). I was attempting to buy a house in short sale, the house went into foreclosure and so I have been waiting a long time for the banks/FDIC to get it all together so we could close. Well, Obama signed in a new law (July 2nd, 2009) forcing people who have had their homes foreclosed to return to their homes and in turn forcing the banks to refinance. The alternative for these people is to file bankruptcy (which some have already done, and others have found a solution to just barely stay financially afloat). This may sound like a great solution for all the unfortunate families who have recently lost their homes, but in truth it is a disaster. Who is to say these people can afford or even want to move back?
In my case, the house I was attempting to buy was owned by a family who were over their head with a double mortgage. They were forced to foreclose and have since downsized and purchased a new home. Now with the new law they will be forced to return to their previous home or face bankruptcy. They will have to find a way to sell their current home, which of course is very difficult in today’s economy. The previous owners do not want to return, they can’t afford the move, nor the wait to sell their current home, which they probably won’t even be able to sell in today’s economy.
As for me. I am losing close to ,500 in money spent on contracts etc. I of course have no rights and will not be able to recoup my losses.
Thousands of foreclosed homeowners are dealing with similar situations. For some this may be a blessing if they are still searching for a new living situation. Of course this doesn’t teach any lessons other than to live beyond your means and don’t worry about the consequences because the government will bail you out. Be financially responsible and get screwed. For others they are facing difficult decisions deciding what to do with their new lives and the homes they are being forced to return to. Then for all the buyers, who have been in contract to buy these foreclosed homes and begin to repair the hole in the housing industry. Well they are all SOL and out a lot of money, like me. Believe me, with my meager salary that is cut in half by taxes, ,500 is SUBSTANTIAL!!!
So I ask you, where are our freedoms going and why do we just let the government take them? How does this stimulate an economy? All I can foresee is a rise in bankruptcy and a lot of people losing money.
Of course there are tons of other issues we can discuss that provide similar examples our diminishing freedoms, and the socialization of our country. Such as, when 80% of the general population is happy with the health care system yet government chooses to change it, control it, and force their plan down our throats.
How can anyone be happy with Obama?

Technorati Tags: bankruptcy, banks, consequences, contracts, difficult decisions, disaster, economy, fdic, foreclosure, great solution, long time, losses, money spent on, mortgage, truth, worry

Im 9 months behind on my house and its in foreclosure. Suppose to be foreclosed on April 6th 2010. We have tried a short sale and we have an offer but the 2nd mortgage company is not going to take it. They want an extra ,000 on top of the offer. My real estate agent said they will probably take ,000 when it gets closer to the actual foreclosure. Im also upside down on my car ,000. Should I pay the ,000 and keep the car that is upside down or just file bankruptcy? If I file bankruptcy before the foreclosure date will both go on my credit? The lawyer suggests a chapter 7. Thank you in advance!!

Technorati Tags: 9 months, bankruptcy, chapter 7, foreclosure, lawyer, mortgage company, real estate agent, short sale

I am a 19 year old college student living 3,000 miles away from my family. I pay for college myself with a combination of scholarships and student loans, and I have a part time job that pays my bills. I pay for everything myself; food, rent, transportation (I don’t have a car, I ride the bus), medication, etc. My parents do not support me monetarily in any way.

Three years ago, the company my father worked for went bankrupt. Because of the economy, he has been unable to find a job. There is zero chance he’ll find a job that pays what his old job paid, but he won’t take any menial job, even for a few years until the economy gets better. My mother’s company is on the verge of going bankrupt and she has had her salary cut in half. They lost the house to foreclosure and are now living in a small rental.

Because of these issues, my parents have asked me to start sending parts of my paycheck to them. I have been giving them enough to help them pay smaller bills, like heat or water, but I can’t afford to give them more. Recently, my work hours have been cut back (economy), and I’m not making as much extra money as I used to. I told them I would be unable to continue helping them, but they got upset and told me it’s my duty as a daughter to help my parents in a time of need. They say that with all they’ve given me, I should give back to them. I want to help, but I’m running out of money. What should I do?
Because the first answerer asked, I have a 16 year old sister.

Technorati Tags: economy, extra money, foreclosure, medication, menial job, old job, parents, part time job, paycheck, salary, scholarships, student loans, time of need, verge, zero chance

Where do I start…
Ok, My boyfriend foreclosed on a house about 2 years ago now after trying to sell it for about 5-6 months. This all spiralled from losing his job when his company shut it’s doors. So yeah he tried everything he could to keep it and it would not sell so his only option at that point was walk away. The bank was very understandable and worked with him as best they could through it all and they told him just to move out quietly when it became obvious it was not selling and he was more and more behind.
So he moved out and never heard a thing afterwards, they never took him to court, he never recieved a notice saying he owed anything, nothing. They sold the house shortly after he moved out. He has been renting ever since and he has a very good job now.
Well, now we want to buy a house together so my question is, what should he do now? a lawyer thinks he should file bankruptcy, but its been 2 yrs (he’s not in trouble now) I think that would make things worse…
We’re not minor’s and I don’t appricate the comment about skipping payments on a rental. We’re both very smart with our money and we know how to budget, we don’t go and blow it. There are so many houses available in our area for incredable prices, this is why we are looking to buy now. We plan on Wedding in the next year or 2 but we want to get a house now while prices are good. Oh and we had talked to a mortage broker and when he did our approval he never said a thing about the foreclosure, just that his credit was in the mid range, or will that come up when we get the final actual home loan?

Technorati Tags: bankruptcy, doors, foreclosure, good job, home loan, lawyer, mid range, money, mortage broker

Got laid off and cannot afford to pay mortgages. I have 1st home refinanced and cashed out ,000 3 years ago when all was still good. Total balance left is ,000 First home is only under my name which was rented out.

Then we bought a bigger house 2 yrs ago at the peak of housing and Our 2nd home was under my name and my wife this time which became our primary residence which was also foreclosed recently. Balance owed on 2nd mortgage is ,000 was not paid during the auction (purchase loan not refinanced). Both 2nd mortage lenders are now asking for payment on the deficit. I have around ,000 credit card debt also. My questions are;

1) Will any of the 2 2nd mortgage lender be able file judgement against me here in California for garnishment?

2) Considering the concerns above, would it be better to file for bankruptcy? We do not have any car loans as 2 cars is fully paid.

3) If bankruptcy is an option, should I file on my own only considering it is only I who’s on the 1st home 2nd loan which was refinanced and only I who is owing all the ,000 credit card debt? Or is it better for us to BOTH file?

4) Will we be issud a 1099 for tax on those deficit? Are those not going to be forgiven?

5) If we don’t file for bankruptcy what is the advantage considering we have forclosed homes on our record? I noticed all our credit card limit are getting lower and lower every month bec. of the foreclosure.

I appreciate all the help I need in this difficult times. thank you!!

Technorati Tags: 3 years, auction purchase, bankruptcy, bec, car loans, cars, credit card debt, credit card limit, difficult times, forclosed homes, foreclosure, garnishment, judgement, mortage lenders, mortgage lender, mortgages, purchase loan

I am in the middle of a messy divorce. The house is in foreclosure and I have a lot of debt. The house does have an offer but I will owe on closing and not sure how I can come up with the money for that. My divorce will not be final for a couple months, should I wait until the divorce is final or can I proceed with bankruptcy? The only debt that is in both our names are the three mortgages, what happens with them. How will it effect his credit?

Technorati Tags: bankruptcy, foreclosure, messy divorce, money, mortgages