Forclosure Advice

[Urban Chaos]

Anyone ever deal with properties going into forclosure? As in dealing with attorneys to get yours out etc?? Advice....

 

[Camelot Farms]

Ugh.

Ours went into foreclosure last July. Managed to bring it current by wiping out our 401K. Still paying off the lawyer fees for the mortgage companies attorneys.
They charged us $3000.00 but we could make payments on it. So for the last few months, our mortgage has been DOUBLED to pay those fees.

Ridiculous.

 

[GarlicEater]

First, do a search for a "Produce The Note" attorney, this isn't some flakey thing like the Liberty Dollar (the guy would have been fine if he hadn't called his coins Dollars) it's the simple fact that if I claim that I own my neighbor's car, and I can't produce papers saying so, I have no standing. Meanwhile the neighbor can at least show he's been registering it (paying homeowner's insurance) putting gas in (paying its bills) etc and they laugh me out of court.

Second, consider seriously dong the jingle mail thing or simply stopping paying, get yourself set up to survive. They're not going to care about you when you've sent them your last dollar and you're in a homeless shelter. If you can buy something free-and-clear like some "junk" land you can put a trailer on, someplace you can make your stand so you won't be homeless, you need to seriously consider this. It's taken them 1-2, even 3 years to evict people who've stopped paying. Some people near me, have their RV all ready to go but it's been 2+ years now and so far they're still in their house, hopefully using the money they're not paying to the banksters, to set themselves up to be OK and not swell the ranks of the homeless.

 

[Junkmanme]

It's fairly SIMPLE.
ULTIMATELY, You have only 2 choices.

Either...
1. Pay it......OR
2. Forget it.

that's the simple fact.

-Junkmanme-

 

[justbugged]

I tend to agree with the thought about setting yourself up. If you use up every asset you have trying to hold on to what you can't afford, then you really do end up with nothing. You will have no options in that case except to be homeless. If you have missed enough payments to start getting letters about foreclosure then you are already most likely unable to find away to pay off any past due amounts, let alone continue to make the payments.

I know that if I was facing this problem I would be putting everything I had into some type of savings. If you are planing on filing bankruptcy though, you will want to be careful about how much you save, and where you put the monies. In bankruptcy you can protect your home, so in that case if you have an old trailer on land, and are living there when you file it is then your home and is exempt from assets that creditors can attach. If all you have is a stockpile of cash or say gold, these can be attached and forfeited in the case of bankruptcy.

I would consult with a bankruptcy lawyer asap. Most will do the first consult for free. Ask them how to protect yourself, and how to walk away with enough to start over with.

 

[Urban Chaos]

thanks for the advice...I'm just livid at the amount of extra fees they are charging me. GMAC has been jacking us around since Jan., they put us in foreclosure at the end of Feb, with us owing 3 months mtg. When I tried to pay it ALL, they wouldnt let me, said to late. Now to get the mortgage re-instated I owe 4months plus double in attorney and "other" fees. I dont mind paying what I owe, its the "other" fees that are getting my goat. Talking to a lawyer friend tomorrow, gonna see if there is anything else we can do.

 

[Dunkopf]

Are you upside down or do you have equity? If you're upside down, why bother. If you're at foreclosure your credit is shot anyway. If you have equity it might be worth saving. Sometimes you just have to do what's right on paper and not what's right in your heart. Just my 2 cents and worth every penny of it.

 

[cassie]

There is a Nolo book called the Foreclosure Survival Guide or something similar. You can get it from amazon.com and it is well worth the money. It will give you some good advice. I would start there. I am losing my own place to foreclosure. The property is worth $40,000 less than what is owed, my husband died, I can't afford to keep it, so I am letting the bank have it. If you owe more than the place is worth, or if you can't afford the mortgage, your best bet is probably just to sit tight. Bank the money you would ordinarily spend on mortgage payments. Then when you are finally forced out you will have a nest egg to start up somewhere else. Especially in today's market, it will be some time before you actually have to leave.