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Any advice on this?


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Posted by Debbie (63.187.225.7) on July 13, 2002 at 05:51:20:

Hi,
Here is my current situation and would love your feedback.

I have had illness, job layoff, divorce, death... you name it, in the last two years. I am not eligible for unemployment or state assistance. I have not made a payment on any credit card for over a year, I'm pretty certain. No payments on the 2nd mortgage for over a year.

I have a home... market value is approx 200K. The balance on the primary loan is 175K and I have a 2nd that is 40K. I stumbled along with a work out plan with the primary lender for awhile but has been about 6 months that I have given them anything now.

The primary lender finally moved forward with the foreclosure process .... sale date is scheduled for 7/25. This last week they called to see if I was able to get back into a work out plan yet, but I am still not working. Looking at my debt, if I were to release all debt X the primary mortgage and take a lesser paying job that I could get rather quickly.... then I could afford the primary house payment.

What I am wondering is....

1) If I file BK ASAP (I realize), then there is a stay on the foreclosure, right? Correct me if I'm not getting it.... and was does that mean in detailed language? I mean, it gets temporarily stayed, but then what?

2) Since I have no income, no assets really, to speak of, I am not too sue-able...

I'm thinking I should NOT file BK, let the bills go...
and just concentrate on working with the mortgage company regarding a new work out plan.

Advice?

Thanks....Debbie


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