Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I reside in Florida, was married for 15 years, divorced due to domestic violence, I have two children.
House was purchased in 2004, never any problems with paying until last year
I was divorced in 2012, under decree I could keep the house with intentions of refi to get ex husband off loan
Tried to refi 6 times, house was still not up to value, was unable to refi, house is still in my name and ex husbands
Currently owe(without attorney fees) 220k Realtor said I could list conservatively for 225.
currently owe a first 140 and a second 80, the second had been written off it balloned last year and I could not make 1200 month payment and still could not refi at the time
Was current on house until last summer, fell two payments behind because of death in the family. Planned to catch up with income tax this year, then I got sick in March, found out I had Lupus was in hospital for three weeks, no short term disability benefits.
Now I am three months behind called bank they said they would work with me and do a loan mod. Went back to work full time and in April , loan mod approved for May
Went to sign paperwork and Ex-husband was listed as he is still on all loans, ex refused to sign papers so could not complete loan mod.
I then refused to pay mortgage. I had paid this mortgage on time for years and had a bad set of circumstances over last six months. Ex wont sign because he says he will have no legal leg to stand on because divorce said I would refi but he knows house was under water so I couldnt.
So at this point, I am 6 months past due and will be ready to move in December I will have at least $7000 to move then. It is really difficult to move because should I fall ill I would have the luxury of not making a payment or payment arrangement.
In January of next year I will have a job with benefits and I will at least make 85000 yearly.
Bank has retained attorney on 5/10 to start foreclosure LP has not been filed.
Bank has offered a deed in lieu in amount of $3000 back in May when I told them my hands are tied he will not sign. They called and emailed today again offering DIL
My options are Deed in Lieu
Short Sale
Last resort is bankruptcy
Foreclosure
Sell house and come to closing with money( then I would not have any money to move or any cushion if I got sick.) House may be at value of 240 by December unsure of where I would be in foreclosure timeline
Please help what would you advise.
My credit used to be 800 easy now second mortgage and this late mortgage I now have a 561 Credit Score.
Also daughter just graduated I may need loans for her in the future
I reside in Florida, was married for 15 years, divorced due to domestic violence, I have two children.
House was purchased in 2004, never any problems with paying until last year
I was divorced in 2012, under decree I could keep the house with intentions of refi to get ex husband off loan
Tried to refi 6 times, house was still not up to value, was unable to refi, house is still in my name and ex husbands
Currently owe(without attorney fees) 220k Realtor said I could list conservatively for 225.
currently owe a first 140 and a second 80, the second had been written off it balloned last year and I could not make 1200 month payment and still could not refi at the time
Was current on house until last summer, fell two payments behind because of death in the family. Planned to catch up with income tax this year, then I got sick in March, found out I had Lupus was in hospital for three weeks, no short term disability benefits.
Now I am three months behind called bank they said they would work with me and do a loan mod. Went back to work full time and in April , loan mod approved for May
Went to sign paperwork and Ex-husband was listed as he is still on all loans, ex refused to sign papers so could not complete loan mod.
I then refused to pay mortgage. I had paid this mortgage on time for years and had a bad set of circumstances over last six months. Ex wont sign because he says he will have no legal leg to stand on because divorce said I would refi but he knows house was under water so I couldnt.
So at this point, I am 6 months past due and will be ready to move in December I will have at least $7000 to move then. It is really difficult to move because should I fall ill I would have the luxury of not making a payment or payment arrangement.
In January of next year I will have a job with benefits and I will at least make 85000 yearly.
Bank has retained attorney on 5/10 to start foreclosure LP has not been filed.
Bank has offered a deed in lieu in amount of $3000 back in May when I told them my hands are tied he will not sign. They called and emailed today again offering DIL
My options are Deed in Lieu
Short Sale
Last resort is bankruptcy
Foreclosure
Sell house and come to closing with money( then I would not have any money to move or any cushion if I got sick.) House may be at value of 240 by December unsure of where I would be in foreclosure timeline
Please help what would you advise.
My credit used to be 800 easy now second mortgage and this late mortgage I now have a 561 Credit Score.
Also daughter just graduated I may need loans for her in the future
Well short sale wouldn't be an option because your ex-would have to sign off on that too. So it is BK, Deed-in-lieu or foreclosure. I personally would do the deed-in-lieu, move on and start rebuilding my credit. I would talk to an attorney though.
NP2BE needs to speak with an attorney well versed in Florida law, ASAP.
The 2nd mortgage may well have been written off, & they may have stopped calling you (for now), but that doesn't mean they can't or won't come chasing you for a deficiency judgement in the future.
What you may start earning next year has no bearing on your current financial state, & if your future financial expectations do come to fruition, it won't make it any easier to obtain debt relief & get a fresh start, if you start making more money in the coming year.
You appear to have legitimate hardships, right now, & I would strongly suggest you get a attorney who specializes in bankruptcy / foreclosure / DILs / FL real estate to help you clear up this mess. Forget the short sale.
Waiting & stalling now is only going to extend your rebound later. It may take a bankruptcy to fully wipe that 2nd loan out. And you need an attorney to make sure there is no recourse on the 1st mortgage, as well.
Your credit has already taken the hit. Get an attorney to wipe the slate clean, now.
You don't file bk until all the bills are in. With no income or (real) assets, there's nothing for a creditor to get, so they'd be stupid to sue.. And depending on who underwrote the loan, they may not be able to sue..
So bk is off the table for a while.
Deed in lieu gets you homeless soon - no need for that, unless they're giving you enough to pay rent beyond the point at which you would normally get evicted. $3k prolly isn't enough.
With what you've stated, the odds are it's likely foreclosure is your best bet - they may still offer cash for keys to get you to move after they've done the foreclosure..
You're not in any position to help your daughter right now.
Take care of you & definitely talk to an attorney, but I'd suggest *not *.to use one that "specializes" in bankruptcy. When your favorite tool is a hammer, the whole world looks like a nail.
Only reason I mentioned income was because BK would require me to make payments and I still would be in a tight bind paying to trustee.
As far as daughter I think filing also prevents loans that I may be able to help out with at a later date.
They did offer cash for keys but I didn't know I could do it after foreclosure.
I will speak with attorney best bet may be to wait out take a break and rent for a year, I can prove that this was a isolated incident, all my other loans, 2 cars and one small credit card are paid on time each month.
I just can't see paying for a house that I can't get ex to sign off on any paperwork, forgot he would have to sign off on short sale too.
I will consult with a real estate attorney first. I met with a BK when this all started and he said it wasn't really worth me filing since I really didn't want to stay in the house at that time. Now I'm just scared I will fall sick again.
Only reason I mentioned income was because BK would require me to make payments and I still would be in a tight bind paying to trustee.
As far as daughter I think filing also prevents loans that I may be able to help out with at a later date.
They did offer cash for keys but I didn't know I could do it after foreclosure.
I will speak with attorney best bet may be to wait out take a break and rent for a year, I can prove that this was a isolated incident, all my other loans, 2 cars and one small credit card are paid on time each month.
I just can't see paying for a house that I can't get ex to sign off on any paperwork, forgot he would have to sign off on short sale too.
I will consult with a real estate attorney first. I met with a BK when this all started and he said it wasn't really worth me filing since I really didn't want to stay in the house at that time. Now I'm just scared I will fall sick again.
I'd file before I took the job that pays 85k & try for a chapter 7 - The later you file the better, if there are medical bills that may come due. Once you file, anything that comes after is 100% payable & they'll chase you to the ends of the earth to get it.
I reside in Florida, was married for 15 years, divorced due to domestic violence, I have two children.
House was purchased in 2004, never any problems with paying until last year
I was divorced in 2012, under decree I could keep the house with intentions of refi to get ex husband off loan
Tried to refi 6 times, house was still not up to value, was unable to refi, house is still in my name and ex husbands
Currently owe(without attorney fees) 220k Realtor said I could list conservatively for 225.
currently owe a first 140 and a second 80, the second had been written off it balloned last year and I could not make 1200 month payment and still could not refi at the time
Was current on house until last summer, fell two payments behind because of death in the family. Planned to catch up with income tax this year, then I got sick in March, found out I had Lupus was in hospital for three weeks, no short term disability benefits.
Now I am three months behind called bank they said they would work with me and do a loan mod. Went back to work full time and in April , loan mod approved for May
Went to sign paperwork and Ex-husband was listed as he is still on all loans, ex refused to sign papers so could not complete loan mod.
I then refused to pay mortgage. I had paid this mortgage on time for years and had a bad set of circumstances over last six months. Ex wont sign because he says he will have no legal leg to stand on because divorce said I would refi but he knows house was under water so I couldnt.
So at this point, I am 6 months past due and will be ready to move in December I will have at least $7000 to move then. It is really difficult to move because should I fall ill I would have the luxury of not making a payment or payment arrangement.
In January of next year I will have a job with benefits and I will at least make 85000 yearly.
Bank has retained attorney on 5/10 to start foreclosure LP has not been filed.
Bank has offered a deed in lieu in amount of $3000 back in May when I told them my hands are tied he will not sign. They called and emailed today again offering DIL
My options are Deed in Lieu
Short Sale
Last resort is bankruptcy
Foreclosure
Sell house and come to closing with money( then I would not have any money to move or any cushion if I got sick.) House may be at value of 240 by December unsure of where I would be in foreclosure timeline
Please help what would you advise.
My credit used to be 800 easy now second mortgage and this late mortgage I now have a 561 Credit Score.
Also daughter just graduated I may need loans for her in the future
Your husband will have to ok anything but the bankruptcy is my understanding. It will leave him on the house note, and take you off.
Why didn't you rent your house out...first, last and security would have covered back mortgage...
I have a question, you said the 80,000 was written off? I am misunderstanding, or you are...because that is secured debt.
You likely would be better off filing bankruptcy if it is a chapt 7...which is based on your income. A chapt. 13 is managed so that you have plenty to live on...but you are not in control of your finances so that you can assume more debt as loans for your daughter would be. A good attorney can explain. And a chapt. 13 can be converted to a 7 if your income spirals.
You need an attorney who is also a tax attorney because depending on what you do, there will be different income tax consequences.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
. 
Thx
