We have 30 days, should we file for bankruptcy?
March 21, 2007
One of the first things we need to ascertain in this case is what will happen in 30 days. If there is a sale date within 30 days that is one thing, but if they're just starting the foreclosure process there is plenty of time.
”All our problems have really been medical in nature, but we sincerely believe that with a lot of determination and old fashioned hard work, that we can overcome the obstacle. We have LESS than 30 days to do something, or we are simply homeless. us, our kids, and all of our hopes and dreams hinge on a solution of some kind. Bankruptcy would beat the alternative....we have twins going to college this year, there has to be something that can be done. You say you can help in the direst of circumstances; it doesn't get any more real for us that are living it in the present! if there is no recourse, we want you to be kind enough to spell that out immediately please, we have been led down the wrong path too many times by people eager to take your money, but providing absolutely nothing in return.”
The bottom line is we have to show that you can afford the mortgage. As indicated above, your hardship is due to medical reasons which is legitimate and the mortgage company should give you another chance. As long as we can show you can afford the home some sort of plan should be offered to you to bring your loan current.
This client indicated also that Bankruptcy may be an option. Please check into bankruptcy very carefully before committing to that path. We are not saying that bankruptcy should never be done but other alternatives should be tried before you go that direction.
Related Entries
- Should not file chapter 13 bankruptcy? - March 1, 2007
- Act fast if behind on your mortgage but don't file bankruptcy - March 6, 2007
Comments
We are currently behind on our mortgage with Novastar Mortgage. I have contacted them in regards to this matter and it is due to unexpected medical bills and an ambulance bill that had to be taken care of immediately because there is currently no health insurance. Novastar wants the full amount of the behind months or they are putting us into pre-forclosure. I have explained to them the situation and was wondering what I should do in regards to this matter?
We have a loan with Novastar also. We have been served a lawsuit for forclosure since we missed 3 months of payments. I have been advised to show them proof of our hardship (bank statements) due to my husbands job loss. They said if we can then show we are starting to get back on track they will work with us. Maybe lower our rate and change it to a fixed rate.These are tough times!






