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so my mother in law is in the process of chapter 13 because of a moble home problem she had. She hasn't finished the process and we discussed ditching the house and adding it to her bankruptcy and I think the house would allow her to do a chapter 7 instead. Do any of you guys know the process and can give me any pointers, my mother in law wants to listen to every one except her family, but I want to talk some sense into her. we're almost $200,000 upside down on the house and I wanna walk and its not in my name only hers.

The best advice I could give you is the obvious. Talk to an attorney. The rules have changed in recent years, and it's a bit tougher than it used to be. My sisters goin thru it now, thanks to that deadbeat, loser f stick shes divorcing.

Is she getting close to forclosure on the house? Call the bank, and tell em to come and get the keys. Sometimes thats the better option, and she'll be able to get another mortgage in 3 yrs. If her credit cards are thru the roof, again, call the banks. You can get them to settle for as little as 30 cents on the dollar. 13 is repayment, if I remember correctly, so why not pay less, if ya have too

The lenders all know that the economy is in the toilet, and they're willing to work with anyone.

Good luck

sorry to hear about your misfortunes dude.. If you guys need anything gimme a shout ill do what i can to help out

Bankruptcy is the last thing you want to do. Lucky for you the house is not in your name. BK's stay on the credit report for 10 years and when times were booming a few years ago about the only ones making loans to people with BK's were car dealers. Probably was mandatory to have lo-jack installed too. Its almost like suiside, there is always another way, just got find the right person with the answer.

well, the mom-in-law talked to her lawyer and we're ditching the house. I'm fine with it. We paid $550,000, its worth less than 400 now, plus she had a 80/20 loan at 7.5/13.5% so we were dishing out $4300/mo.
We're going to hang out for a few more months, then find a house to rent while I shop around for a good deal on a bank owned house. I found a house bigger that ours, only a few years older, on a bigger lot for $285,000 thats bank owned!

she has already accepted that her credit is FUBAR, no point in us dishing out the big bucks on a lost cause...

thanks guys for the advise though.

plus I really don't feel bad sticking it to the bank when I saw how much interest we have given them in 2 1/2 years

ISBB wrote:sorry to hear about your misfortunes dude.. If you guys need anything gimme a shout ill do what i can to help out

I might be offering up unlimited free beer to those who help me move I have a REALLY heavy TV! I used my engine hoist to install it in the wall cubby hole. debating on the fate of the appliances... to take or not to take.....

If you want to leave em.. Ill take em.. Im planning on buying a new house here soon and if it doesnt have appliances then wonderful..

Just gimme a shout when you need help.. Im off friday and saturday's and will always lend a hand

coo thanks dude! I'd ask Justin, but I think my TV would crush him into a fine dust!

LOL

dannygraves wrote:....debating on the fate of the appliances... to take or not to take.....

I saw a show about that. Happened to be in Vegas too. Foreclosures, even the lights and toilets were gone in some cases.

ya, and sometimes they even smeared shit all over the walls.... not really my style, I think I will leave most of them, but take the fridge that came with the house, its a bitchen fridge!
My mom in law feels bad taking the stuff, and its her stuff, so I'm gonna leave it. Hell, I was thinking about taking the water softener, water heater, sprinklers, etc. and sell them all on CL

Hey I got dibbs on that water softener!!

yeah, so I talked to a few people today who have done it... our very own 808 as well
one guy lived there free for 9 months until they kicked him out, another over a year! so lets see how much I can save up and how long it will take to get das boot

808 - u dumbass.

it usually takes a while for the paperwork and what not to get filed then they issue you two or 3 evic notices until someone comes and escorts your ass outta the house.. but ya all depends on the bk attorney's and how fast the courts move.

hes the new 808

3 months minium.

When they come it will be the sheiff and you have 30 minutes to get out.

thats what I figured, so after a couple months I will get a storage unit and put all the big stuff there, so when I get the 30 min. I will grab clothes, my bed, kids stuff and my tv and laptop. the 500s will be safely stored at a friends house

as soon as the wife gets her chit outta my garage i will have a home for some of those 2 wheelers if you need it danny could easily squeeze 4 bikes in there

nice, thanks dude ;-)

I saw an ad some dude put on craigslist selling everything in the house, windows, hot water heater, shed and the roof which was salvageable.

nmdesertrider wrote:I saw an ad some dude put on craigslist selling everything in the house, windows, hot water heater, shed and the roof which was salvageable.

Let's see if I have this right.
He and a lender have an agreement which he is to pay the lender so much a month for a house.
For what ever reason he is unable to keep his end of the agreement which forces the lender to foreclose.
Now the lender is the bad guy for him not being able to make his payments.
So he is going to strike back and steal everyhting he can from the lender all the while living for free.
This person is nothing more than a common thief.

No, I am not in the banking / lending business.
I just know the difference between right and wrong.

Mad Dog wrote: So he is going to strike back and steal everyhting he can from the lender all the while living for free.
This person is nothing more than a common thief.

.

Agreed 100%

x2, I plan on leaving my house in nice shape, will probably only take the fridge because I like that fridge. I even have drawings of everything I did to the house that I plan on leaving in the kitchen cabinets for the new owners (sprinkler system, olutside wall and gates, wall and french doors for the upstairs loft with closet to make 6th bedroom, etc.)

A friend of mine said her sister forclosed and bank gave her $1000 for not punching holes in the walls or shitting on the walls!

Ive seen houses here that got repoed, by the time the owners had left they had taken EVERYTHING I mean EVERYTHING, stripped the houses of all cabinets, fittings, appliances, ceramics and wiring.