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Can I Save My House

I'm considering filing bankruptcy because my house is about to go into foreclosure. I know bankrupcty will hurt my credit, but will it save my house? What else can I do?

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 ---MaryLee on 9/12/08
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marylee,with this government bailout for mortgage companies,I believe there are pmans in affect that allow people who are in trouble with their mortgages too refinace,or change their mortgage to prevent foreclosure.
---tom2 on 1/4/09

no heres how it works .you list all your creditors,then you pick the ones you wish to keep paying on,like mortgage payments,car payments, may discharge all if you wish,then the court will setup a payment schuedle and you send the money needed monthly to them and they pay your creditors.usually at a reduced payment.I did it in 2003, my debt came to nearly 4000 monthly with 3200 in income.gave up some 8 credit cards,2 personal loans,2 carpayments ,and my home.started fresh,never again will i go into debt NEVER.
---tom2 on 12/31/08

have you ask god to help?
---netta_3634 on 10/18/08

Anything that is easy is fraught with danger and disaster.CREDIT is one of those traps.There is a price for everything.Thank the Lord this is only Material and solveable. But do you buy on Credit for your soul?think of the consequences in this area.The bank of Heaven says "Store up treasures for yourself in Heaven".I shall leave this open as a reminder and a reflection.The kingdom of God is at Hand.
---MIC on 9/24/08

Why is your house going into foreclosure? Is it because you don't know how to budget and bought more house than than you should have? Don' worry, the government will bail you out - at my expense.
---wivv on 9/24/08

I have heard f people who have stopped foreclosure. There is a certain time limit before forclosing a person has to make arrangements to pay a portion or to pay the amount owed. I don't know how this works, but I also have been told you can go to Federal Court, declare bankruptcy chapter 13 and get a stop order then tell the person who is doing the forclosing, you will pay him x amount of dollars each month until the amount owed is paid.
---Dorothy on 9/23/08

Rebecca is right about one thing. After the bankruptcy is final, your credit will begin to improve until you have an excellent credit score. That would enable you to again start buying stuff on credit so that you will end up in the same mess a few years down the road. As far as refinancing a house now days, call a couple of lenders and see their answers. You might be quite shocked to find that most lenders today are not willing to loan money to anyone who does not have the highest credit score. In fact, talk to a realtor who will tell you that banks have almost totally stopped loaning money except to those whose credit score are at the top of the chart.
---SusieB on 9/22/08

This is a situation that you have done to yourself by not paying the payments for whatever reason. I know I've been there. It is good to pray but sometimes you need to put legs on those prayers. Meaning try to re-finance your home if you can. If you fill bankrupt on your house, you will lose your house. If you have other things such as a vehicle or other loans, hospital bills, credit cards, you can fill bankruptcy on those and not your house and keep your house. If you chose to fill bankruptcy then if you make your payments on time on your mortgage within 6-7 years your credit will be good if not better. My dad done that 6 years ago and he has great credit.
---Rebecca_D on 9/22/08

before fileing bank ruptcy ask god to help you if two agree then god will help as he promised in the bible but that is your choice on something like this only god can help save every thing just ask him god i mean he will give you the answers you seek looking for
---andy on 9/19/08

There are other alternatives you can try before filing bankruptcy.So get help dont just give in to one option try others.
---Lyne on 9/17/08

Have you tried to get a short sale through the lender? You would have to pay the difference though. Your credit would most likely not take a bad hit that way.
In prayer for you
---Ray on 9/16/08

You can pray and ask God for an answer. There is also a process called reverse mortgage, this may be an options
---sjerzgirl on 9/16/08

So, you're in the "what else can I do?" spot. Well, we can stop and pray and wait until we are clear with God, then we can have a fresh perspective and positive attitude about what to do. "And just be patient." But patience does not procrastinate about whatever you do need to do. Patience is creative, like the steadiness of the master craftsman doing his masterpiece. Make some friends while you go through this . . . ones who will help you and support and encourage you > there's something in this for you to discover with God. Problems are like this > there are gifts within them if we unwrap them right (o: A-N-D loving others > there are ones you can help, as you find out how to do things (o:
---Bill_bila5659 on 9/16/08

If we have relatives or friends who can help us financially is more ok than filing bankruptcy. Perhaps we can file bankruptcy unless nobody can help us to save our property... For us to avoid this kind of problem, we must have self-discipline & be responsible enough to handle everything... ,)
---clyde8677 on 9/16/08

If you think it's bad now, just way. It's only just begun.
---SusieB on 9/16/08

its Bad right now,democrats has passed this legislation bill about foreclosure so i think you have paid your mortage that should save your house!
---Elizabeth on 9/16/08

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Bankruptcy laws changed a few years ago. I don't think I have met a lawyer on these blogs yet. Your question can only be answered by an attorney. What you haven't said is why your house is about to be foreclosed on. A Christian should pay their bills unless there is a real reason why they aren't paying them. Bankruptcy should be the last resort for a Christian.
---SusieB on 9/12/08

I think you need to talk to a Realtor or a lawyer who deals strictly in Real Estate.

I'm not sure how this topic fits in on a board like this, but if I could help you, I would, but I wouldn't have a clue as to what to tell you.

I'm in sort of the same bind you are in except my house isn't about to go into foreclosure, I've been paying the mortgage. My problem is I inherited the house from my father when he died and he left me with a mortgage MORE than what the house is worth and we haven't had one offer for even the amount of the mortgage.
---donna8365 on 9/12/08

This is a question best asked of a bankruptcy lawyer.
---Trish9863 on 9/12/08

Have you tried talking with the mortgage company and see if there is something the can do to help you. Ask to speak to someone in Loss Mitigation. Most mortgage companies will do everything they can to help you and as they don't want to forclose on you. (I work for a major mortgage company.) If you are going into foreclosure, that means most likely that you have not made a house payment in many many months. Do you have a lot of other debts as well that you need to file bankruptcy.
---Gophylann on 9/12/08

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