Jump to content

Kuuner

Members
  • Content Count

    872
  • Joined

  • Last visited

Recent Profile Visitors

271 profile views
  1. So I'm assuming you couldn't do this more than once. Do what more than once? File a skinny BK? People do it all the time. Frequent Filers. What people miss is that there comes a point in time, some times, where while the BK is filed, and may be valid, the filer could lose the right of automatic stay if they file multiple times or, within a certain time frame from a previous filing.
  2. Against the entity doing the foreclosure. You would have to have a compelling reason for an ex parte motion in my opinion. If you are filing an emergency hearing to stay a foreclosure, without a reason to do so, my opinion would be that you would be in hot water, spend lots of money, and fail on the endeavor. The question was though, how could a foreclosure be stalled. That's one way to do it.
  3. Unless you pay the amount due, the only thing that slows/stops a foreclosure sale, (outside of a lawsuit) is a bankruptcy filing. You can file a bankruptcy with one piece of paper almost but, you'll get a notice to dismiss for not filing a complete package, the day you file with the hearing on the BK and motion to dismiss about 30-45 days after filing.
  4. There are some misnomers to your post, like "Tacking on fees", and other things that should be clarified. No one "Tacks on fees" just because. If you are late on your payment, you may get a late fee, which you agreed to when you took the loan out. If you end up being sued, you will be required to pay the attorney or, if you are not in a judicial state, the trustee, for the foreclosure. It's not a punitive measure but rather, what you agreed to when the loan originated. Also, if your attorney actually told you everything freezes, they were wrong. It doesn't freeze. If you are not contractually current during the BK, your credit report will reflect that. If you were delinquent when you filed, a portion of your delinquent amount due is paid over time. Even if you made your current payment on time, your "arrears" are paid over time with the theory that in five years, you are caught up so, if you were not completely current with both your pre and post petition payments, your credit will reflect that. It might suck. It might not be fair. It might conflict with what your attorney told you but it is what it is. Some on this board do not agree with my position and that's fine. No one has been able to provide any statute or code stating credit reporting stops while in BK. I've provided statute to the contrary in previous posts that you can look up. Filing BK stops all action, which by most definitions is, legal proceedings, collection efforts, etc. but, doesn't stop credit reporting until you are discharged. Your credit report should show a zero balance and should show IIB but again, if you are delinquent, while in a bankruptcy, your report will show you are delinquent. As CV stated, absent the BK, that's how it would show. With the BK, it will show the same, just with different status and action codes on the tradeline. okay just to clear up a few things our bankruptcy was paid back at 100%...we paid back every dime. she paid back our late mortgage first.. we had $650 taken from our checks a week to cover our current mortgage and the months we were behind...so the late months were paid back within 6-9 months... after that our other credit which was a huge hospital bill due to surgery started to be paid. And they did TACK on fees that should never have been added on in the first place. We were 2 months behind while paying them pmi which should have protected us in the event we did get behind. I know this because it was included in the paperwork sent to us after a class action lawsuit was filed and won against wells fargo.(we received a $1400 check in this settlement) there have been at least 3 other checks from lawsuits filed that we did receive regarding the practice they used against people. They moved entirely too quickly and proceeded against what the law states they can do. The late payments showed up 2 years AFTER our bk was started, before that she was paying on time. We paid her $37 a week to in addition to our bk payment just for her to make our current mortgage payment. This was suggested by our lawyer because they could take the payments out pretax.The original late payments were made current... she paid our current mortgage payments late when we paid her on time. I just want the lates taken off. we paid back everything and then some... this is the only negative thing on our credit and it just looks bad seeing it there. Well...sounds like you have all the answers and the proof. Maybe you should sue the trustee? you just said what everyone around us is saying.. that the fault lies with the trustee. I just really didn't want to have to pay another lawyer to try to sue the trustee..I'm probably going to have to look at a different lawyer though to look into what can be done. I can't believe that there isn't a way to have this updated or changed completely on my report. I will keep asking...maybe someone knows a way on getting lates removed without a court process. Thanks for your input☺ I was being sarcastic. The lender doesn't care who makes the payments, just when, so, if the trustee paid them late, a credit dispute isn't going to work. I'm confident the trustee will have a defensible argument. That said, we all make mistakes. Without knowing the details of your case or your plan, there was a plan hearing. There was a priority of claims and payments. The minute the plan was confirmed and the first payment was made, the onus was on you to ensure everything was going as you thought it should be going. If your trustee accounting showed differently, did you object when you noticed? Where you not given a trustee accounting? Did you ask for a trustee accounting? Were you monitoring your credit from the beginning? Your payments from the beginning? In one case I read, while there was a mistake, the debtor failed to speak up until it was too late. In re: Jose Noe Carmona, BAP No. CC-14-1380-TaPaKi, the Ninth Circuit BAP, it goes into detail. My take in reading the case was, it was the debtor's fault for not making sure creditor's were paid correctly.
  5. There are some misnomers to your post, like "Tacking on fees", and other things that should be clarified. No one "Tacks on fees" just because. If you are late on your payment, you may get a late fee, which you agreed to when you took the loan out. If you end up being sued, you will be required to pay the attorney or, if you are not in a judicial state, the trustee, for the foreclosure. It's not a punitive measure but rather, what you agreed to when the loan originated. Also, if your attorney actually told you everything freezes, they were wrong. It doesn't freeze. If you are not contractually current during the BK, your credit report will reflect that. If you were delinquent when you filed, a portion of your delinquent amount due is paid over time. Even if you made your current payment on time, your "arrears" are paid over time with the theory that in five years, you are caught up so, if you were not completely current with both your pre and post petition payments, your credit will reflect that. It might suck. It might not be fair. It might conflict with what your attorney told you but it is what it is. Some on this board do not agree with my position and that's fine. No one has been able to provide any statute or code stating credit reporting stops while in BK. I've provided statute to the contrary in previous posts that you can look up. Filing BK stops all action, which by most definitions is, legal proceedings, collection efforts, etc. but, doesn't stop credit reporting until you are discharged. Your credit report should show a zero balance and should show IIB but again, if you are delinquent, while in a bankruptcy, your report will show you are delinquent. As CV stated, absent the BK, that's how it would show. With the BK, it will show the same, just with different status and action codes on the tradeline. okay just to clear up a few things our bankruptcy was paid back at 100%...we paid back every dime. she paid back our late mortgage first.. we had $650 taken from our checks a week to cover our current mortgage and the months we were behind...so the late months were paid back within 6-9 months... after that our other credit which was a huge hospital bill due to surgery started to be paid. And they did TACK on fees that should never have been added on in the first place. We were 2 months behind while paying them pmi which should have protected us in the event we did get behind. I know this because it was included in the paperwork sent to us after a class action lawsuit was filed and won against wells fargo.(we received a $1400 check in this settlement) there have been at least 3 other checks from lawsuits filed that we did receive regarding the practice they used against people. They moved entirely too quickly and proceeded against what the law states they can do. The late payments showed up 2 years AFTER our bk was started, before that she was paying on time. We paid her $37 a week to in addition to our bk payment just for her to make our current mortgage payment. This was suggested by our lawyer because they could take the payments out pretax.The original late payments were made current... she paid our current mortgage payments late when we paid her on time. I just want the lates taken off. we paid back everything and then some... this is the only negative thing on our credit and it just looks bad seeing it there. Well...sounds like you have all the answers and the proof. Maybe you should sue the trustee?
  6. There are some misnomers to your post, like "Tacking on fees", and other things that should be clarified. No one "Tacks on fees" just because. If you are late on your payment, you may get a late fee, which you agreed to when you took the loan out. If you end up being sued, you will be required to pay the attorney or, if you are not in a judicial state, the trustee, for the foreclosure. It's not a punitive measure but rather, what you agreed to when the loan originated. Also, if your attorney actually told you everything freezes, they were wrong. It doesn't freeze. If you are not contractually current during the BK, your credit report will reflect that. If you were delinquent when you filed, a portion of your delinquent amount due is paid over time. Even if you made your current payment on time, your "arrears" are paid over time with the theory that in five years, you are caught up so, if you were not completely current with both your pre and post petition payments, your credit will reflect that. It might suck. It might not be fair. It might conflict with what your attorney told you but it is what it is. Some on this board do not agree with my position and that's fine. No one has been able to provide any statute or code stating credit reporting stops while in BK. I've provided statute to the contrary in previous posts that you can look up. Filing BK stops all action, which by most definitions is, legal proceedings, collection efforts, etc. but, doesn't stop credit reporting until you are discharged. Your credit report should show a zero balance and should show IIB but again, if you are delinquent, while in a bankruptcy, your report will show you are delinquent. As CV stated, absent the BK, that's how it would show. With the BK, it will show the same, just with different status and action codes on the tradeline.
  7. Walking away would create some excitement in your life. Short sale doesn't exist based on the numbers you gave. Deed in lieu would be difficult. Not impossible but, not probable. They have no incentive. I'd also say you are calculating your deficiency potentially short. I'm confident that $20K nut you are thinking you may get hit with, would be much higher than that if it went all the way to sale. Sell it and pay the difference in the short proceeds from payoff, out of pocket. It'd be much easier than having to do the same thing down the road but with destroyed credit. Don't be a victim to the banks in the future...(I'm hopeful no one put a gun to your head when you took the loan out).
  8. Deficiencies vary by state (Assuming there is a deficiency). A deficiency is when the lender/servicer/bank forecloses and nets less than the total debt owed. If you owe $200,000 and the lender forecloses at that amount, but the property is only worth $100,000, there is a good chance you will see a 1099 for $100,000. Again, depending on the state, that may be the end of it or, that may be the beginning. You won't see a 1099 necessarily if they are going to go after you for the balance, if they are allowed to do so by statute. I would be less concerned about what it says on your credit report than I would be with the financial impact of the foreclosure. What state are you in?
  9. There is that old saying...be careful what you wish for! Kidding but, the reality is, that is what you owe. What you are paying on isn't what you owe so, for them to include the deferred balance in the total balance, would be accurate in my opinion. Balance and payment amount are two different things so, if you are making a payment on one balance and the payment is sufficient to advance the due date and is equal to the modified contractual amount due, and they are reporting that payment status correctly, in my opinion, its all correct. You may have been getting the benefit of an incorrectly reported balance in the past and are now having an actual correct balance reporting.
  10. no, it's not just non judicial it's either or depending on the note, just like AZ Judicial Foreclosure The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder. Non-Judicial Foreclosure The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines". Ok you are correct not all are non-judicial but the VAST majority are there. Based on what OP has posted I would bet money it was a non-judicial foreclosure like most are there. well if they sent the sheriff out with an eviction notice, something went thru court. Yeah...could be just the eviction that went to court and not the foreclosure. if the foreclosure was judicial, you are still gonna use a sheriff for the eviction piece.
  11. If you have the money then it's more of a "What do you want to do" situation than, "What do you have to do". That's a good position to be in considering most people are not in that position of having options. If its a place your family knows as home, who cares if you make money, unless it's not a family home and all you care about is the money aspect. If that's the case, well, it's your decision. I'm sure you'll do a cost benefit analysis. I'm sure you've already considered the credit aspect. I'm sure you are considering the health impact this forced move may have on your ailing wife. Good luck with your decision.
  12. If you have six months redemption, it isn't to bring it current, it's to pay it off. I would beg borrower cheat lie and steal to do it if I were you. Also, The senior doesn't HAVE to be notified. They don't even care if they are as their lien survives. Whether you got the notice or knew or not, will not be important. What will be important is that the foreclosing entity has documentation they sent notice, not that you received notice. I can't see someone foreclosing in 2nd position with that tight of an equity position. While it sucks you were paying for five months to the senior, after you were foreclosed, I don't see anything improper. Someone has to pay the senior and if you weren't paying them, you'd be paying rent. If you weren't paying them, the junior that foreclosed would. It all sounds shady though, especially if the 1st and 2nd might be affiliated. I'd lawyer up to at least see if there is any connection.
  13. I can get a car loan. I have reasonable credit. Can you explain what frontend and backend ratios are? Maybe you have undeclared income and maybe your credit is good enough to get a non income verification loan and maybe I'm just missing it but it sounds like you are having cashflow problems. Getting a new car, with a new car loan sounds like that's only going to exacerbate the problem. I get that you need transportation and I get that your car took a dump but, is this the best solution? To go further into debt? Sounds like the margins are thin and my concern is adding more debt to the situation puts you in the position that one false move, one tenant not paying their rent on time, defaults you on potentially not one, but two large loans. As a person that manages a bank's portfolio, I see it all too often. No one wants to take the bus. No one wants to fix what they have or buy a beater. They buy a new car. Something happens. They default. They get the car repo'd. They get behind on their mortgage. They default. They try to refinance out of the default on their mortgage but the default on their car loan stops that from happening. They get desperate. They have equity but now can't get to it without selling. They try to go hard money but they find out hard money lenders won't (Can't) lend on owner occupied property, especially in Texas! They file BK last minute to save the house but then, they go back to beginning and realize, they don't have any income to fund the chapter 13 so they convert to a chapter 7 only to realize four months later, they get their discharge and a couple days after, get another sale notice from the lender. Unless thousands just fell into their hands, the usual outcome is it goes to foreclosure sale. Not saying that's gonna happen, just saying that I've seen many many similar situations with that outcome. When they call me for help (Like a loan mod), I have to tell them unfortunately that I'm out of options. Hopefully the job situation will change for the better and hopefully everything will work out. I'm rooting for you.
  14. So you don't have a job but you can get a car loan? If you get a loan (somehow) and then apply for another mod, the payment will be based on your front end debt ratio but...your back end ratios will take the car into consideration and could throw you out of any mod. That's assuming they'll consider you anyway.

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines