Al Snow asked:


well on dec third they will hold an auction and sell the house , my family understands the effects the foreclosure has on credit and accepts this fact , but they are panicking and worried about a deficiency judgment that will basically force my parents to repay the amount left over from the auction so in any case they owe 149,000 single mortgage i believe it is a smaller loan amount but still my family lives pay check by pay check and i couldn’t bare to see them go through a deficiency judgment i would seriously pull some john q stuff if it happened . what is the likely hood of them getting sued and we live in colorado

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Mystery Man asked:


Hello,

I’m going thru foreclosure on my primary property but I own investment property.. My rate went up on my home loan and I can’t afford to pay for it anymore.. I tried to do a short sale but the bank to so long that the buyer bought another property..

My question is if I file for bankruptcy 13 can they take my investment property away because my primary home is being foreclosed on… I refinanced 3 years ago but was lied to by a loan agent saying we will refi before the rate went up but when it came down to it.. the home is not worth what I owe and now I’m screwed… I’m thinking about filing for bankruptcy but I’m scared they will come after my investment property… what shoul I do.. please advice…
I want to keep my investment property, I don’t care about my primary residence.
I live in California

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ActorTerri asked:


I don’t want to leave my home i love it, but my landlord decided not to pay his morgage since november. and not the home is going into forecluore . do i have any entitled to any rights? or any money,moving fees??? for kicking me out???
but also i am willing to buy it.

I have few question..

When in foreclosure are houses significantly cheaper than actual value?
Do i have 1st bid??
Do i need to have the home loan ready or in progress before i go there?
Or can i hopefully win the auction and then fix the paper work and loan.

please let me know a.s.a.p. i appreciate all answers!

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Lisa S asked:


I am trying to complete my income taxes and I had a foreclosure in 2008. The Lender was Countrywide. I never received any paperwork from Countrywide stating the debt was forgiven. Does Countrywide report a 1099-C and why haven’t I received a copy yet? Seeing as through Countrywide is the worse lender…. Does Countrywide even forgive the debt? The house is worth probably $50,000.00 and I owe then at least $125,000.00. That would mean I could be taxes on $75,000.00? Does the Mortgage Forgiveness Debt Relief Act 2007 discriminate against what type of loan, interest rate and income you had?

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lenahan2001 asked:


I just filed for chapter 7 bankruptcy and lost my home in foreclosure. I used to have a 720 fico score and it is now around 430 or so. I know how long items stay on your credit, but I heard it is possible to get a 680-700 credit score in as little as 18-24 months assuming that you keep an open credit card and car loan that your always on top of and don’t apply for new credit. Is this true? Can I really have good credit enought to by a home and car again in 2 years if I make a real about-face on my credit habbits?

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crisis asked:


So I was watching a special on foreclosures yesterday and…I came to the conclusion that a lot of these people really deserve it. Aside from the obvious that they took a crappy loan, I noticed that many of these people have some really nice stuff in their house. (They were being interviewed in their houses.)
Although, I can only assume that their compulsions for consumption got the better of them and that’s also another reason they are in debt.
Anyway, most have 40″ LCD TV’s, antiques, PDA’s, video games, instruments, A huge library of DVD’s…etc. Sell your stuff on ebay, craigslist or to a pawnshop. I know that if I was underemployed or unemployed and I had fallen back on those payments I’d start selling everything little thing in my house. It’s better to be in your existing credit debt than to lose a $400,000 house. It will take a long time to clear your credit from that!
first off, if you have more than two houses that’s your problem. I’m talking about these single families. Paying something is better than nothing, it’s like that with all loans.
The people on the special had an agreement with their mortgage company that they could stay in the house as long as they paid them at least 400 bucks, this guy couldn’t pay that? The guy was unemployed…you know what you do…you work. You apply to McDonalds and you sell that crap you shouldn’t have bought in the first place. If you work full time a McDonalds you’ll bring in between a thousand and 1200 bucks a month. You’re gonna lose everything because you can’t **** it up and say do you want fries with that?
It just goes to show that some…yes some not all…some of these people have no brains or priorities. I understand there are exceptions I do but the reason these people got taken advantage of is for the sole reason they are just STUPID!

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