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6 Bumps

We might lose our house...has this happened to you?

For us, we filed Bankruptcy. We had tried repeatedly to get our mortgage payment lowered somehow and bank would not help. (citibank). So now it's up to them to decide if we stay or they foreclose.

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Asked by Anonymous at 12:19 PM on May. 6, 2011 in Money & Work

Answers (4)
  • If this happened to you, how did it go, and did it work out ok?

    Comment by Anonymous (original poster) at 12:20 PM on May. 6, 2011

  • If you filed chapter 7 you have two choices, walk away from the home and let the bank have it or get current and stay current with the monthly payments. We stayed current when we filed, just about 7 years ago. The mortgage statement would say something to the effect of "You are not obligated to pay this debt, however failure to pay can result in foreclosure"....meaning as long as we paid we own it and can live there, however if we want to walk away they can foreclose but they cannot cine after us for any money! Eventually my and and I walked away rather than try to sell it and let it sit on the market....even after we stopped paying the mortgage that one February, they didn't officially take ownership until October

    Answer by Mom2Jack04 at 12:25 PM on May. 6, 2011

  • I'm not sure how this would work. However I do have something for you to consider. If you have to get your payments lowered then why not get a place that's cheaper anyway? Especially since you wont' be penalized for it at this point.

    Answer by 2murphyboys at 1:43 AM on May. 7, 2011

  • We almost did a few years ago when my hubs was laid off from the mines and i worked at McDonald's it was horrible.... our family had to help what they could and luckily we survived it a few months until he found another position


    Answer by WAH_Mama at 1:57 PM on May. 8, 2011

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