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Foreclosure questions

Posted by on Apr. 24, 2013 at 3:55 PM
  • 20 Replies

My ex and I own a house.  When we split up, i stayed in the house because I have the kids almost all the time.  We put it up for sale but its been two years and no sale.  The market is just BAD here.  Im making the house payments myself since I live there.  But in the divorce it says when it sells, we get to split the profit.  I dont think thats fair (i must have been drugged when I agreed to it) because ive been paying it alone for 2 years now, I think I should get more than half but whatever.  Point being: i cant afford this place.  The payment, the utilities, the upkeep, its draining me SO SO bad.  Ive offered to move out and let ex and his gf move it, two incomes paying on it would be better than mine alone.  He refused.  I guess it was good enough for her to come play house in with him while I was in the hospital, but not good enough for her to live in.  Whatever. Anyway, i want and NEED to move out into a smaller cheaper place.  I go back and forth on just adandoning it and leaving, letting the bank forclose on it.  Has anyone done this?  What all happens?  Do I call the bank and tell them what I am doing?  Can they sue me for the money?  What happens??  At this point, I dont even want the money from a potential sale, I just want OUT.  

by on Apr. 24, 2013 at 3:55 PM
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Replies (1-10):
amonkeymom
by Gold Member on Apr. 24, 2013 at 4:12 PM

Have you told your ex that you are considering abandoning the house and letting it go into foreclosure?  He may change his tune in that case since it will affect his credit as well as yours.

Have you considered filing bankruptcy?

Stephd710
by Silver Member on Apr. 24, 2013 at 4:17 PM

I told him before I wanted to do that. He begged me not to.  I said I would think about it, well ive thought about it and i want out.  Im planning on talking to him again this weekend when he drops the girls back off.  

I thought about that too, but I owe on my car, i am making my payments on time and dont want to lose the car in a bankruptcy because I know I wouldnt be able to buy another one for awhile if I do file.  I have no idea how it work either. Do you get to pick and choose what falls under the bankruptcy?  Can I do just the house and my credit card or do ALL my loans go under it no matter what?  


Quoting amonkeymom:

Have you told your ex that you are considering abandoning the house and letting it go into foreclosure?  He may change his tune in that case since it will affect his credit as well as yours.

Have you considered filing bankruptcy?



conniejo75
by Bronze Member on Apr. 24, 2013 at 4:20 PM
I just went through BK and kept my brand new car. They just had me reaffirm the debt and continue paying on it. But I was able to get rid of everything else


Quoting Stephd710:

I told him before I wanted to do that. He begged me not to.  I said I would think about it, well ive thought about it and i want out.  Im planning on talking to him again this weekend when he drops the girls back off.  

I thought about that too, but I owe on my car, i am making my payments on time and dont want to lose the car in a bankruptcy because I know I wouldnt be able to buy another one for awhile if I do file.  I have no idea how it work either. Do you get to pick and choose what falls under the bankruptcy?  Can I do just the house and my credit card or do ALL my loans go under it no matter what?  



Quoting amonkeymom:

Have you told your ex that you are considering abandoning the house and letting it go into foreclosure?  He may change his tune in that case since it will affect his credit as well as yours.

Have you considered filing bankruptcy?





Posted on CafeMom Mobile
Stephd710
by Silver Member on Apr. 24, 2013 at 4:22 PM


Thank you!  Im going to see if I can get a free consult with a bankruptcy lawyer. How much did it cost you to file if you dont mind telling me? 

Quoting conniejo75:

I just went through BK and kept my brand new car. They just had me reaffirm the debt and continue paying on it. But I was able to get rid of everything else


Quoting Stephd710:

I told him before I wanted to do that. He begged me not to.  I said I would think about it, well ive thought about it and i want out.  Im planning on talking to him again this weekend when he drops the girls back off.  

I thought about that too, but I owe on my car, i am making my payments on time and dont want to lose the car in a bankruptcy because I know I wouldnt be able to buy another one for awhile if I do file.  I have no idea how it work either. Do you get to pick and choose what falls under the bankruptcy?  Can I do just the house and my credit card or do ALL my loans go under it no matter what?  



Quoting amonkeymom:

Have you told your ex that you are considering abandoning the house and letting it go into foreclosure?  He may change his tune in that case since it will affect his credit as well as yours.

Have you considered filing bankruptcy?







amonkeymom
by Gold Member on Apr. 24, 2013 at 4:23 PM
1 mom liked this

When my ex & I filed bky (before our divorce was finalized) I was able to keep my car by signing something that stated that I intended to keep it and continued to make timely payments.  

I think other loans would go under the bankruptcy, with the exception of student loans which must be repaid regardless.  When we filed, it discharged debt from our foreclosed house, all credit cards (including store cards) and a line of credit we had as a second mortgage thing too.  You'd have to talk to an attorney or paralegal to find out what else you can keep.  I was able to keep my cell-phone plan as well as my car.  My ex kept his car (which was paid off) and was even able to turn around and trade it in for a newer vehicle a few months after the bankruptcy was discharged.  It's been 2 1/2 years now and I'm in the process of purchasing a new house at 3.5% interest, so my credit has definitely bounced back.

Quoting Stephd710:

I told him before I wanted to do that. He begged me not to.  I said I would think about it, well ive thought about it and i want out.  Im planning on talking to him again this weekend when he drops the girls back off.  

I thought about that too, but I owe on my car, i am making my payments on time and dont want to lose the car in a bankruptcy because I know I wouldnt be able to buy another one for awhile if I do file.  I have no idea how it work either. Do you get to pick and choose what falls under the bankruptcy?  Can I do just the house and my credit card or do ALL my loans go under it no matter what?  


Quoting amonkeymom:

Have you told your ex that you are considering abandoning the house and letting it go into foreclosure?  He may change his tune in that case since it will affect his credit as well as yours.

Have you considered filing bankruptcy?




Stephd710
by Silver Member on Apr. 24, 2013 at 4:26 PM

I guess its not as big a deal as it used to be then huh?  LOL!  I know a lot of people have to do it after divorce so its more common these days. Thank you for the info!  


Quoting amonkeymom:

When my ex & I filed bky (before our divorce was finalized) I was able to keep my car by signing something that stated that I intended to keep it and continued to make timely payments.  

I think other loans would go under the bankruptcy, with the exception of student loans which must be repaid regardless.  When we filed, it discharged debt from our foreclosed house, all credit cards (including store cards) and a line of credit we had as a second mortgage thing too.  You'd have to talk to an attorney or paralegal to find out what else you can keep.  I was able to keep my cell-phone plan as well as my car.  My ex kept his car (which was paid off) and was even able to turn around and trade it in for a newer vehicle a few months after the bankruptcy was discharged.  It's been 2 1/2 years now and I'm in the process of purchasing a new house at 3.5% interest, so my credit has definitely bounced back.

Quoting Stephd710:

I told him before I wanted to do that. He begged me not to.  I said I would think about it, well ive thought about it and i want out.  Im planning on talking to him again this weekend when he drops the girls back off.  

I thought about that too, but I owe on my car, i am making my payments on time and dont want to lose the car in a bankruptcy because I know I wouldnt be able to buy another one for awhile if I do file.  I have no idea how it work either. Do you get to pick and choose what falls under the bankruptcy?  Can I do just the house and my credit card or do ALL my loans go under it no matter what?  


Quoting amonkeymom:

Have you told your ex that you are considering abandoning the house and letting it go into foreclosure?  He may change his tune in that case since it will affect his credit as well as yours.

Have you considered filing bankruptcy?






conniejo75
by Bronze Member on Apr. 24, 2013 at 4:29 PM
The filing fee was a couple hundred but the lawyer fees and everything was about 2000. But I did payments. And once you have an attorney, you can tell your creditors to not contact you. Also if you are going to let house go into foreclosure, you can use that money to pay. A friend of mine was in her house not making payments for 2 years before bank actually took it


Quoting Stephd710:


Thank you!  Im going to see if I can get a free consult with a bankruptcy lawyer. How much did it cost you to file if you dont mind telling me? 


Quoting conniejo75:

I just went through BK and kept my brand new car. They just had me reaffirm the debt and continue paying on it. But I was able to get rid of everything else





Quoting Stephd710:

I told him before I wanted to do that. He begged me not to.  I said I would think about it, well ive thought about it and i want out.  Im planning on talking to him again this weekend when he drops the girls back off.  

I thought about that too, but I owe on my car, i am making my payments on time and dont want to lose the car in a bankruptcy because I know I wouldnt be able to buy another one for awhile if I do file.  I have no idea how it work either. Do you get to pick and choose what falls under the bankruptcy?  Can I do just the house and my credit card or do ALL my loans go under it no matter what?  




Quoting amonkeymom:

Have you told your ex that you are considering abandoning the house and letting it go into foreclosure?  He may change his tune in that case since it will affect his credit as well as yours.

Have you considered filing bankruptcy?











Posted on CafeMom Mobile
amonkeymom
by Gold Member on Apr. 24, 2013 at 4:33 PM

You're welcome!

It is pretty common, especially with the economy being as it's been the last few years.  It's definitely not something I ever expected to do, but am really glad that I did.  I was able to go into my new life without all of that shared debt, not having to be responsible for things my ex did/spent, etc and I've become a lot more responsible financially (not to say you're not already, but sometimes it's necessary).  

And, like another member said... once you have an attorney you can send out a letter to all of your creditors or tell them over the phone that you have started the procedure and give them your attorney's name and legally they cannot contact you again in an atttempt to collect.

Quoting Stephd710:

I guess its not as big a deal as it used to be then huh?  LOL!  I know a lot of people have to do it after divorce so its more common these days. Thank you for the info!  


Quoting amonkeymom:

When my ex & I filed bky (before our divorce was finalized) I was able to keep my car by signing something that stated that I intended to keep it and continued to make timely payments.  

I think other loans would go under the bankruptcy, with the exception of student loans which must be repaid regardless.  When we filed, it discharged debt from our foreclosed house, all credit cards (including store cards) and a line of credit we had as a second mortgage thing too.  You'd have to talk to an attorney or paralegal to find out what else you can keep.  I was able to keep my cell-phone plan as well as my car.  My ex kept his car (which was paid off) and was even able to turn around and trade it in for a newer vehicle a few months after the bankruptcy was discharged.  It's been 2 1/2 years now and I'm in the process of purchasing a new house at 3.5% interest, so my credit has definitely bounced back.

Quoting Stephd710:

I told him before I wanted to do that. He begged me not to.  I said I would think about it, well ive thought about it and i want out.  Im planning on talking to him again this weekend when he drops the girls back off.  

I thought about that too, but I owe on my car, i am making my payments on time and dont want to lose the car in a bankruptcy because I know I wouldnt be able to buy another one for awhile if I do file.  I have no idea how it work either. Do you get to pick and choose what falls under the bankruptcy?  Can I do just the house and my credit card or do ALL my loans go under it no matter what?  


Quoting amonkeymom:

Have you told your ex that you are considering abandoning the house and letting it go into foreclosure?  He may change his tune in that case since it will affect his credit as well as yours.

Have you considered filing bankruptcy?







Stephd710
by Silver Member on Apr. 24, 2013 at 4:34 PM

Wow!  Good to know!  Thanks for all the info!  My house payments are $583 so I could definitely make a big dent in a lawyer fee if im not paying that.  Im planning on staying at my parents house (they have been offering since I got divorced and REALLY want me to stay there, lol) until I can get a deposit together to rent a new place.  But yeah, it would be nice to have a cushion of time to be able to move if I need it.  


Quoting conniejo75:

The filing fee was a couple hundred but the lawyer fees and everything was about 2000. But I did payments. And once you have an attorney, you can tell your creditors to not contact you. Also if you are going to let house go into foreclosure, you can use that money to pay. A friend of mine was in her house not making payments for 2 years before bank actually took it


Quoting Stephd710:


Thank you!  Im going to see if I can get a free consult with a bankruptcy lawyer. How much did it cost you to file if you dont mind telling me? 


Quoting conniejo75:

I just went through BK and kept my brand new car. They just had me reaffirm the debt and continue paying on it. But I was able to get rid of everything else





Quoting Stephd710:

I told him before I wanted to do that. He begged me not to.  I said I would think about it, well ive thought about it and i want out.  Im planning on talking to him again this weekend when he drops the girls back off.  

I thought about that too, but I owe on my car, i am making my payments on time and dont want to lose the car in a bankruptcy because I know I wouldnt be able to buy another one for awhile if I do file.  I have no idea how it work either. Do you get to pick and choose what falls under the bankruptcy?  Can I do just the house and my credit card or do ALL my loans go under it no matter what?  




Quoting amonkeymom:

Have you told your ex that you are considering abandoning the house and letting it go into foreclosure?  He may change his tune in that case since it will affect his credit as well as yours.

Have you considered filing bankruptcy?













Stephd710
by Silver Member on Apr. 24, 2013 at 4:37 PM

Yes, I havent been able to make any payments on my student loans because of all my other debt and the house, so it would be nice to get rid of all that so I can start paying on the student loans finally!  I just keep putting them in forbearance but I will have to pay eventually! 


Quoting amonkeymom:

You're welcome!

It is pretty common, especially with the economy being as it's been the last few years.  It's definitely not something I ever expected to do, but am really glad that I did.  I was able to go into my new life without all of that shared debt, not having to be responsible for things my ex did/spent, etc and I've become a lot more responsible financially (not to say you're not already, but sometimes it's necessary).  

And, like another member said... once you have an attorney you can send out a letter to all of your creditors or tell them over the phone that you have started the procedure and give them your attorney's name and legally they cannot contact you again in an atttempt to collect.

Quoting Stephd710:

I guess its not as big a deal as it used to be then huh?  LOL!  I know a lot of people have to do it after divorce so its more common these days. Thank you for the info!  


Quoting amonkeymom:

When my ex & I filed bky (before our divorce was finalized) I was able to keep my car by signing something that stated that I intended to keep it and continued to make timely payments.  

I think other loans would go under the bankruptcy, with the exception of student loans which must be repaid regardless.  When we filed, it discharged debt from our foreclosed house, all credit cards (including store cards) and a line of credit we had as a second mortgage thing too.  You'd have to talk to an attorney or paralegal to find out what else you can keep.  I was able to keep my cell-phone plan as well as my car.  My ex kept his car (which was paid off) and was even able to turn around and trade it in for a newer vehicle a few months after the bankruptcy was discharged.  It's been 2 1/2 years now and I'm in the process of purchasing a new house at 3.5% interest, so my credit has definitely bounced back.

Quoting Stephd710:

I told him before I wanted to do that. He begged me not to.  I said I would think about it, well ive thought about it and i want out.  Im planning on talking to him again this weekend when he drops the girls back off.  

I thought about that too, but I owe on my car, i am making my payments on time and dont want to lose the car in a bankruptcy because I know I wouldnt be able to buy another one for awhile if I do file.  I have no idea how it work either. Do you get to pick and choose what falls under the bankruptcy?  Can I do just the house and my credit card or do ALL my loans go under it no matter what?  


Quoting amonkeymom:

Have you told your ex that you are considering abandoning the house and letting it go into foreclosure?  He may change his tune in that case since it will affect his credit as well as yours.

Have you considered filing bankruptcy?









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