Re: Mortgage pymnt/bankcruptcy/foreclosure/HELP

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Posted by Emelita Hawley on September 20, 2004 at 16:23:14:

In Reply to: Re: Mortgage pymnt/bankcruptcy/foreclosure/HELP posted by Keith(CA) on September 20, 2004 at 13:41:59:

: #1 - If WaMu was not escrowing your property taxes, your lender is wise to begin doing so after you have missed a few payments. A property tax lien is typically senior to all other liens, including your mortgage. If the county forecloses on your home and sells it, your lender (WaMu) will lose their security...their lien will be wiped off the title and they then stand to lose a lot of money. In order to protect their security interest, WaMu has decided that it will make sure you never lose your home to a property tax foreclosure by forcing you to pay the taxes in monthly payments. The payments are escrowed until the tax bill arrives, and then paid out of that account (you won't be responsible for another lump sum tax payment unless WaMu doesn't escrow enough to cover the full bill).

: #2 - Forget about rescinding your mortgage. Despite repeated demands that evidence of even one successful rescission be made public, no such evidence has been forthcoming. You will be charged a fee up front whether or not they are successful...so you may as well spend the money in Las Vegas.

: #3 - Selling the house is an option if you just cannot afford it any more. A foreclosure is very bad on one's credit history. But a bankruptcy isn't very good on your credit history either. Since an automatic stay is granted the moment you file for a bankruptcy, wait until the last possible moment before filing. Pay attention to the notices if and when they start coming as one of them should eventually tell you when your home will go to auction. Try to get postponements and only use bankruptcy as a last resort (one or two days before the schedules auction would be good).

: Now, if you can afford the house but your only problem is that you cannot afford to catch up, then there may be other options open to you to get you back on track and keep you in your home. Take Janie's advice and go talk to a few bankruptcy attorneys to find out if staying on the Chapter 13 plan would work for you (but you can still use a bankruptcy filing to stall a foreclosure sale even if you aren't interested in following a bankruptcy plan).

: Cheers!
: Keith

Thanks Keith for the nice advice.
I cannot make any payments anymore as I have also problem getting a job. I love to keep the house but I cannot make ends meet. Kids got part-time job and we used all out credit cards cash to make mortgage payments. We are over the head with loans to all relatives. I think it is time to sell the house before it goes to foreclosure. I do not want to wait for that letters from WAMu telling me about the house is on foreclosures. My concerns now that if I file bankcruptcy, How many months can I sell the house, it is now winter here in WA. I just hope I can stay here up to the next summer then try to find a place to move.
If I sell the house, will I have limited time. I want to sell the house as commercial as their is money. But if I sell this as a house it is not worth a lot. I want to wait for a good offer.
I owe 110,000 on the bank and house is worth 350,000 in commercial sell but if it is only house for sell then it is worth only 250.000. I heard that in 2 more years it will be more money like 400 to 500,000 on this street where I live. Street is now commercialize.
Anyway I already filed chapter 13 last 2002 and 7 last may 2004. My credit history is already a mess and I don't care anymore. I am 52 years old. Thats is why I am also having problem finding a job. Discrimination??? maybe?? race??? maybe. I am a filipina.
My question: any limited time to sell the house in bankcruptcy 13.
emelita

: : Seattle Washington: I barrowed some money to my sister in law and I paid my two months late on my mortgage, then I also paid another 2 months in advance. What I did not know is that the bank(WA. Mutual) pay also my Real Estate Tax last October 2003 and April 2004 which is $1,800, they said I am now on escrow? I do not know what is that. Eventhou I place on the checks the payments is for September and October mortgage, they still place it as payme foreclose.

: : Need all advice and great HELP.
: : Emelita

Follow Ups:

• There's still time...consider a lease/option - Keith(CA) 20:50:18 09/20/04 (0)
• Re: Mortgage pymnt/bankcruptcy/foreclosure/HELP - Janie 17:02:08 09/20/04 (0)

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Comments:
: : #1 - If WaMu was not escrowing your property taxes, your lender is wise to begin doing so after you have missed a few payments.  A property tax lien is typically senior to all other liens, including your mortgage.  If the county forecloses on your home and sells it, your lender (WaMu) will lose their security...their lien will be wiped off the title and they then stand to lose a lot of money.  In order to protect their security interest, WaMu has decided that it will make sure you never lose your home to a property tax foreclosure by forcing you to pay the taxes in monthly payments.  The payments are escrowed until the tax bill arrives, and then paid out of that account (you won't be responsible for another lump sum tax payment unless WaMu doesn't escrow enough to cover the full bill).

: : #2 - Forget about rescinding your mortgage.  Despite repeated demands that evidence of even one successful rescission be made public, no such evidence has been forthcoming.  You will be charged a fee up front whether or not they are successful...so you may as well spend the money in Las Vegas.

: : #3 - Selling the house is an option if you just cannot afford it any more.  A foreclosure is very bad on one's credit history.  But a bankruptcy isn't very good on your credit history either.  Since an automatic stay is granted the moment you file for a bankruptcy, wait until the last possible moment before filing.  Pay attention to the notices if and when they start coming as one of them should eventually tell you when your home will go to auction.  Try to get postponements and only use bankruptcy as a last resort (one or two days before the schedules auction would be good).

: : Now, if you can afford the house but your only problem is that you cannot afford to catch up, then there may be other options open to you to get you back on track and keep you in your home.  Take Janie's advice and go talk to a few bankruptcy attorneys to find out if staying on the Chapter 13 plan would work for you (but you can still use a bankruptcy filing to stall a foreclosure sale even if you aren't interested in following a bankruptcy plan).

: : Cheers!
: : Keith

: Thanks Keith for the nice advice.
: I cannot make any payments anymore as I have also problem getting a job.  I love to keep the house but I cannot make ends meet. Kids got part-time job and we used all out credit cards cash to make mortgage payments. We are over the head with loans to all relatives.  I think it is time to sell the house before it goes to foreclosure. I do not want to wait for that letters from WAMu telling me about the house is on foreclosures. My concerns now that if I file bankcruptcy, How many months can I sell the house, it is now winter here in WA. I just hope I can stay here up to the next summer then try to find a place to move.
: If I sell the house, will I have limited time.  I want to sell the house as commercial as their is money. But if I sell this as a house it is not worth a lot. I want to wait for a good offer.
: I owe 110,000 on the bank and house is worth 350,000 in commercial sell but if it is only house for sell then it is worth only 250.000.  I heard that in 2 more years it will be more money like 400 to 500,000 on this street where I live. Street is now commercialize.
: Anyway I already filed chapter 13 last 2002 and 7 last may 2004.  My credit history is already a mess and I don't care anymore.  I am 52 years old. Thats is why I am also having problem finding a job. Discrimination??? maybe?? race??? maybe.  I am a filipina.
: My question: any limited time to sell the house in bankcruptcy 13.
: emelita


: : : Seattle Washington: I barrowed some money to my sister in law and I paid my two months late on my mortgage, then I also paid another 2 months in advance. What I did not know is that the bank(WA. Mutual) pay also my Real Estate Tax last October 2003 and April 2004 which is $1,800, they said I am now on escrow? I do not know what is that. Eventhou I place on the checks the payments is for September and October mortgage, they still place it as payments for my real estate tax. Can they do that? ALSO, they place another installment plan to my mortgage, and advance pre-payment plan for my real Estate Tax, so my mortgage paymnets now is much higher. 
: : : Instead of feeling secure for two months, now I am depressing about foreclosure. Now I am two months behind again and I have not heard from the bank.  This is the third time I am behind payments in a year, I can only barrowed money to relatives then I paid off the late mortgage payments. As of now, I do not know if they are in process of foreclosure because the second time I am behind payments they sent me a foeclosure letter which says it will be process, I did barrowed money and I pay them. Now I am behind again. 

: : : Here are my question:
: : : 1. Can they change my payments even thou I place it on a specific month? Like payments for september 2004 and october 2004.
: : : 2. This recision, can I do that? I refinance my house in 1998.
: : : 3. I been thinking of selling the house, and file bankcruptcy against the house if foreclosure letter comes. Did the bank will tell me how long it will be in the market? like one year or 6 months, I must sell it or they will foreclose. 

: : : Need all advice and great HELP.
: : : Emelita


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