Re: Mortgage/foreclosure help

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Posted by Janie on September 22, 2004 at 10:53:11:

In Reply to: Mortgage/foreclosure help posted by Virgil Walden on September 22, 2004 at 08:08:25:

Are you saying you voluntarily dismissed the Chapter 13, the trustee dismissed it, it was discharged, you converted to a chapter 7. Give us more detail. That effects what kind of refinancing you will receive receive.

: I am located in Alabama. I have had a rough last couple of years. I was laid off of two jobs, had a mortgage in MN and one here in Alabama. I had to file a Chapter 13 in March 2003 to stop foreclosure proceedings on the house here and the other house in Mn was given back to the bank. I am currently unemployed again. I have a house and 25 acres of land that is split in like a 80/20 mortgage through Homecomings Financial. One paymetn of $1300 per month and the other $600. I originally paid $200k for the place in 1999 and in 2001 it was appraised at $225K, I don't know what it is worth now. I think I owe about $205K. I want to combine the loans and re-finance or sell the place and get me 5 acres and a Manufactured home somewhere, maybe in TN, since I live a mile from the line. I just need to get out from under this payment and get something within our means. Not to mention the older you get the house and 25 acres can be hard to keep up. So I am looking for some advice as to what I can do. Having let that other house go and the Chapter 13, I don't know if there is anything I can do. The credit is shot. Oh well! Being laid off is something I surely didn't plan and I still have 6 others depending on me. I need some help; any ideas? Thanks

: Virgil

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: Are you saying you voluntarily dismissed the Chapter 13, the trustee dismissed it, it was discharged, you converted to a chapter 7.  Give us more detail.  That effects what kind of refinancing you will receive receive.



: : I am located in Alabama. I have had a rough last couple of years. I was laid off of two jobs, had a mortgage in MN and one here in Alabama. I had to file a Chapter 13 in March 2003 to stop foreclosure proceedings on the house here and the other house in Mn was given back to the bank. I am currently unemployed again. I have a house and 25 acres of land that is split in like a 80/20 mortgage through Homecomings Financial. One paymetn of $1300 per month and the other $600. I originally paid $200k for the place in 1999 and in 2001 it was appraised at $225K, I don't know what it is worth now. I think I owe about $205K. I want to combine the loans and re-finance or sell the place and get me 5 acres and a Manufactured home somewhere, maybe in TN, since I live a mile from the line. I just need to get out from under this payment and get something within our means. Not to mention the older you get the house and 25 acres can be hard to keep up. So I am looking for some advice as to what I can do. Having let that other house go and the Chapter 13, I don't know if there is anything I can do. The credit is shot. Oh well! Being laid off is something I surely didn't plan and I still have 6 others depending on me. I need some help; any ideas? Thanks

: : Virgil


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