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Posted by Mike - Texas on May 29, 2003 at 19:51:38:
In Reply to: PLEASE HELP;NEED ADVICE!!! TEXAS posted by sally on May 26, 2003 at 23:30:36:
Sally -
Let me see if I can answer your questions and possibly advise you.
1. First, possibly a deficiency judgement can be placed against you if the sale price at foreclosure does not meet the current obligation. But in the state of Texas they cannot garnish your wages. In about a year after the judgement contact the lender and offer 10% of the balance. You will probably settle for around 30% - better than 100%!
2. I am not an attorney nor am I giving you advice. But if I were in your position, I would stop payments immediately as you already know you are losing the home. If not posted for foreclosure yet, it will take at least 60 days to get the posting which is the first Tuesday of each month at the county courthouse. I would definitely file bankruptcy about five days before the foreclosure date - this will buy you another 60 to 90 days of "free" living and an opportunity for you to save money - sorry I know not the advice you want to hear. But you are young and although bankruptcy stays on your credit for 7 years (not 10) most lenders will look at you again after 2 years for a possible loan if you continue to make prompt payments and both of you have good jobs.
I never liked mobil homes and consider them to depreciate the same as a car. Next time after all the smoke clears, but a real house. The best of luck to you.
Mike - Texas
I live in Texas and my husband and I bought a mobile home about a year ago. Our home is in a mobile home park. We have decided to let the home go and let the lender foreclose. We are currently two payments behind and have already set up a payment plan w/the lender, but I don't want to send anymore money to them if we are going to let the home go. We have been struggling to pay our mortgage, but it's simply not worth all the stress we're having to endure. We have "absolutely no interest" in keeping the home. I am a student working part time and my husband's hours have been cut back severely. If our home goes into foreclosure will there be a law suit filed against us, and if so will we be obligated to pay any kind of fees or show up in court? I do not want to file for bankruptcy and I understand the foreclosure will stay on my credit for 7-10 years. Will the lender keep trying to contact us in order to collect money owed? We are both young and have no interest whatsoever in buying a house within the next 10 years. Any info would be greatly appreciated. Thanks in advance
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