My mom and my step dad have declared bankruptcy one or two times in the last 10 years. My older brother now lives with them because his health hasn't been so great for some time. Needless to say their credit isn't so good after filing for bankruptcys. Now I hear the bank has gone to foreclose their home and they say to us, their adult children that they have their lawyer working on it but don't tell us much else. My parents havent made such great choices about their money in the past so we are pretty skeptical. Not only that a majior reason why they are in this finacial hell is because my step dad fell for an internet e-mail scam. I and my brother am trying to help them as much as we can with our own practical smarts but they haven't told us any details so far. From what we gather my parents could be housless come Febuary. What can be done to help them legally and, or what would you do about all this?
2006-12-05 16:27:55 · 5 answers · asked by B 6 in Business & Finance ➔ Credit
I don't know what form of bankruptcy they have filed this time.. but they say they will be required to pay all of their bankruptcy debts off and keep up with all of their incoming future bills they will have too.
2006-12-05 16:30:31 · update #1
Step dad works two jobs one as a school janitor and the other as a large route news paper carrier. My mom is on disability. My older brother also works but he is the one who has been sick (and even though its not HIV or AIDS he may also be ill for years to come too) is now working at a Taco Del Mar.
2006-12-05 17:32:55 · update #2
Man, that is a bad situation. I would suggest chpt 13, as it would allow them some time to get back on their feet, but they have to keep making them payments to the courts!
2006-12-06 05:40:35 · answer #1 · answered by Anonymous · 0⤊ 0⤋
For a very similar situation a found a great solution at: CREDIT-AND-FINANCE.COM-
RE What can a lawyer do in Washington state to stop a home foreclosure in my mom's situation?
My mom and my step dad have declared bankruptcy one or two times in the last 10 years. My older brother now lives with them because his health hasn't been so great for some time. Needless to say their credit isn't so good after filing for bankruptcys. Now I hear the bank has gone to foreclose their home and they say to us, their adult children that they have their lawyer working on it but don't tell us much else. My parents havent made such great choices about their money in the past so we are pretty skeptical. Not only that a majior reason why they are in this finacial hell is because my step dad fell for an internet e-mail scam. I and my brother am trying to help them as much as we can with our own practical smarts but they haven't told us any details so far. From what we gather my parents could be housless come Febuary. What can be done to help them legally and, or what would you do about all this?
2014-10-12 09:09:57 · answer #2 · answered by ? 1 · 0⤊ 0⤋
Your most important debt is the mortgage. Keep in mind the law prevents lenders from profiting on foreclosure sales so the bank really doesn’t want to sell your home. Selling real estate is not their business. But lenders don’t want the situation to deteriorate any further either—so you need to move fast and show them you have a program that will negate the need for that forced sale. And that program will depend on your location, your lender and your circumstances.
You need to get some guidance fast, more info here:
2006-12-07 05:31:43 · answer #3 · answered by sunshine25 7 · 0⤊ 0⤋
Have your parents contact the local Consumer Credit Counseling Service (CCCS) for a visit which is free of charge.
CCCS can bring some financial clarity to the situation, PROVDED YOUR PARENTS ARE WILLING TO BE TRANSPARENT about therr current finances.
CCCS will also provide some options, one of which might be another bankruptcy filing.
Finally, you must understand that you can NOT always save your parents from themselves.
Do as much as you can without enabling them. They may suck you into their vortex of chaos and confusion.
2006-12-07 08:59:51 · answer #4 · answered by DaMan 5 · 0⤊ 0⤋
there are ways to remedy this situation, your first step should be to Contact a HUD-approved housing counseling agency
http://ebooks.interkeys.com/howto/avoid_foreclosure.htm for more info on how to possibly prevent this foreclosure.
2006-12-07 06:49:26 · answer #5 · answered by Anonymous · 0⤊ 0⤋