foreclosure

[billandted]

What is the name of your state? OH
I just lost my job and most likely not be able to find a job that will pay my bills. I was a truck driver with a union company and I pretty much live check to check. My bills total $2800 a month not including gas and food. I have to car payments and a house payment. One car is negative equity (owe $24000, car is worth $12000). I also overpaid for my house $125,000 and a realestate agent just told me my house is worth $95,000. I will not be able to get another truck driving job because of my driving record for at least three years and there is not too many jobs that pay $35 hr. What should I do? What will happen?

[seniorjudge]

Call the lender on your real estate. Have a good talk with them; if you are not yet delinquent, they may be able to work something out with you.

[HUD-1]

Call a HUD-approved non-profit housing counselor for advice. 800-569-4287 punch in your zip to get a counselor near you or go to [url]www.hud.gov[/url] If you are not able to get a job in the near future that will allow you to pay the mortgage, then retention options are out the window and you may have to approach the lender about a pre-foreclosure sale (short sale). First, talk with a housing counselor to go over your situation.

[billandted]

If the house forecloses and they sell it for less than what I paid do I have to come up the difference? This difference could be almost $50,000 as some home value websites list this house for only $78,000. What about the car since there is a $10,000 difference. I have no money in the bank or a job. Will they garnish my wages for the next 30 years to pay all this back? Sue me? I declared bankruptcy back in 2001 so I can't do that again for another few years.

[moburkes]

Originally Posted by billandted

If the house forecloses and they sell it for less than what I paid do I have to come up the difference? This difference could be almost $50,000 as some home value websites list this house for only $78,000. What about the car since there is a $10,000 difference. I have no money in the bank or a job. Will they garnish my wages for the next 30 years to pay all this back? Sue me? I declared bankruptcy back in 2001 so I can't do that again for another few years.

Yes. I'm not sure what you mean about the car. It won't be part of the foreclosure. Yes, they could eventually attempt to garnish your wages. If you filed a Ch 7, you can still file a Ch 13.

[billandted]

I meant the car repossessed. What should I do before I start getting behind. I found a job that pays $17 but thats not going to pay my bills. Would it be better for me to let the house foreclose and cars be repossessed or file chapter 13 before these things happen. I have a interest only house loan and my payments are scheduled to go up next year. I read some information on chapter 13 but I was wondering how they figure the payments. My cars still have 5 years of payments left so how is chapter 13 going to help? Does chapter 13 lower the payments? Does it lower the house payments based on what I can afford? Does all the payments come back to haunt me after the bankruptcy's 3-5 year payment plan is over?