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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Keep your home by living within your means. Posted by Ward-CA- on January 10, 2002 at 6:59 AM In Reply to: Keeping your home filling bankrupcy in Missouri posted by Gary on January 08, 2002 at 5:38 PM : My sister has 3 kids and is about $15,000 in debt. She is behind on the house payment. She has her name on everything. Her soon to be husband ( who is the father of the three kids ), walked out. She is considering bankrupcy, but can't afford to consolidate her debt because she does not make enough after child care, heat, house payment, etc. Is there another way to file and for her to keep the house? Her lawyer said flat NO. She is lost and I am searching the enternet for help before they foreclose. =•=•=•=•=•=•=•=•=•=•= Gary, ultimately nothing will cure a foreclosure situation except money. To us in CA $15,000 in debt doesn’t sound like very much, but I guess it’s relative to one’s income too. The one question I have is, if your sister wipes out her unsecured debts in a Chapter 7 bankruptcy action will that leave her enough money every month to make the house payment? The acid test of long-term, mortgage affordability is that one’s monthly income should be 3 times the monthly amount of the mortgage. How does that fit your sister’s situation? Is the house large enough that she could take in a room mate willing to pay $300 in rent? Your sister is lucky she has a brother like you who’s worrying about her situation and trying to find a solution for her. Good luck to the both of you. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : My sister has 3 kids and is about $15,000 in debt. She is behind on the house payment. She has her name on everything. Her soon to be husband ( who is the father of the three kids ), walked out. She is considering bankrupcy, but can't afford to consolidate her debt because she does not make enough after child care, heat, house payment, etc. Is there another way to file and for her to keep the house? Her lawyer said flat NO. She is lost and I am searching the enternet for help before they foreclose. : =•=•=•=•=•=•=•=•=•=•= : Gary, ultimately nothing will cure a foreclosure situation except money. To us in CA $15,000 in debt doesn’t sound like very much, but I guess it’s relative to one’s income too. The one question I have is, if your sister wipes out her unsecured debts in a Chapter 7 bankruptcy action will that leave her enough money every month to make the house payment? : The acid test of long-term, mortgage affordability is that one’s monthly income should be 3 times the monthly amount of the mortgage. How does that fit your sister’s situation? Is the house large enough that she could take in a room mate willing to pay $300 in rent? : Your sister is lucky she has a brother like you who’s worrying about her situation and trying to find a solution for her. : Good luck to the both of you. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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