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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Filing and declaring BK are the same thing (NR) Posted by Tom on March 24, 2008 at 12:29 AM In Reply to: Don't fret just yet posted by Troy on March 21, 2008 at 5:32 PM : Mike, unless you can come up with the money to bring your 2nd current you may want to consider filing bankruptcy in order to receive an 'automatic stay' and thereby have your foreclosure auction postponed. Then, with a little breathing room you can figure out what to do next. : Of course, "filing" (as opposed to officially declaring) bankruptcy will certainly effect your credit, but for the next few years that NOD has put a big enough dent there anyway. : I have 3 young kids myself and I realize there's just no place like home. Hang in there and take it 1 step at a time. Things may just work out after all. : Keep us posted, : Troy : : Help I'm running out of time! We have a second mortgage that fell behind by 60 days while we were trying to restructure our first mortgage. They filed an erroneous NOD because they did not recognize a payment we made and when brought to their attention, they just refiled the NOD a month later. We were successful with the restructure of our first mortgage but the company holding our second is unwilling to enter a repayment plan and wants us to pay arrears at the rate of 19.95% interest! Because our house was valued @ $570,000, even w/the bad market it still has a lot of equity. I have 3 daughters and my wife makes good money, but because of my job change, we're suffering. I know we probably have a case of preditory loan, but I just want to save my house,family, and life. Bewildered in San Diego. Follow Ups: Probably Just a Clarification Troy 12:45 AM, 03/24/08 (4) Misuse of BK Tom 1:43 PM, 03/24/08 (3) Show me the Love Troy 7:51 AM, 03/25/08 (0) Re: Misuse of BK Mike 7:45 AM, 03/25/08 (1) Get a good lawyer Troy 7:53 AM, 03/25/08 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Mike, unless you can come up with the money to bring your 2nd current you may want to consider filing bankruptcy in order to receive an 'automatic stay' and thereby have your foreclosure auction postponed. Then, with a little breathing room you can figure out what to do next. : : Of course, "filing" (as opposed to officially declaring) bankruptcy will certainly effect your credit, but for the next few years that NOD has put a big enough dent there anyway. : : I have 3 young kids myself and I realize there's just no place like home. Hang in there and take it 1 step at a time. Things may just work out after all. : : Keep us posted, : : Troy : : : Help I'm running out of time! We have a second mortgage that fell behind by 60 days while we were trying to restructure our first mortgage. They filed an erroneous NOD because they did not recognize a payment we made and when brought to their attention, they just refiled the NOD a month later. We were successful with the restructure of our first mortgage but the company holding our second is unwilling to enter a repayment plan and wants us to pay arrears at the rate of 19.95% interest! Because our house was valued @ $570,000, even w/the bad market it still has a lot of equity. I have 3 daughters and my wife makes good money, but because of my job change, we're suffering. I know we probably have a case of preditory loan, but I just want to save my house,family, and life. Bewildered in San Diego. [ 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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