Ok so this is what happened. Back in July of last year my home was to be foreclosed, however I decided to file Chapter 13 bankruptcy and kept my home. I got behind on my mortgage payments again due to medical reasons, and now my home is scheduled for auction on Feb. 10 of this year. I called my attorney today and he stated that we can do a loan modification to keep the home. He stated that I would have to come and fill out the paperwork for the modification. My question is what is a loan modification? How does the process work? Will my payments remain or lower? I know this is a lot of information however I am really confused as to how all this works. Will I be able to keep my home?

however my attorney has stated that we can do a loan modification to save our home. How does that process work? I thought after a foreclosure sale is posted that was the end.

OK, so for the past 3 months or so, I have been planning to rent my friend's house. The story was that she's been wanting to move out for a long time so we would be doing her a favor by renting it. She was giving us a low rent compared to what we would pay in that area, so it seemed like win win. We were just going to take over and pay the amount of her mortgage. She just told me today that she is thinking about letting the house go to foreclosure, but we can still rent it until we get settled in the area. She said, "You guys can have it for at least 2 months, and if it goes into foreclosure you may even have extra time." Now about the 2 months, that's what we had agreed on initially, like 2 or 3 months, because that's all we would need to get settled in to the city and find another place. This is the first she has mentioned of foreclosure, so I'm just wondering, what the heck is going on? She mentioned something about keeping the house until the bank notifies her or something. What could possibly happen to us? I was counting on having a little while to find a new place before we moved out. Is foreclosure like eviction? Will someone come, knock on the door, and say, "Get out!" I have 2 kids and I can't let that happen to me. This is cut and pasted from her e-mail to me. "We are going to let the house forclose, but it doesn't mean u can't stay here. Our plan was to stay here till the bank tells us to get out. Instead, I will let u stay there to rent until someone notifys us. This will give u time to get on your feet in CA. But the forcloser thing we are still thinking about.But for sure u guys can stay there, for at least 2 months until things r figured out, it might buy u more time if that happens. I hope it all make sense."

I co-signed on my mom's mortgage to help her get a loan. I was naive going into this -- completely new to the process, and believed it when I was told by the broker that I could be taken off the loan at any time (I'm filing a complaint with the Attorney General for that). Well... mom couldn't afford to pay back the loan, the foreclosure process has begun, and now she's talking about filing for Chapter 7 bankruptcy. By her filing for chapter 7, I would be the only person left standing to pay for a house that I don't even live in. I've already spoken with two attorneys -- one said they'd try to get my name off the loan and I never heard back. The other said I should sue her to force a short sale, and said the bank probably won't go after me for the difference. I'm really getting the shaft on a deal that was supposed to help my credit. What can I do to come out of this as squeaky clean as possible, without regard to mom? NOTE: I apologize to those of you who like to be the one to provide the moral or lesson to each story, but I'm ok in that department. I already know the moral of the story. BTW: I live in Illinois.

I filed Chapter 7 bankruptcy over a year ago and was granted the discharge. It was granted with intent to keep my house/mortgage (payment was very high-which allowed for a chapter 7 and not chapter 11). I never signed a reaffirmation agreement with my lender and the house is at an adjustable rate (currently at 9%) and i have fallen several months behind. The balance owed on the home is almost double the value. My question is: If I walk away, am I responsible for the difference in value--or am I covered from Chapter 7? What about the premise of me granted chapter 7 because of the large mortgage payment--will I be responsible for paying back some of the other debt because I dont have the mortgage payment--or is that all done with since chapter 7 was already granted? Thanks for any help (losing a lot of sleep!) thanks!--that is correct, I never signed a reaffirmation agreement and never went to court for reaffirmation. I did reaffirm my Automobile for which I had to go to court to reaffirm. Also, I called my lender and they had told me that I would not be liable for the difference of $ because of the chapter 7 and the fact that we never agreed to a formal reaffirmation. Now the hard part is to find a rental with a bankruptcy on file.

Is there a website where I can find Bank/Real Estate Foreclosures in Detroit, MI?? I've been to a few websites, but you have to sign up for a trial, and I don't want to do that. Is there any website I don't have to sign up for a trial? Can someone please help me! It's very urgent. -Thank You

So i see adds all the time about Stop Renting Get you're foreclosed home now kinda stuff but I'm wondering if it is just like renting and if its more expensive anything that can teach me a little bit about foreclousures would be helpful.

Do I need to respond or wait for a Notice of Hearing? We can't afford an attorney or we would make the damn mortgage payment DUH. This site has gone downhill. I'm asking for a knowledgeable answer not sarcasm or put downs. If you tell me what I need to file I will type the form myself and personally file it on Monday. I need to know the name of the form. Thanks jslinder I found a Response to Motion for Summary Judgment online and used that format to type my own reply. I am a legal secretary but our firm doesn't do foreclosures and I'm to embarrassed to talk to any of them about it. There was no instructions on the Motion as far as responding; the bank is only requesting final judgment. I also found some incriminating evidence against Wachovia online and how they are turning people away and not helping and I'm attached that as an Exhibit in my response. Wells Fargo bought them out and they don't want to do anything but Wells Fargo will inherit the mess and start a new loan mod program in the next couples months for troubled homeowners and I'm asking that the court not make a final judgment until we're given a fair chance with that program. I'm filing Monday morning!!

What are the pros and cons please be specific. thank you Id like to know what to expect whenver buying my first house.

do you think that our credit system will be useless in a few years? Considering so many will have bad debts, foreclosures etc.?

looking to buy govt. foreclosures for pennies on the dollar

I have been interested in foreclosures for the longest time but never decided to research further or take advantage of the market. Because it is a good time to buy I was hoping someone out there can offer some advice (in addition to the recent research I've been doing). Because I don't know much about the process I will throw around a couple terms I've heard lately: REO, gov't tax lien certificate sales, title & bankruptcy search, property inspection, and HUD foreclosed. I wanted to try a tax lien certificate but after doing research I'm seeing that this may not be the best way for me since I am so inexperienced. What is the best way for me to purchase a foreclosure and how do I get started? How long does the process generally take? Is there a way that I can see the property before bidding at an auction? If a property is a REO then I should be able to see the property before purchasing, right? Last question, When can I get the property inspected and a possible appraisal (before or after the property is bought)? Whomever reads and answers this question, thank you in advance! I know this is a long question but I am serious about buying a foreclosure and doing the research necessary to attain this goal. Thank you.

my mother's house was foreclosed during the summer and it impacted my entire junior year. college applications ask you to write about a significant experience and its impact on you. would this be a bad choice?

I am needing to move out of state (MI) to pursue a job. The house I own currently is way under water (I owe much more that what I can sell it for). From what I understand about short-selling the house, the difference in the selling amount and amount owed will be considered taxable income, and I will need to pay taxes on that amount (adding salt to the wound). It seems to me, that if I am not concerned about my credit rating, and since I will effectively be handing the bank back their property anyways, foreclose may make more sense for me now. How will foreclosure affect me? Can they put a lien on my savings account? On my wages? I may want to walk away from my house via foreclosure, but I am unsure of how this will practically affect my life.

We are going to try to do a short sale. I'm not going to go into details of the problem.. I just want to know a few things. If we do a short sale, will we have to pay the difference? For instance, if our loan is $156,000 and it sells for a lot less will we be responsible for the difference? I read something about having to file a special tax form at the end of the year. What is it and what does it mean? What if the house goes into foreclosure? Will we be sued or have wages garnished? We own two homes. I know that the one we are currently living in could have a lien put against it... is there anything else that we should be prepared for(other than obviously hurting our credit)? I live in Michigan.

i own a 1 bedroom, 1 bath condo in SW FL. In 2005 it appraised for $183K and I paid $172K. My new husband and I are now ready to start a family but unable to in our tiny space. The units in this complex are now selling for around only $100K. (the unit directly below me is in foreclosure and the bank is selling it for $85K). Is just walking away from it our only option? I morally don't feel right about doing this but we can't be here for another 5+ years to wait for the market to pick back up. Anyone have advice besides renting it out? (we can not recoup enough rent $$ to pay the mtg).

Mortgage companies hire peope to do "drive past" inspections on homes that are behind on mortgage and potentially going into foreclosure. They do this to see the condition of the house, if it is abandoned or lived in.. Does anyone know what this job is officially called? Tammy T....we are behind on our mortgage and are catching up but I found out that the mortgage company is doing drivebys using a third party to visually inspect the house. We are being charged a fee everytime they do this. Do you still think it is the same thing. Thanks, Tina