I am a North Carolina Resident. I filed Chapter 7 bankruptcy 2 years ago (September) and my mortgage was included in my bankruptcy. However, I continued to stay in my home and pay my mortgage on time every month. I have just been cut down to part time hours at work, so I just missed my first mortgage payment on August 1. How long will foreclosure take, and what is the timeline?

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I was not informed of the possibility of a sale until 12/5/07 and then only by email, which gave me only three-business days notice I did not know what to do, To make it worse she left the office early that Friday at 1:30 and they could not be reached over the weekend per their email. Every phone call I made from 12/5/07 on was delayed by the office telling me to hold on as they “must contact the lender and get back to me” they even stopped returning my calls on the day of the sale. While on the phone waiting to hear from the lender; he is auctioning off my home. Currently 150k in equity I was only behind 9k. I believe they did this to lead me on until the sale was over.
I was told there were no other bidders and my lender bought my house for himself. Now my lender wants to rent my house
help.I was delinquent on my second mortgage and I do not dispute any fault on my part for being in this position I was lied to by the lender. Help
as I stated I was current on the first. they didnt send proper notice. Every phone call I made from 12/5/07 on was delayed by the office telling me to hold on as they “must contact the lender and get back to me” they even stopped returning my calls on the day of the sale. I believe that they did this to lead me on until the sale was over. On the day of the sale I had a friend contact the lender as she was ignoring my calls and she claimed to my friend that she had never made any offers to me and had informed me of the pending sale when I gave her the 00.00 on 11/14/07, that lying (^&%$#@!). I also asked for 2 extra days and payment would have been in full.
Im not asking for pitty just understanding.
The bank told me as long kept my first mortgage current we would be able to do a forbearance agreement without notice they sold.

Technorati Tags: amp, bidders, business days, email, first mortgage, forbearance agreement, phone call, second mortgage

Will the second mortgage holders come after you or be able to put something (other than a foreclosure) on your credit like a judgement? Would they be ale to garnish wages or do anything crazy like that in the future? The reason for two loans was a first and second (100% loan) was used to purchase the home. The value dropped and the foreclosure auction will only be enough to cover the first mortgage. BTW this is for a friend so don’t bother asking to buy the property because I am looking into it, thanks!

Technorati Tags: first mortgage, foreclosure auction, judgement, loans, mortgage holders, second mortgage, wages

My exhusband is not paying the equity loan and it is destroying my credit. I want him to refinance both the first mortgage and equity loan, but he says he cannot afford it and with this market there is no equity to buy me out. Can I force him to refinance? Most likely he will be denied because of his very poor credit history. At that point can I force the sale of the house?

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I have a judgment against me from the second mortgage holder on an investment house I bought that was foreclosed on. The first mortgage company foreclosed and sold the house (in Nevada) at auction. The second mortgage company didn’t get settled thru foreclosure because of some law in Nevada so they came after me and won the judgment 120K. Now they have garnished my wages and I am barely making it (Single income, three kids high rent in So. Cal) I do not have ANY assets, and do have large credit card debts and reside in California. I was asked if the judgment was non-dischargeable- it does not say non-dischargeable.
Is it my only solution to go bankrupt(not credit consultation nor counseling)
1) I’m not sure if I which chapter I should file under.
2) I do not have money for a highpriced lawyer- what are my options? (I have found flat rate attorneys and cut rate bankruptcy specialists)
3) What questions should I ask of prospective legal help before I commit to one service/attorney?
Oh, more info, the home was bought on little down with our very good credit. There was no equity in it but was in an area of high rising appreciation (three years ago). But one day the developers of the housing tract lower the prices of the newest tract accross the street. They cut the price of the new identical homes by 100,000 dollars. We found our investment home devalued by 100,000 overnight and had aprox 90k in negative equity. We were previously renting it for a 300.00 a month loss- banking on quick equity by appreciation.

Technorati Tags: assets, attorneys, auction, bankruptcy, counseling, credit card debts, credit consultation, developers, first mortgage, Foreclosure, judgment against, lawyer, legal help, money, mortgage company, mortgage holder, negative equity, second mortgage, three kids, wages

I am going to be going into foreclosure and have a few questions for you all.

I have a second mortgage on the property. When the house sells at sheriffs sale, there is no way it will sell for even the amount of the first mortgage. What happens with the second mortgage?

Do I have to leave all the appliances? We replaced every single appliance in the house when we moved in. Do we have leave all the new ones?

How long does the process usually take?

Technorati Tags: appliances, first mortgage, Foreclosure, second mortgage

My husband and I own our own service business and business has slowed therefore making our income rather low right now. Our biggest expense is our house payments. In order to keep our business we need to lower our personal expenses. We currently have a first and second mortgage. My question is, if we talk to our first mortgage lender and get them to agree to do deed-in-lieu of foreclosure, do we have to get the second mortgage company that is a different company to agree to do this also? Or would the first mortgage company buy out the second mortgage to sell the property? I’m just not sure how this all works.
Thanks for any advice you can give me.

Technorati Tags: deed in lieu, deed in lieu of foreclosure, different company, first mortgage, mortgage company, mortgage lender, personal expenses, second mortgage, service business

A house in my neighbourhood is being foreclosed and auction notices were posted in local paper. I found 2 public notices for 2 auctions. The first auction is for the second mortgage, and the second auction, a week later, is for the first mortgage.
How could that be?
If I bid on the first auction ( second mortgage) and win would I own the house?

Technorati Tags: auction notices, auctions, first mortgage, neighbourhood, public notices, second mortgage

The owners are 3 mos on first mortgage and 4 on second and time is running out. The property is in AZ.

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Total I brought the house for 87000 and I owe about 85000 total between the two mortgages. First mortgage has an itnerest rate of 9.5% and the 2nd is about 12%. Is this a good time to refinance. In total I am paying between 750-800 a month (not including taxes or homeowners insurance) should I refinance.

Technorati Tags: first mortgage, good time, homeowners insurance, insurance, mortgages