When to File For Bankruptcy?

[Yanqui]

Ok, I have been told that my second home will be auctioned; or sold in April, and I was on the phone all day trying to get help.
I'm done. I started this like everyone else when I was not behind, and had great credit, and a job. I received no help until I was behind, and my credit ruined.

My hardship was due to cardiovascular surgery, and a bad realtor. I needed time to recouperate, and find another job.

They first offered me a forebearence which raised the payment after a 90 day grace period. I refused that because it would not matter with the wages I earned, and the amount of money I lost in the value of both homes. I should not have even bought the second home if it wasn't for the realtor going in as a silent partner and going to pay me back at closing eighteen thousand dollars. No matter right? It's done, I was stupid.

So then I was offered and signed modification for a 40 year loan at 4.5. Great! If I was working and didn't need another surgery.

Made two payments and can't go on and missed December payment. Go RED WHITE and BlUE!! [sarcasm]

So I want to keep my primary which is a rental now, and that lost one hundred thousand in value, and expected to lose another 20%. Since my credits destroyed I don't see ever being able to buy another home for at least ten years so when would be an ideal time to file for BK in Arizona ?

[Moe Bedard]

Yanqui,

That would require the consult with a BK attorney that is versed in the foreclosure laws in your state..........so that you can go over what would put you in the best financial postition to move forward. BK consults are usually done for free.

[Yanqui]

Thanks ***, I just thought I'd start the BK thread to follow my other saga.
It's just a matter of time now. I'm so burnt. I feel like ------- and was thinking outloud. The renters lease is up in April so I'm good there. I was thinking about just playing around with countrywide and dragging it out for them.

[Moe Bedard]

I hear ya there..............

I hope it all works itself out for you soon.......


Keep us posted on the bk saga here......