Need Help ASAP Please.

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LoanSafe Member
Jan 29, 2010
The Bank turned down our loan modification, they decided to foreclose on our property of 26 years. My husband and I are both over fifty right now. I went though sheer hell with the Bank to get our first loan modification, it was being paid on time then out of blues, he got no work for two months and a steep drop in salary for six months.

He has a very passive aggressive personality, unable to accept that he did not turn out to be the success he wanted to be so he directs his anger towards me. He once owned his own contracting business, he worked with a building firm, consisting of a architect, a builder and a guy who brought in customers to have their houses built.

He never paid any attention to me when I told him he was limiting himself by only working with these guys that he needed to get into contact with other builders and widen his options and stop being so dependent on these guys for regular work. Just as I predicted they broke up, and he was left on his own. His workers left him and he was deep in debt.

Fast forward to now, the bank only decided to take our request for a second mortgage because the State we live in has a Foreclosure Conference Law in which the Bank and the homeowners are required to work out a settlement before the bank forecloses on the house. The Bank turned down our second modification application stating that they did not see any "significant improvement in his monetary situation". Meaning they want us to have at least $2,000.00 on hand after business and home expenses are deducted.

Right now he has six judgements against him, our banks accounts have been frozen and once again like back in 2009 he does not want to declare bankruptcy. He sees it as a personal failure. I had to go to the lawyer by myself since he refused to go. The lawyer said we might qualify for Chapter 7 since we are neck deep in debt and our incomes are too low. Here is my problem.

At the second Foreclosure Conference he told the referee and the Bank's lawyers that things were looking up, that he expected things to turn around in a couple of months, so they decided to give him extra time to show this. This man insists on talking about the 'next big job' that he expects.

I want to file bankruptcy but I am also afraid that the bank will withdraw their offer of letting him have a couple of months to catch up and go for immediate foreclosure if they hear of the bankruptcy. Would someone, anyone, please, please tell me if my filing bankruptcy would hurt our chances of keeping our house?

It is an old house, needs lots of repairs to the roof and many other parts, but it is where I raised my kids and I am deeply attached to it and would like to spend my remaining years there. The rent where we live is over the top. There is no such thing as affordable apartments or houses for rent. The possibility of moving out of State is not an option.



LoanSafe Guide
Jun 18, 2009
SF Bay Area CA

Thanks for your well written and easy reading post. I'm sorry to hear of your travails.

Missing information we might find useful is your state, your home's value, the lender, and approximate loan balance.

I may be wrong, but I'm almost certain you can file your own BK case without jeopardizing the mediation agreement which gives him more time.

But, as I'm not a lawyer, I recommend you conduct further research and / or consult with a good, experienced BK practitioner.