the loan that we have is $35,000 but cannot pay it anymore so we are thinking if we can file bankruptcy only on that loan & save our house but there is the grant deed on our home from the loan. please advise
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you can save your home by filing bankruptcy, but I am not sure what a grant deed is. But I believe that bankruptcy saves your home and it wouldn’t matter what kind of deed that you have.
2005 Bankruptcy Act took this option away from you.
If your income is low enough, you may be able to file a total dissolution bankruptcy, but I believe you lose your house.
Else, all the bankruptcy will do is renegotiate all your debt and you still end up paying for 5 years.
Isn’t taking another job an option? Can’t you find a way to cut your expenses? (Cable, food, phone(s), subscriptions, eating out, anything?)
Can’t you talk to the lender and see if he can reduce your payments and extend the term?
Go talk to a bankruptcy attorney, most give free consultations, and find out what options are available to you.
You have to hand over incase of that.They can give you some time.
you are confusing things. Suggestion……….DO NOT file BK.
I will guide you on how to get back on your feet;
35 yrs ago, I was that close as well and chose to eat eggs for
1 yr, eggs and soup and 2 jobs a day, I earned my way out
of financial trouble.
if you want to know how to get going again, I can help guide you;
nothing to sell you.
No to be mean, but are there two of you working? Or, is that suppose to be $350,000? On a home loan of $35,000 the payment should only be around $209.00 per month, that is like 104.50 ea. Where are you ? The best thing you could do is keep your home and get the bank to work with you on a modification. What ever you do, do not hire someone to do it for you, they charge too much and you can do it yourself. There is a video on http://www.mortgageeliminatorgroup.blogspot.com that teaches homeowners how to save their homes and what to do and say! Never let any real estate go, it is the best investment no matter what the crazy media says! And…as for the Grant Deed, even if you file BK, the Grant Deed will have to be paid, the BK just stalls the bank from taking your home away.