posted on Apr, 19 2012 @ 01:33 PM
I can commiserate, because my home goes to Trustee Sale in mid-June. Due to medical expenses of similar family challenges, we were credit-counseled
to declare bankruptcy in 2007. I had a decent-paying job at the time. However, my employer later shut down (2008 economic debacle), and I had no
luck obtaining a job at even half of my previous salary. Just try to get a decent job while you are bankrupt. Nope. This society, and how it's
enslaved via corrupt one-sided systems, makes a leper out of you when you're bankrupt, regardless of education, experiences and past successes. Out
of work for over a year, applying to over 240 jobs, we quickly ran dry of any financial resources. Bankruptcy takes most of everything and puts you
on a payment plan to the Trustee. Forget getting ahead; car went away through repo, just yummy stuff in crescendo.
When we missed 3 payments to Bank of America/Countrywide, they triggered the foreclosure clause. They said "just keep paying what you can; we'll
work with you." I didn't buy it, having had close friends do just that and then be blind-sided by BOA. We tried multiple times to get them to
renegotiate the mortgage and refi, but they said that I'd have to get a new job with twice the income to qualify. Until I did that, not really a
point bothering them they said. Our paltry income wouldn't accommodate making house payments at their established rate, so we stopped altogether if
BOA wouldn't negotiate. We continued the rest of life as best possible, and it took them over 2 years to start the foreclosure proceedings (economy
and housing market is that bad -- big glut ahead of us). We took care of the house as owners, while still living there the whole time.
The first documentation starting hitting our mail and FedEx by October 2011. Sheriff sale is mid-June 2012. You do the math. That means that yes we
lost a ton of equity, credit already ruined by the bankruptcy, but we still lived a near-normal life without mortgage payments for 3 years. We tried
everything to save the house, but there was no negotiating with them. That was enough time for both kids to graduate high school with some sense of
normalcy. Because of the laws of the state in which we live, all the mortgage company can do is recollect the house at the Sheriff sale. Any and all
back payments, interest, penalty, etc are theirs to eat. It could have been different, and they'd have gotten more money in the long run. But to
them, it's about control and one-sided power in a contract.
When we walk in mid-June, we will officially have no debt. Nada. Oh, and we exit bankruptcy one month later, too. I go forward much more wary and