fbowiecounty
Junior Member
What is the name of your state? TEXAS
My husband and I were "forced" to file bankruptcy back in November in an attempt to prevent the foreclosure on our home or atleast by us some time so we could sell the house. Our home was financed with a balloon note at the end of three years. This was the second three year span with a balloon note. The house appraises for approximately $55,000 or more. The payoff on it was only $20,900. The banker claimed that they would not be able to refinance us and we would either have to finance elsewhere or pay the balance of the note. No one would refinance us because the amount was so low. They only finance if the amount borrowed is $50,000 or more or the appraisal is $70,000 or more. It was also immpossible to do because the loan cannot be for more than what our original mortgage amount was which was only $29,000 which meant we could not finance the house for $50,000. We filed Chapter 13. The meeting of creditors was scheduled in a town an hour from our home, we went but it was rescheduled. I went to our attorney to see if I could get papers verifying that my physician was listed in the bankruptcy so that I could go to my doctor and while I was there he told me that the bank who my house had been financed through disputed his plan for us to pay $750/month and won. He said we would have to pay close to $900/month for 3 years and the first payment was due in a week! We never received anything showing what we would have to pay or who we pay it to. There is no way we can afford this much, maybe when my husband has a good month, but there is no consistency to his pay or work schedule. I am disabled and only receive $494/month from disability, my husband is self-employed. Our taxable income for 2004 was a little less than $16,000. We own less than the allowable total liquid assests. I had a truck that was financed through a tote the note car lot, but they repossessed it three days ago after being granted the motion for relief from stay. Since the house was in the foreclosure process when we filed for bankruptcy there was not anyone we could make the house payment to and still is not. I called the attorney today and asked if I could change from Chapter 13 to Chapter 7 since the truck was gone. I hoped the payment would be less so that we could afford it and save our house. I was told that the truck and house are dismissed from the bankruptcy and that the house will be foreclosed on and there was nothing we could do. I do not understand any of this. Why did they set a payment amount that was obviously immpossible for us to pay? Why can't I change to Chapter 7? I really do not feel this is right. Can you give me any information that might help? Thank you so much for your time and any future assistance with this very important situation.
My husband and I were "forced" to file bankruptcy back in November in an attempt to prevent the foreclosure on our home or atleast by us some time so we could sell the house. Our home was financed with a balloon note at the end of three years. This was the second three year span with a balloon note. The house appraises for approximately $55,000 or more. The payoff on it was only $20,900. The banker claimed that they would not be able to refinance us and we would either have to finance elsewhere or pay the balance of the note. No one would refinance us because the amount was so low. They only finance if the amount borrowed is $50,000 or more or the appraisal is $70,000 or more. It was also immpossible to do because the loan cannot be for more than what our original mortgage amount was which was only $29,000 which meant we could not finance the house for $50,000. We filed Chapter 13. The meeting of creditors was scheduled in a town an hour from our home, we went but it was rescheduled. I went to our attorney to see if I could get papers verifying that my physician was listed in the bankruptcy so that I could go to my doctor and while I was there he told me that the bank who my house had been financed through disputed his plan for us to pay $750/month and won. He said we would have to pay close to $900/month for 3 years and the first payment was due in a week! We never received anything showing what we would have to pay or who we pay it to. There is no way we can afford this much, maybe when my husband has a good month, but there is no consistency to his pay or work schedule. I am disabled and only receive $494/month from disability, my husband is self-employed. Our taxable income for 2004 was a little less than $16,000. We own less than the allowable total liquid assests. I had a truck that was financed through a tote the note car lot, but they repossessed it three days ago after being granted the motion for relief from stay. Since the house was in the foreclosure process when we filed for bankruptcy there was not anyone we could make the house payment to and still is not. I called the attorney today and asked if I could change from Chapter 13 to Chapter 7 since the truck was gone. I hoped the payment would be less so that we could afford it and save our house. I was told that the truck and house are dismissed from the bankruptcy and that the house will be foreclosed on and there was nothing we could do. I do not understand any of this. Why did they set a payment amount that was obviously immpossible for us to pay? Why can't I change to Chapter 7? I really do not feel this is right. Can you give me any information that might help? Thank you so much for your time and any future assistance with this very important situation.