We spoke to an attorney regarding Chapter 13 BK, but?

We own six properties and one of them is up-side-down and the other two
have a some equity in them. (3 of them have good equity in them and there is no negative cash flow)We have tried to sell but to no avail.We really don’t want to file a Chapter 13 because we are in our early 60’s and I do not want to go back to work for the next 3 to 5 years. We are on Soc. Security and retirements. I don’t mind going back to work for another year or so, but not what a Chapter 13 would expect.We mostly borrowed against our properties to try and keep things going and our Credit Card debt in around $20,000 and actually could borrow many thousands more on them to keep us going until the market picks up to sell and then pay them back?
Where can I get some help with the mortgage lenders where we are 6
weeks late and other kind of help besides Chapter 13?
I would contact the lenders themselves and ask what they can do with you. I think that they would be very willing to foreclose on the property once you are really late. Not sure of their cut off.

Otherwise, I would say, if you want to keep the properties, you should be looking for work to make the money to afford them. What made you go into buying real estate in such large quantities initially? Just my curiousity. I always wonder what makes people go out and buy large amounts of real estate. I have enough work taking care of my own home, let alone trying to take care of several others. Though, a vacation home would be nice if we could pay for it outright. You know, a condo by the beach or something.

Anybody have any other thoughts on reducing ones living expenses? we don’t eat out, we don’t go on vacations, all of our furnishings were obtained used some years ago. The gas pump and the grocery store bills are killing our budget and seriously delaying our debt repayment. A load of groceries that used to cost $60 was $140 last week.
Have you kept track of every single penny spent for at least 30 to 60
days? We do that regularly and it’s always an eye opener. I think most
of us have leaks here and there that we aren’t aware of but if you
track every penny they show up..and quickly! It takes us 2 to 3 days
to find them. From there, stopping the leaks is another matter.

Also, what did you get at the store for $140? Grocery is one of the
easiest categories to cut for most people. Even in times like these!

Im not sure how many people are in your family but heres a few things
we do to help our budget, maybe you can find some useful tips in here:

  1. Sit down and plan each week of meals and only buy what you absolutely
    need to buy. you also may want to look into purchasing meat from a
    farmer vs the store since store prices are so high (we have a hobby
    farm so we raise all our own meats)
  2. as for gas pumps it is sadly only going to get worse, see if there is
    any way to car pool with someone near you. make a list of things you
    need to buy and only make 1 trip a week.
  3. if you can: if you have both a home phone and cell determine which is
    better and rid of the other til you can offered to have both.
  4. keep electric costs down by lighting candles or oil lamps and
    unplugging anything not in use. people dont realize that if something
    is is plugged in and not “on” that it still using electricity.
  5. turn the temp down when you go to sleep or work so you are not using
    heat when its not necessary.
  6. have time limits on showers
  7. wash clothes but hang to dry or wash and dry clothes only in the
    evenings and never on weekends when its peak times.

    I hope some of these will help you out! good luck

Chapter 7 and foreclosure

I am currently in Chapter 7 and the mortgage company has been granted
a motion by the court to foreclose on my house as of last week. I am
five months behind in payments.Can I prevent foreclosure if I can get the money to catch up on my
mortgage payments?

Also, what is the foreclosure process? I live in Pennsylvania. What
notifications do you receive from the court, mortgage company, state
etc.? How much time do I have to get out of the house or does the
sheriff just show up and take the keys and evict you without any
previous notification?

I can’t find a place to live and have two children, one graduating in  June from high school. The kids don’t know anything about this yet. I’m scared to death.

If your attorney can not advise you on the timing of these things,
you need to find another attorney. They should have all these
answers for you. I know in my state, I have a 30 day notice after a
sale of any kind. That would come in written format from the sheriff.Hope this helps, all states are different, try calling your courthouse or sheriffs office to get details if your attorney can’t help you. O I forgot to mention, if you roll over to a chapter 13 you can keep your house. You can roll over up to the day of foreclosure and still keep your house. You have to pay the arrears over a 3 to 5 year plan. Did you contact the mortgage company yet? If not, do so. You should have contacted them at 3 months behind when they first started the process. They might reconsider if you do pay all the back payments. With so many in foreclosure, they’d rather have the money. You may have to pay penalties such as lawyer fees etc.

As luck would have it, I may be able to help. I just got off the phone with my mortgage company and I, too, am five months behind. I politely asked them if I could make extra payments to catch up and they agreed that could be fine. They’ll have to see the payments, he said, before they remove the default and there may be some legal fees (whatever, as long as I’m allowed to catch up). I’m fortunate that I have a little extra money coming in this month and am able to do this. Give the mortgage company a call, remain calm (that’s my biggest challenge), and see what they say.