foreclosure

Im guessing if they got 4 mortgages that they are probably through some high interest bs mom and pop company who will try to take all of their shit. They need to open another bank account..if they still can.

 

I think she's still lying to you. Only two months behind? About that time you start getting more calls from the mortgage company, not a sheriff knocking at the door. The process takes longer.

 

Filing bankruptcy will stop all that stuff. Of course that would wreck their credit.

 

Agreed. This will be an ugly situation for them.

 

Yep, no way they are just two months behind. I'm guessing more like 5 or 6.

 

Sounds like they've already done that.

 

It will but depending on their age, that may ensure they never buy another house (which honestly isn't necessarily the worst thing in the world it sounds like).

Regardless, filing bankrupty will end the short-term pain and will quiet many of them (almost guarantee they will still get some calls though that is technically illegal if they file bankruptcy) but they still haven't changed their behavior. Without behavior change, they will be right back at the same spot 5-10 years from now.

jb, you need to look at their most recent mortgage statement and try to find out the details through that. Sheriffs don't come calling after two months.

 

ya'll really think they are more behind then they are saying?

When i talked to my mom's husband, he said his thinking was to get into this rental house, then tell the bank, "look, you didn't have to send the sheriff's out and you won't have to go through all this other paperwork" just give em the house and they will be done with it.

I just don't think it's going to work like that. He sounds like he has really fucked up his family and he's grasping for straws. And i tell ya, this stuff is getting to him, he's getting meaner and meaner and he's always been somewhat of an asshole. This is one reason i can't get real answers out of them is because he gets angry over everything. It's one reason i didn't want to be around when they were in their frenzie moving all their shit to this rental house.

 

http://www.realtytrac.com/foreclosure-laws/foreclosure-laws-comparison.asp

 

Thanks Dave, i've been reading over all of this. Don't know what some of the stuff means but i'm learning more than i knew before.

I really think they've made a huge mistake by moving out (abandoning) their house!