Surprise! Surprise! Bankruptcy / Foreclosure? - Posted by JeneanNC
Posted by JeneanNC on February 01, 2000 at 16:05:16:
I signed a contract with the sellers of the SFH I previously posted about last night. The FMV is $120K. The loan balance is $81K. The sellers agreed to transfer the deed for $4,000 cash to move on and allow me to continue to make payments of $947/mth.
They just completed a bankruptcy in Nov. 99. Then in Dec. 99 they entered into another one also chapter 13. Becuase the payments were going to be so great, they decided to let their house go into foreclosure.
They thought that they were in the rears for two to three months ($2,922 total Dec., Jan. Feb.). Well I contacted the lender today and they said the rears is $25,000!! plus Attoney fees. The loan was turned over to the foreclosure attoney friday 01/28.
The lender said the rears are from May 98 until now. How can someone complete bankruptcy and still have a rears?
I don’t understand bankruptcy and foreclosure laws. I was told that a person that completed a bankruptcy could not re-enter into another bankruptcy for at least another six months upon completing the first.
We requested the loan payoff and total rears outstanding. The lender said that the rears would be added to the payoff, which would make his house now 106K plus. The sellers still need $4,000 just to move, (total 110K to still make this deal happen).
What should I do now?? Help, newbie in trouble…