What should I do if my home is in foreclosure? 22 Answers as of August 25, 2011

Apparently you stopped making house payments. Bring the loan current and you will avoid foreclosure. You can use chapter 13 if you need time to do it, but you still have to make the monthly payments and then some to get caught up.

You may wish to live in the house until the foreclosure sale is pending and then move out. The filing of a bankruptcy petition will eliminate your obligation for any deficiency balance resulting from the foreclosure.

There may be a number of options available to you. One option is a to file a ch. 13 bankruptcy, which would allow you to take all of the past due mortgage arrearages and place them into a repayment plan over a 3-5 year period. This would require that you have a sufficient income in order to make payments into the ch. 13. While you are in a ch. 13 and making payments, the bank cannot foreclosure on your home and is required to comply with the 13. It's important to note that this option would not alter your mortgage payment at all. Instead it only helps you with the past due amount but does not provide any payment relief and does not change your mortgage terms. If your mortgage is no longer affordable to you due to the loss of income you are experiencing, and you still have some income to work with each month, then you may be able to qualify for a loan modification, maybe even one that is through the MHA or HAMP program (government loan modification programs). I would highly recommend that you contact us or someone who is very experienced in these areas and who can provide a free initial assessment of options to you upon reviewing your overall financial situation. It may be the case that some kind of combination of loan work out and bankruptcy may be the best way to go, but I would recommend contacting someone who has the experience and knowledge you need.

Your situation depends on what you want to do with the home and whether you have a second mortgage. You can save the home by filing Chapter 13, or let it go to foreclosure and then file Chapter 7 to discharge any second mortgage.

You may be subject to liability for a deficiency. If the sale price of the home by the Public Trustee is not equal to or exceed all amounts due and owing, including attorneys fees and costs, AND you signed the promissory note and deed of trust, the foreclosing party may seek to collect from you personally. Contact an attorney immediately to determine alternatives to foreclosure and negotiate with the foreclosing party.

Bankruptcy is an option you may want to consider if you expect there to be a deficiency after sale of the property that you could be liable for. I would check first with a real estate attorney and possibly a tax attorney to assess your potential liabilities first before deciding if you even need to contemplate bankruptcy.

Need way more information. To stay in the house long run you have to be able to pay the mortgage. If you file a Chapter 13 bankruptcy you will be able to make up arrears over time, but you will have to catch up. If you cannot afford the mortgage you will eventually have to move. If you file a Chapter 7 you can buy some time, sometimes quite a bit of time, before you have to move. Chapter 7 will also discharge your home mortgage debt so you will not be liable for deficiency if your house sells for less than your debt.

First attempt to request paperwork for a loan modification. Look up 'QWR' next And find a local attorney to help

First of all, see a divorce lawyer. You are the legal father of that child. That is a huge problem that will be very difficult to resolve. That is your most serious problem. Second, see a bankruptcy lawyer as to options about foreclosure.

That depends on your goal. What steps do you need to take to do what? Keep the home? Then file a chapter 13 before the foreclosure sale.