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Old 09-16-2009, 05:56 PM  
Dayze Dayze is offline
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Bankruptcy - anyone gone through it?
well, after a 12 month fight with our mortgage company and creditors; exhausting all savings; cashing out 401ks; stopping 401k contributions.....

it appears the end is near. We are being foreclosed upon 10/15/09.

our lender has being jerking us around for 5 months with a loan modification and I was informed today by the VA that even if the mod is approved, it will likely be a very miminal impact to our monthly commitment/cashflow etc.

Anyone have any suggestions, opinions on the matter? It's really tough right now.

Thanks guys/gals.

Dayze
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Old 09-18-2009, 10:25 AM   #46
R8RFAN R8RFAN is offline
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The great thing about bankruptcy is you can't buy jack shit you can't afford anymore...
Screw a FICA score pay cash
Good luck to you, you are not alone, many are in the same boat as you.
(not directing this at you but) Too many people are buying shit they can't afford and the best advice I can give to you is don't make the same mistakes twice

100% debt free (including the house) since 04/09
I make 6 digits a yr got damn near that much in my checking acct
I drive a 1000 dollar Mazda pickup truck everyday and can afford a 40k Truck
I live in a 1500 sq ft house but I could have afforded a 3000 sq ft
I have a Platinum card which carries a 0 balance
I could easily live off about 1200 bucks per month...

Life Is Good
Good luck to you,Not bragging,I sincerely hope you are in the same boat as I am one day, I am not rich but I have everything I want and need, life will get better for you if you don't make the same stupid mistakes you made to get in the situation you are in now.

Again, Good Luck
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Old 09-18-2009, 10:36 AM   #47
Skip Towne Skip Towne is offline
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Quote:
Originally Posted by R8ers View Post
The great thing about bankruptcy is you can't buy jack shit you can't afford anymore...
Screw a FICA score pay cash
Good luck to you, you are not alone, many are in the same boat as you.
(not directing this at you but) Too many people are buying shit they can't afford and the best advice I can give to you is don't make the same mistakes twice

100% debt free (including the house) since 04/09
I make 6 digits a yr got damn near that much in my checking acct
I drive a 1000 dollar Mazda pickup truck everyday and can afford a 40k Truck
I live in a 1500 sq ft house but I could have afforded a 3000 sq ft
I have a Platinum card which carries a 0 balance
I could easily live off about 1200 bucks per month...

Life Is Good
Good luck to you,Not bragging,I sincerely hope you are in the same boat as I am one day, I am not rich but I have everything I want and need, life will get better for you if you don't make the same stupid mistakes you made to get in the situation you are in now.

Again, Good Luck
You make 6 digits? I thought you were a truck driver.
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Old 09-18-2009, 10:41 AM   #48
Bugeater Bugeater is offline
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Quote:
Originally Posted by Skip Towne View Post
You make 6 digits? I thought you were a truck driver.
He's counting the two to the right of the decimal point as well.
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Old 09-18-2009, 10:47 AM   #49
MTG#10 MTG#10 is offline
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Originally Posted by Skip Towne View Post
How is your cheating whore of a wife? Anything new in that deal?
Not really.
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Old 09-18-2009, 10:54 AM   #50
Over-Head Over-Head is offline
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Quote:
Originally Posted by Bugeater View Post
He's counting the two to the right of the decimal point as well.
As a former long haul driver this one hit home
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Old 09-18-2009, 10:54 AM   #51
Great Expectations Great Expectations is offline
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Truck drivers often think they make more than they do. They forget to deduct their expenses when telling you how much they make.
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Old 09-18-2009, 10:56 AM   #52
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Originally Posted by Great Expectations View Post
Truck drivers often think they make more than they do. They forget to deduct their expenses when telling you how much they make.
I don't know why anyone would ever feel the need to tell anyone else how much they make. Whenever someone starts bragging about how much money they make, especially on the internet, I assume they're lying.
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Old 09-18-2009, 11:03 AM   #53
Skip Towne Skip Towne is offline
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Quote:
Originally Posted by Over-Head View Post
As a former long haul driver this one hit home
He's not even long haul. He just piddles around for Fed Ex. And he lies too.
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Old 09-18-2009, 11:07 AM   #54
R8RFAN R8RFAN is offline
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Quote:
Originally Posted by Skip Towne View Post
You make 6 digits? I thought you were a truck driver.
I am a LTL LINEHAUL truck driver for FEDEX and we average over 75 per yr to 90 ... then I own a big trucking website I make money on

OTR driving pays nothink like LTL
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Old 09-18-2009, 11:10 AM   #55
R8RFAN R8RFAN is offline
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Originally Posted by Skip Towne View Post
He's not even long haul. He just piddles around for Fed Ex. And he lies too.
We are meet drivers which means we meet another driver halfway I take his freight back to my domicile, he takes mine to his
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Old 09-18-2009, 11:16 AM   #56
R8RFAN R8RFAN is offline
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Originally Posted by Great Expectations View Post
Truck drivers often think they make more than they do. They forget to deduct their expenses when telling you how much they make.
I am home every night, I have the same expenses of anyone on about any job....

Lunch Money
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Old 09-18-2009, 11:18 AM   #57
R8RFAN R8RFAN is offline
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Originally Posted by Bugeater View Post
I don't know why anyone would ever feel the need to tell anyone else how much they make. Whenever someone starts bragging about how much money they make, especially on the internet, I assume they're lying.
I understand the internet bragging stuff, but I also understand the internet envy stuff too
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Old 09-18-2009, 11:22 AM   #58
Dayze Dayze is offline
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I definitely want to get to a point where I’m debt free.

The real kick to the onions with this deal is we did everything right 3 years ago when we bought the house. We only borrowed about 65% of what we qualified for etc. It just sucked bad when I had to take a job paying 40%less per year; and by the time I got the job, we had racked up debt; . It took every bit of unemployment simply to pay the house payment; my wifes income covered the other secured debt; gas, food, even some utilities had to be put on credit.

I want to get past this; begin restore credit (hopefully only restoring late pays etc and not a foreclosure) and get out of unsecured debt. Then only enter into a small practical home.
Our current house is nice, but too big for the two of us anyway.
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Old 09-18-2009, 11:28 AM   #59
R8RFAN R8RFAN is offline
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Quote:
Originally Posted by Dayze View Post
I definitely want to get to a point where I’m debt free.

The real kick to the onions with this deal is we did everything right 3 years ago when we bought the house. We only borrowed about 65% of what we qualified for etc. It just sucked bad when I had to take a job paying 40%less per year; and by the time I got the job, we had racked up debt; . It took every bit of unemployment simply to pay the house payment; my wifes income covered the other secured debt; gas, food, even some utilities had to be put on credit.

I want to get past this; begin restore credit (hopefully only restoring late pays etc and not a foreclosure) and get out of unsecured debt. Then only enter into a small practical home.
Our current house is nice, but too big for the two of us anyway.
Friend, restoring credit is not your first priority, there is no shame in renting until you are financially capable of being a home owner.

If you spend your life worrying about a FICA score, you are spending your life worrying about what to put on credit next..

I did it before, I was up to my ass once before, thought I deserved this or that just because I worked, then I realized I deserve nothing I couldn't pay for.

Now when I buy a car, it's cash, a boat it's cash or anything else I want... My credit score is falling like a rock because I have no debt and I am no longer important to them unless I am paying payments and debt...

I could care less about credit, it's good for one thing... To buy a house at a decent rate, other than that they can keep it.

Bank your money, save up 20-30k while u are in bankruptcy... when you are able to buy again, put the big payment down to avoid PMI then get a 15 yr note that is no more than 25% of youy NET household income per month

can I ask you what the % of your NET income the house payment is or was?
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Old 09-18-2009, 11:30 AM   #60
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Quote:
Originally Posted by Dayze View Post
I definitely want to get to a point where I’m debt free.

The real kick to the onions with this deal is we did everything right 3 years ago when we bought the house. We only borrowed about 65% of what we qualified for etc. It just sucked bad when I had to take a job paying 40%less per year; and by the time I got the job, we had racked up debt; . It took every bit of unemployment simply to pay the house payment; my wifes income covered the other secured debt; gas, food, even some utilities had to be put on credit.

I want to get past this; begin restore credit (hopefully only restoring late pays etc and not a foreclosure) and get out of unsecured debt. Then only enter into a small practical home.
Our current house is nice, but too big for the two of us anyway.
Your story is all too common. What I like is your attitude through this, that you're looking to the future and have hope. You will recover and make a great future for yourself largely because that's your attitude. Obviously you recognize all the hurdles you have to success, though.

My wife and I never went through foreclosure, but we did have to move out here from Texas (I lost my job) and we couldn't sell our house in TX. We lived in a small apartment and had about $20,000 in debt. We took a class called "Financial Peace University" through our church (Dave Ramsey) and started taking the right steps. Budgeting, Emergency Savings, Debt Snowball, 3-6 months savings, insurance, investments, giving, etc...and now we still struggle but we only have about $1,500 in debt, our car is paid off, we own a home (which in Southern California is not easy...well wasn't), and are moving forward.

I can't imagine how tough this is for you guys and I really am sorry to read...but you'll get back on your feet again.
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