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foreclosure whats next?
hey guys my friend is in desperate help 10 points best awnser, in saline county of arkansas my friend lost his house its being put up at the court house tommorow what happens next? please give me detail information how long does he have to file chapter 7 since he has no assets to keep them from garnishing his wages he works making 8 dollars an hour and if they garnish him he will struggle he is already paying child support and living with his parents because he cant afford to live on his own hes bring home like 250$ a week struggling he has to pay bills like his car note food diapers etc. please give him step by step info on what happens after his foreclosure he also cosign with a x girlfriend so he learn his lesson about cosigning but tell him what happens next step by step i like to show him yahoo awnsers is a good place, additional info on the foreclosure he quit paying on it in feb of 09 and now its like 160 days late his credit says foreclosure in proceedings but i dont know what else to tell him he live in arkansas and in benton and he was told they could sale the house that he owes 80,000 for 30000 for 40000 somthing the house was built in in 1969 and its a frame home he bought it in 2006 if we dont have all the info let me know and i will email you whatever you need to know but he doesnt have the money to file bk but he will save up the law firm told him they usually dont sue people but he got it through US BANK and they told him that judgement is next so he is so scared hes going to have to file bk like right after they sale his home please give us all the info you know
2 months ago - 1 answers
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First check if the foreclosure is judicial or non-judicial. It is likely to be non-judicial since the borrower is basically insolvent and it costs more and takes longer to file for a judicial foreclosure. If it is non-judicial, the lender will have to sue within one year to get awarded a deficiency judgment. Most lenders will not sue since an insolvent borrower can file for chapter 7 bankruptcy after the judgment is awarded but before a garnishment is awarded. Therefore suing usually just ends up costing the lender more. www ... Tell you friend not to worry because if a judgment is awarded (unlikely), he can then file for chapter 7 bankruptcy which will stop any collection. Also since your friend is working for near minimum wage, most if not all of his salary is exempt from garnishment. So basically he is judgment proof anyway.
by Mike
2 months ago
Asker's Rating: 