Michelle_80118 asked:


My Uncle wanted to start a small water company and didn’t qualify for a loan. Since my parents have already paid off their house, he asked them if he could use the house as collateral. My dad didn’t want to have anything to do with it- but after months of nagging he finnally gave in. Now my Uncle is not paying the bills, and the lender is coming after my parents threatening foreclosure. My Uncle is not answering his phone so I Googled his name and found that he just recently filed for Bankruptsy (Chapter 13). Does anyone know how this would effect my parents? Do they have a leg to stand on?

Starting K asked:


Please give suggestions on allowing our home to go through foreclosure or other means during our Chapter 13 process. It has become very apparent that we are unable to afford it and is part of our total money outlay problem. Not sure we can sell this property and get out from underneath the total payoff amount.

Also, what would happen if we sold the home for less than the payoff? Is foreclosue an option. Sounds painful. Need and appreciate all help with this situation.

need help asked:


I filed chp. 13 bankruptcy a few months back and now want to surrender my house. I owe more than the house is worth and cannot afford the mortgage payment. I am current on the mortgage payments and the bankruptcy payments. Will this be a foreclosure on my credit? Also, how long will have to wait before I am able to get another mortgage? I understand that FHA will be the only lender who would even consider a mortgage a few years after bankruptcy.