Can I File Bankruptcy after Foreclosure?

I am procrastinating, I have three more lines to fill in on my Bankruptcy forms. Three lines to freedom, I have been avoiding writing about it too. I am ashamed. I thought I could fix this with out bankruptcy…I felt like if I had to file bankruptcy after foreclosure I didn’t deserve the financial freedom I so desperately longed and worked for. I was wrong.

Lets start at last June- after my surgery and Bretts broken elbow and surgery the medical bills started pouring in, then we were hit with a brick (for lack of a better word). Our second mortgage was going to sue us for $75,000. Ouch. We started to search desperately, we had so many questions and so few answers. The first was…

Can I file bankruptcy after foreclosure?
Yes, Yes, YES!! Yes, you can, we are. Not only can we, but we will be getting rid of virtually all our debt. We don’t have student loans or IRS debt, which are both exempt from bankruptcy, so we don’t have to worry about that. Although the prospect of having to sell all our belongings (which are few and far between) to pay back debt makes me very nervous!

If I can file bankruptcy after foreclosure, which chapter do I file?
This was our next question, we researched and then decided we should be filing Chapter 7. Chapter 7 is also referred to liquidation case (hence my apprehension). Our lawyer basically broke it down like this- we would fill out forms HONESTLY and then we would be assigned a Trustee who would then decide what was exempt and non-exempt assets, based on a certain amount of equity in our property (furnishings, personal property, vehicles, life insurance, etc.).

Now that I know I can file bankruptcy after foreclosure, who do I contact?
I called every bankruptcy lawyer in the Denver/Boulder area and decided on a lawyer in Erie. He seemed to know his shit and had the confidence I lack in this situation. Bankruptcy lawyers definitely vary in price, the can cost at little as $900 and as much as $3000, ours is about $2400, he seems really well versed in our type of situation so we opted for him.

Can I file bankruptcy after foreclosure and ever buy a house again?
This was my final question, which was subsequently answered in a packet of papers from our attorney- we are looking roughly 4-7 years before we qualify for a loan again, hopefully since we will be debt free and living frugally we will be able to save a decent down payment by then.

Our bankruptcy still makes want to cry, it makes me nervous and I have a lot of anxiety surrounding it. This doesn’t mean it isn’t the right choice for us right now, it is. It means I haven’t done this yet and I am afraid of the recovery or what it will look like for us in the future. Honestly I am kind of scared to be debt free, I am afraid I may make the same bade choices again and forget all that I have learned. I most likely won’t because I am such a freak now, but one never knows.

Full Disclosure…What This Means For You!

20 February 2013

This blog is a personal blog written and edited by me. For questions about this blog, please contact Samantha (coreysamjackson@gmail.com).

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This blog does not contain any content which might present a conflict of interest.

To get your own policy, go to http://www.disclosurepolicy.org

Okay, now that the legal jargon is out of the way lets talk about what this means for you, the reader…

It means more reviews and giveaways (read weekly!) it means that every week, I will review a company or product and they will proved you with a giveaway (most, anyway).

Even though I am receiving swag to be able to accurately judge and review companies, it does not mean I will not give unfair reviews.

If you are interested in sponsoring a giveaway please email me coreysamjackson@gmail.com

Meal Plan Monday

Now that school is out and summer is in full swing (just ask my kids who are spraying each other in the backyard and refuse to take a nap!) the insanity of meal planning has shifted from Friday to Monday and shopping happens on Friday. I try to do a bigger shop on the Friday of Coreys paychecks so that I have my basics squared away for the two weeks (I never shop for more than two weeks because if it is in the house it will get eaten).

This week was the second week of Coreys paycheck so I bought my *extras*. My Menu looks like this
Monday *breakfast* Waffles with strawberries *lunch* crackers with melted cheese and lunch meat *dinner* veggie fajitas
Tuesday *b* oatmeal with protein powder *l* PBJ *d* stir fries
Wednesday *b* pancakes *l* left overs *d* small group (We are taking mozzarella and tomato salad with sweet basil from my new herb garden)
Thursday *b* oatmeal with blueberries *l* cheese crackers and meat *d* shrimp and rice with mango
Friday *b* pancakes and grocery shopping
 I use this meal planner page and I frickin love them! I love her too!

My Grocery List
Milk (sw) 1.89
Frigo String Cheese (sw)5.99
French Bread (sf) 1.50
Scallops (sw) 10 (2 lbs)
Breakfast Sausage (sw) 2/6
Blueberries (sw) 3.99
Strawberry (sw) 5
potatoes (sf) 4
blackberries (sf) .88 (3)
total 41.00
sw= safeway
sf= sunflower
Safeway does 5 dollar fridays and is totally worth it for some of the awesome sales!

Foreclosure Questions

We’ve been trying for the last year to short sale our house, with no success. The bank foreclosed and sold the house at auction earlier this month. From those who’ve had this experience anything I should watch out for in the next year? I got a bill for over a thousand in property taxes – do I still need to pay that? Will the bank actually come after us for any of the money? I’m pushing hubby to talk to a lawyer so we can have some idea of what to expect as fallout because I have no idea.

And I am now a renter for life. Home owning sucks !

You wont be getting a bill for the house if the house sold for what you owe for it OR if you willingly left in a Cash for Keys situation.

If you have an outstanding Property Tax bill call the county and ask who is liable for it the case of a foreclosure

You dont need to talk to a lawyer, call HUD (housing and urban development) in your area and they will answer your questions

So, what does a 1099a mean?!

I finally grew some balls!
I started my taxes…and then I got to the 1099a and I googled, searched and maybe cried just a little.
Then I got the bright idea to call the IRS…I proceeded to sit on hold for like 2 hours and then the IRS lady walked me through it!! It was actually happy
It reports we foreclosed, we filled out a schedule D (not hard!) and I learned we owe…3,000 on our first mortgage so if we can get our second to drop it we are good and will pay back the 3k!!! And we don’t have to pay taxes 🙂
So all and all I totally didn’t need balls for that!

– Posted using BlogPress from my iPhone

And such is life….

Ah once again I find myself apologies to y’all for my lack of posting…so I am sorry. I was working all weekend and Emmer is having some wicked strange symptoms so off to the doctor we go this afternoon….which I will ofcourse be updating everyone with the outcome this evening :/ I hope it is my just being a nuerotic mama…she has a rare form of the flu 🙂 yay!
Well today I really want to go over our budget with everyone, where it is versus where I would like to see it at I feel like since this is a blog about going from foreclosure to frugal that we should discuss this at least a little bit 🙂 Let me start with I absolutely SUCK with a budget and as such I cut up my cards (debit) last night and trashed them! This is a huge step for me. We will be getting a prepaid debit and loading only enough for gas on it and then automatic payment from the online banking for all the bills and cash for the groceries, I am seriously hoping this will curb the spending. Because quite frankly I blow at the plastic money, I always have! Now give me a thousand dollars cash and I will have 700 at the end of the month LOL…
So here it is (and yes I know its bad)
Ideal Cash Flow Plan
4150 Monthly Income
Charitable Donations 400
Savings 280
Housing 1575
Utilities 400
Food 380
Transportation 600
Debts 400
Medical 115

Reality for this month
4150 Income
Charitable Donations 0
Savings 225
Rent 1575
Utilities 423
Food 700
Transportation 791
Debts 0
Medical 0
Misc 400
Total 4114 35 roll over to groceries for march
Thats PATHETIC!

its the exact same amount of money just distributed in a very ineffective manner 😦
Our goal for March is to pay insurance in full, pay bills (obviously) and rock the savings since we will be getting 500 off rent for three months…end/beg of each month I will be doing this to see how we do 🙂 and let you follow along! Please make your own budget and show me I would love to see what everyone else does 🙂

Now for a YUMMY thrifty treat!
Home Made Falafel
stolen from Epicurious
1 cup dried chickpeas
1/2 large onion, roughly chopped (about 1 cup)
2 tablespoons finely chopped fresh parsley
2 tablespoons finely chopped fresh cilantro
1 teaspoon salt
1/2-1 teaspoon dried hot red pepper
4 cloves of garlic
1 teaspoon cumin
1 teaspoon baking powder
4-6 tablespoons flour
Soybean or vegetable oil for frying
Chopped tomato for garnish
Diced onion for garnish
Diced green bell pepper for garnish
Tahina sauce
Pita bread
print a shopping list for this recipe

preparation

1. Put the chickpeas in a large bowl and add enough cold water to cover them by at least 2 inches. Let soak overnight, then drain. Or use canned chickpeas, drained.
2. Place the drained, uncooked chickpeas and the onions in the bowl of a food processor fitted with a steel blade. Add the parsley, cilantro, salt, hot pepper, garlic, and cumin. Process until blended but not pureed.
3. Sprinkle in the baking powder and 4 tablespoons of the flour, and pulse. You want to add enough bulgur or flour so that the dough forms a small ball and no longer sticks to your hands. Turn into a bowl and refrigerate, covered, for several hours.
4. Form the chickpea mixture into balls about the size of walnuts, or use a falafel scoop, available in Middle-Eastern markets.
5. Heat 3 inches of oil to 375 degrees in a deep pot or wok and fry 1 ball to test. If it falls apart, add a little flour. Then fry about 6 balls at once for a few minutes on each side, or until golden brown. Drain on paper towels. Stuff half a pita with falafel balls, chopped tomatoes, onion, green pepper, and pickled turnips. Drizzle with tahina thinned with water.

Read More http://www.epicurious.com/recipes/food/views/My-Favorite-Falafel-231755#ixzz1FJCwVYXg

The Finding Frugal Side of It and How Raw this Wound Really Is

So I was listening to pandora the other morning while getting ready, I heard this song Real and I was all that’s so touching until he sang a line Real is a little dream house with a big ole foreclosed sign…then I cried and I realized how real-ly raw this wound still is. I mean taxes are sucky and all but hearing that and thinking back to buying our house, wanting to grow old in it with my husband, bringing my babies home to that house (and having one in the loving room), watching my babies grow in it and seeing myself grow up in it…it was sad, hard and a relief to leave. But it’s still a raw wound

Now for the finding frugal side of things…I think I missed it 😦 I have spent soo much on groceries and I don’t know I almost feel like it’s not any cheaper to make it all myself! Healthier sure, but we will see on the first when we break it all down! It just is hard to see the whole picture from the bottom of the mountain (or is it a mole hill?)
On a lighter note anyone up for…


French Onion Soup!
Altered from allrecipes.com!
Ingredients
1/4 cup butter
3 onions, thinly sliced
1 teaspoon white sugar
1 tablespoon all-purpose flour
2 1/2 cups water
1/2 cup red wine
2 cans vegetarian broth
1 French baguette
8 ounces sliced Swiss cheese
Directions
Melt butter or margarine in a 4 quart saucepan. Stir in sugar. Cook onions over medium heat for 10 minutes, or until golden brown.
Stir in flour until well blended with the onions and pan juices. Add water, wine, and beef broth; heat to boiling. Reduce heat to low. Cover soup, and simmer for 10 minutes.
Cut four 1 inch thick slices of bread from the loaf. Toast the bread slices at 325 degrees F (165 degrees C) just until browned, about 10 minutes. Reserve the remaining bread to serve with the soup.
Ladle soup into four 12 ounce, oven-safe bowls. Place 1 slice toasted bread on top of the soup in each bowl. Fold Swiss cheese slices, and fit onto toasted bread slices. Place soup bowls on a cookie sheet for easier handling.
Bake at 425 degrees F (220 degrees C) for 10 minutes, or just until cheese is melted
Nutritional Information
Amount Per Serving Calories: 732 | Total Fat: 29.4g | Cholesterol: 89mg

This is an extremely filling soup I served it with Paninis and blueberry muffins with Brie centers topped with apricot glaze…I only did 1/4 cup servings to save on calories, leaving the entire meal at 500 calories (not cheap 😉 but it did provide me with left over lunch for a week

– Posted using BlogPress from my iPhone

Our journey through foreclosure

We haven’t always been in foreclosure…
Now that seems like a :duh: thing to say but it really isn’t; so many people hear about our foreclosure and think we have always been poor but that isn’t *entirely* the case.
I came from a relatively well off family. CJ came from a normal family with not much more than prayer and faith to give to their kids. We met when I was just barely 18 and he was 22. Shortly after that we lived together and a few months later I peed on a stick and there was a Jayden (actually two but one was re-absorbed). We got our own apartment (had been living with way to many male room mates :gross:). That apartment didn’t last particularly long because the hot water heater exploded causing black mold through out the apartment and me to go into labor at 32 weeks :think lots of time off work for Corey:
We moved into a lil 1 bedroom condo next. Not bad paid the rent a head of time and then my family started pressuring us to buy. So we looked. And we found a house. It was 4 bedrooms, 2 bath only 1,200 a month we could swing that!!! Yay!! So, off we went to a “family friend” who was a lender :wife was a co-worker of CJ: to get a loan! We were in a good place to buy a house I had just gotten my first trust (a sizable amount to put down on the house) we were getty but ready (plus we had been pre-approved and this amount was lower than our approval amount). Well he said 80/20 loan or bust. I wasnt signing the loan (no credit) and Corey eager to buy albeit uneasy about the situation signed…80% on a 2 year ARM rate mortgage), 20% on a balloon. So this was November 2005, in oh February of 2006 Corey lost his job (the beginning of the decline in economy) it was officially a recession. There were no jobs to be found and he applied every where. We lived off that trust for nearly a year and got married in this time period, too. We also became preggo with Brett in November of 2006. Well Corey landed a job (ish) at the mall…which didn’t amount to anything, we had nothing but we paid our mortgage on time, every month, even though in 2007 our taxable income was 12,000 dollars and our mortgage was 14,400. We often had just enough food to feed Jayden often neglecting my growing womb and sometimes without water or electricity 😦
Brett was born in August 2007 and something was wrong with him, he cried all the time, the skin was peeling off of his penis and testes, he would urinate blood and no doctors could figure it out :think medical bills:. We were desperate, drowning…then our mortgage adjusted in November 2007 to…1800 a month 😥 we couldn’t pay it. That winter Corey got a job at an apartment complex and we were able to start the process of a loan modification! There was a light at the end of the tunnel (and in the house and food in the pantry!). So, we started the process to modify the loan and they did at a low, low fixed rate of 12% making our payment 1500/month we could skate by (barely) with this payment so we did for oh 6 or so months, until the back bills caught up with us and once again we were going under. So, we stopped paying again and applied for a new loan modification, which they gave us (Corey had switched jobs in this time frame) this time the payment was :drumroll please: 1800 a month! Corey made $15 a month and our payment was $1800 a month, leaving us with $600 a month to cover elec, water, car ins, med bills from B, food and gas…ya, fucking right. So, we stopped paying, again we applied for a mod (we now had three kids) and of course they denied us (repeatedly, we kept trying) and eventually our home went into foreclosure. Now out of all that I can say we live in a gorgeous house, in a better neighborhood, we can afford, we have electricity and water and food. Our marriage is stronger than ever and life is good now (and we know what is wrong with Brett!)
I am sad we went through a foreclosure but stronger to have grown so much from the past nearly 7 years of my life. I want to learn to be frugal so I don’t have to ever worry about money again because Corey made 50,000 last year and we have nothing to show for it but debt…that’s why I’m taking this journey, From Foreclosure to Frugal

The steps to a loan modification
Ingredient List
Patience
Pen
Paper
List of expenses
About 3 hours

Call your mortgage company and ask for the number to loss mitigation
Call loss mitigation tell them you would like to do a loan modification
They will ask for
Previous years tax info
Pay stubs for the previous 3 months
Expense list (be honest!)
A hardship letter (your sob story)

Write, type, sign and date and put your loan number on all these things and fax them to your mortgage company three times (because if you do it once it WILL get lost)
Proceed to call loss mitigation every thursday until you get an answer. Usually 90 ish days
If they deny you, stop paying your mortgage (escrow into another account) and re-apply.

-Samantha

How it feels for me…

I have had a lot of people ask me about the process and interested in the outcome of foreclosure but no one has asked how does it feel?
How does foreclosure feel?
It feels shameful. If I say this out loud many just tell me it’s okay so many in America are in foreclosure there will be programs to buy later on. It’s not about buying a house later (cus I’m never going to have another mortgage!) it’s about making a stupid choice not sitting down and looking at what we had income wise, not putting money down and not knowing our economy. Yes, we were young and naive but that is no excuse to be uneducated! Now I sit here and hear our friends talk about doing the same thing so they can live rent free and it just sounds so cliche to me (everyones doing it, why not us?). They dont seem to get that we fought for four years with an ever rising payment just to be totally shut down in the end and that sucks!
We took the steps to avoid Foreclosure
We went to HUD
We called/faxed/mailed/e-mailed our mortgages DAILY
We got no where
We tried a short sale
We got foreclosed on.

I’m mad, sad, disappointed, angry and ashamed! I won’t deny it and I know these feelings will fade in time but this is how I feel.

Now for a frugal and yummy dinner!
Panini
Ingredient list for a family of 5
Bread (x10)
1/4 red pepper
1/4 green pepper
1/4 yellow pepper
1/4 purple onion
4 asparagus stalks
Turkey
Cheddar and mozzarella cheese
Balsamic vinegar
Pesto
Avocado

*we don’t have a panini maker so this is on a pan*

Take the veggies and slice them fairly slim, dice the onion and asparagus
Sauté veggies in 1/4 cup water, 1/4 cup balsamic vinegar until tender
Brush vinegar on both sides of bread
Brush pesto on one side of bread
Place cheese on pesto side of bread
Put turkey on that
Pile with veggies
Put avocado on other piece of bread
Put together on a Pam covered pan (medium heat) an squish!!!!! Let sit until cheese melts (but dont burn your bread)
Flip and cook
Dinner!!

-Samantha