Thank you for the clarification.
Your initial post:
I just went into foreclosure, I want to keep my house. What steps do I take. To make this possible?
State relating to question: Georgia
Additional information to your question: Gmac sold my Mortage to Green Tree, since i was already 2 months behind at the point of the sale. I came into agreement with green tree to pay a higher note for 5 months. To get me out of the red. I was aloud to make payments from the 23rd till the end of the month. I was appointed a point of contact person to make my payments through On FRiday MAy 31th I tried to make my payment but my phone number was routed directly to his voice mail, Meaning I could not make a payment with going through him. On that day I felt him several voices Non which have been returned. By him bot answering the phone it has caused them (green tree) to foreclose on my property. I want to keep my property. Iv called green tree at 20 times since that Friday. Iv been lied to an they never return calls. What are my options.
Response: When the lender starts a foreclosure action AND YOU GET A SALE DATE, then you need to file Chapter 13 Bankruptcy at that time to stop the foreclosure sale. You do not want to file too early in the process. You can file for Chapter 13 bankruptcy protection few days before the foreclosure sale date to stop the foreclosure. So, long as the bankruptcy is filed before the sale date, the foreclosure sale must stop. The Notice of the Bankruptcy Filing must be sent to the lender or the law firm/trustee conducting the sale for the lender so that the foreclosure sale can be cancelled
An individual (“consumer debtor” or “debtor”) would be able to file a Chapter 13 if the debtor has disposable income—extra income after necessary expenses every month to fund a Chapter 13 plan and the debtor must also meet the debt limit requirement. In order to file for Chapter 13, a debtor's unsecured debts must be less than $383,175.00 and secured debts must be less than $1,149,525.00. In Chapter 13, the debtor prepares a payment plan and makes payments to his/her creditors on a 3 or 5-year plan. If the debtor's income is equal to or less than the current income guidelines for his/her family size in his state, the debtor would do a 3-year plan. However, if the debtor's income is more than the current income guidelines for his/her family size in his state, he would do a 5-year plan. His mortgage arrears and unsecured debts would be paid through the Chapter 13 plan.
The filing fee for Chapter 13 is $281.00
These are current income guidelines for the State of Georgia:
Family size of one person $41,214.00
Family size of two persons $51,954.00
Family size of three persons $56,189.00
Family size of four persons $67,214.00
Add $8,100.00 for additional individual
The debtor must receive budget and credit counseling from an approved credit counseling agency and obtain a Certificate of Credit Counselling to be filed at the same time with his bankruptcy petition. The agency will review possible options available to the debtor in credit counseling and assist the debtor in reviewing his budget. Different agencies provide the counseling in-person, by telephone, or over the Internet.
It is usually a good idea for the debtor to meet with an attorney before he receives the required credit counseling. Unlike a credit counselor, who cannot give legal advice, an attorney can provide counseling on whether bankruptcy is the best option. If bankruptcy is not the right answer for the debtor, a good attorney will offer a range of other suggestions. The attorney can also provide the debtor with a list of approved credit counseling agencies, or the debtor can check the website for the United States Trustee Program office at http://www.usdoj.gov/ust/eo/bapcpa/ccde/cc_approved.htm
After the bankruptcy case is filed, the debtor must complete an approved course in personal finances. This course will take approximately two hours to complete. The debtor's attorney if the debtor has one can give the debtor a list of organizations that provide approved courses, or the debtor can check the website for the United States Trustee Program office at http://www.usdoj.gov/ust/eo/bapcpa/ccde/de_approved.htm
It is suggested that a debtor consult a local bankruptcy attorney for further explanations of the debtor's rights and responsibilities.
The sites below are good resources for finding local bankruptcy attorneys:
If the debtor cannot afford an attorney, there are bankruptcy petition preparers that assist debtors in preparing bankruptcy forms. Bankruptcy petition preparers prepare bankruptcy forms but they cannot give legal advice because they are not attorneys. Click on the links below for some of the bankruptcy petition preparers. You can do some searches on Google or Yahoo for additional petition preparers.