Lien on home
Last fall a major bank placed a lien on our home for approx. 60,000 due to not making payments on our unsecured lines of credit. They threatened to take our home from us as this major bank also held the first mortgage at that time. We were able to refinance thru a broker using private financing and made a deal with the major bank to pay them $15000 up front and $800 per month after until paid in full. This allowed us to keep our home. Now 7 months later it appears that both my husband and myself will be out of work. We can’t sell the house as the mortgage and the lien are more than the house is worth. We would like to move to another city and start over. Would bankruptcy get us out from under this? Also together there is about $100, 000 in unsecured debt that hasn’t been paid in well over a year due to job losses and such. We haven’t been pursued on this as there is really nothing left to sue us for. If we found work in another city would it be possible to make a proposal or is bankruptcy the only answer?
You could definately file a proposal or a bankruptcy. Essentially this would serve to remove the lien from the property and allow it to be sold. While this isn’t a normal course of action it is one that happens from time to time and for details on how to proceed you should contact a local trustee and they will be able to walk you through things.