monday i went to see a financial adviser about the stocks that i have sitting with my recently-separated employer. i was hoping to use that money to pay back some personal debts i've acquired while on unpaid medical leave, and for my move to nyc. however, i also wanted to make sure all the taxes were taken care of on that money (so i wouldnt get hit later), and i wanted to find out if the bank had authorization/access to garnish any of it due to my foreclosure. i found out that, yes, the taxes can be taken care of up front if i take a cash distribution. adviser also explained to me some investment options if i dont want to take a full cash distribution (which i dont). most of my questions about the foreclosure she wasnt sure about. but i had my appointment scheduled with the lawyer for tuesday, so i would just ask him.
tuesday, yesterday, i went to see the bankruptcy lawyer. i was there for over an hour. he was a very nice gentleman and explained everything very well. i was wanting to know why i have been suggested to file bankruptcy by so many people. i didnt know why, if i give the house back to the bank, why would i still owe them and have to file bankruptcy? back in high school when i worked for a car repo place i dont remember it being that way. we would show up on behalf of the bank and ask for the money or the vehicle. not both. anywhom. the lawyer said that it would be the bank's decision if i still owed them for the mortgage even after they would take the house. courts and lawyers have all been telling me that i have 6 months in the house - payment free - before they can legally evict me. so, until november 6, 2010. they all say that i should stay in the house as long as possible. i dont want to be here at all. while this isnt the way i had hoped to be out of this house, i keep trying to make something, anything, work. my realtor is still trying to get this house sold. he is still bringing in walk-throughs and hounding my bank guy to allow a short sale. the bank is just not being cooperative at all. i understand that i am not the only person that is going through foreclosure right now. i just dont understand why banks have to make it so difficult to redeem yourself. well, actually, i do know - money. plain and simple.
back to what i was saying. lawyer said that if i can get the house sold, that is the most ideal solution. i agree. however, if i dont get the house sold, and i turn it over to the bank, it is their decision if they want to come after me for the remaining mortgage. if they do, then since i obviously dont have $73,000 in my pocket, chapter 7 bankruptcy would be my best option. this all being discussed on the premise that i dont have a job right now. but i cant live this way. it was also explained to me that if i go out and get a better-than-decent paying job right now, if the time comes to file bankruptcy and i make more than is deemed low-income on their sliding scale then i would not be "allowed" to file chapter 7, i would have to file chapter 13. i'm told that a chapter 7 wipes your slate clean and a chapter 13 requires you to work with a budget and payment arrangements with your creditors.
oh yeah... and the thing with my stocks. while my stocks sit and i dont touch them they are considered retirement so the banks cant take anything. if i cash anything and the banks find out about them then they could be garnished. twisty twist - if i cash them out and repay my family for money i have borrowed, that is considered "preferred treatment". if i file bankruptcy within 1 year of repaying any family IOUs, then each family member will be sued for the money that i repaid to them. i am told that this is very common and not to take it lightly. that you and your family are asked under oath and bank records and everything are investigated. this is fucking ridiculous to me! completely ridiculous! seems like no matter how hard i try to make even the little things work, something spins out of control to ruin it.
so, i need this house to sell asap. then i settle up with the bank (even if it means i have to file bankruptcy for the balance of what the house doesnt sell for)... then take off to nyc.
or, as it stands now, i need to get a job that is just enough to pay for my utilities and such, until the house sells or my 6 months is up (whichever comes first). then, if it is determined that i need to file bankruptcy, i get all that taken care of as quickly as possible... then i'm off to nyc!
there are probably other tiny details in there that i am forgetting right now. feel free to ask me whatever you want to know. i was thinking about maybe taking on a housemate to help pay for things, but the lawyer said there are some technicalities with that as well. another option that the lawyer kinda shot down was if i just moved to nyc now, find someone to take care of lawn care, realtor keeps trying to sell the house, and i come back for either sale or foreclosure finalization. but lawyer said that if the bank wanted, they could deem that as "abandonment" and then i would look like i am trying to trick the system. i am not trying to trick the system. i told him that it is quite the opposite. i am asking about all of these scenarios because i *dont* want to get in trouble. i want to know what is and is not legal. for instance, i had no friggen clue that my family could be sued because i paid them back a personal loan. that is outrageous! who comes up with this shit?! so yeah, once i heard that, i started asking all kinds of "what if" questions.
like i said, the lawyer and i talked for over an hour. i wont detail everything here. but if you have questions, i'll certainly answer them if i can.
i know that a bunch of people think i am a negative thinker. that i am always a downer. if you are one of those people, i wish you knew me better. i am not a negative thinker. i am realistic. i know how hard i try and have tried. because i allow myself time to cry and feel and be depressed, doesnt mean i am a negative thinker. i realize that my problems are not as great as some other peoples' problems. but that doesnt, cant, discount how i feel or what i am going through. my stress and struggle and feelings are legitimate. some people would just give up on their dream and say, "fine, guess i'm never getting out of this town, i'll just stay here and settle." not me! i want to be in nyc. i want to work for the aspca and help save all the animals i can. i want to know that i didnt give up when so many people and situations tried to hold me back. i want to know that i did not compromise who i am.
whew. yeah, so. i suppose that is all for now.
i miss you all!
love you oodles and bunches!