Foreclosure in Carson City>Question Details

Patty, Other/Just Looking in Carson City, NV

I can no longer make my house payments. If the bank forecloses what happens to my travel trailer and pickup that are paid for? My husband is ill

Asked by Patty, Carson City, NV Tue Dec 8, 2009

and 75 and I am 68. we may have to live in our travel trailer which is pulled by the pickup.

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0 votes Thank Flag Link Mon Dec 14, 2009
One last thought. Normally I would not mention it and really despise the thought. Could you get a reverse mortgage? That might allow you to stay in the house. The problem is the fees interest, and costs associated with it are huge. Check into this ONLY AFTER you have tried all other avenues and can not make them work for you, It is a horrible option. Yet if it gives you a place to stay it might be able to be accepted. I would rather see you screwed by having a bad reverse mortgage plan than to lose your house as a place to live. Technically, it would cost you the house just not the roof to stay under.

If your assets are to high because of the trailer do you have kids, relatives, or someone you could sell it to cheaply and later be able to buy it back from for the same price? It would have to be someone you could trust completely. That way you could lose the asset and be able to fit the income and asset guidelines.
0 votes Thank Flag Link Wed Dec 9, 2009
One other option is to go to the town office (city hall) You will find they have special programs for those in financial need. Assistance may be available to help you with groceries and rent. Look into food stamps also.

(MEDICAID INFO BELOW)

Some of the nevada medicaid eligibility requirements are below.
http://www.hrsa.gov/reimbursement/states/Nevada-Eligibility.htm

Adults Income cannot exceed 133% of FPL. Resources cannot exceed $2,000.

Aged or physically disabled individuals who require medical facility care, but can appropriately be cared for at home, and aged individuals who have been residing in nursing facilities who can be appropriately cared for in adult group care facilities (Home and Community-Based Waivers)
Income cannot exceed 300% of the SSI payment level.
Medicare Beneficiaries Program
Income cannot exceed 100% of FPL.
Qualified Individuals (QI-1) Income cannot exceed 200% of FPL. ($29,140)
For QMBs, Medicaid pays Medicare premiums, coinsurance and deductibles on Medicare covered services.

Qualified Medicare Beneficiaries (QMBs) are Medicare recipients with income at or below 100% of the federal poverty level.( FPL ) for 2 people it is $14,570


BELOW is the real site to look at. it has EVERYTHING about medicaid there. You would still be well served by your doctors billing people. They know the forms and can help you with it. If it turns out you have to sell the trailer, it is cheap to keep your home.
https://dwss.nv.gov/index.php?option=com_content&task=vi…
0 votes Thank Flag Link Wed Dec 9, 2009
I am assuming that you have a fixed rate mortgage. That you have social security income coming in and that medical costs are killing you. Your mortgage amount has not changed, but your medical expenses have.

Since you are almost certainly low income and have few assets would you qualify for medicaid?. No, not medicare, medicaid. It is basically free healthcare for the low income person. To find out go to the state of Nevada, Dept of Human Services and ask about this. You are also likely to find your medical professionals (doctors secretary) more than willing and able to help you find out of this is possible. There will be income and asset guidelines. You might have to sell the trailer but would be able to keep one vehicle, (maybe 2, not sure). This might be your best bet.

The other option is to talk to your lender and explain you are having a hardship. They may be willing to modify your loan in a way that will allow you to say in your house. I would seriously consider BOTH approaches. You may find that both things work to help you. Maybe neither will. But you must try. You have nothing to lose but everything (including a house) to gain by the effort. Please do not let your pride get in the way. Your post shows you are in a place pride can not afford.

Talk to your doctors billing office and ask about this medicaid possibility. They should be able to help you with the paperwork. Up here I know the hospital can and does it often. It sounds like you are very likely to qualify and definitely need the help.

One other possibility exists. Is your husband a veteran? If so call up the Veterans Administration Hospital near you. Below is the website that shows V.A. hospitals and clinics in Nevada. If he is a vet find the location nearest you and give them a call. They may offer completely free medical care also.
http://www2.va.gov/directory/guide/state.asp?State=NV&dnum=ALL
0 votes Thank Flag Link Wed Dec 9, 2009
This is a question best answered by an attorney. While many real estate professionals will attempt to help you, it is against the law for real estate agents to give legal advice. Your best option is to contact somone from the United States Foreclosure Network at http://www.usfn.org. There you will find many low cost or often free attorneys who can answer questions about how your foreclosure may impact you.

If I can answer any real estate related questions, please do not hesitate to contact me.

Christianne Gordon, CDPE, e-PRO
RE/MAX Realty Affiliates
http://www.greatnevadahomes.com
775-881-8223
christy@greatnevadahomes.com
0 votes Thank Flag Link Wed Dec 9, 2009
Patty

Have you requested mediation towards your loan http://chancegates.com/2009/09/23/assembly-bill-149-mandatin… ? That is if you want to keep the house.

Chance Gates
REALTY WORLD
Ballard Co
145 Brinkby
Reno NV 89509
(775)688-4656 Office
(775)843-2645 Cell
Web Reference: http://chancegates.com
0 votes Thank Flag Link Wed Dec 9, 2009
Most of the responses you received I agree with. The bank will be going after the property and will not go after your personal property. The only exception to this that I know is if the bank goes after a deficency and then they will try to collect. However, typically the banks do not go after deficencies unless they think they can collect.


Good Luck

Keith Manson
First Weber Group
Certified Distressed Property Expert\
Metro Milwaukee
0 votes Thank Flag Link Wed Dec 9, 2009
You must speak to an attorney you trust because I have heard conflicting opinions on this matter from different attorneys.

I have heard some say that they can come after you personally because when you purchase a home with a mortgage, besides for signing on the mortgage (which sets the house as collateral for the money owed), you also signed what is called a "note". The "note" is a document that makes you personally liable to repay the loan-whether the bank gets their money back through repossessing the home or not.

Most attorneys have told me that if the banks take the home back through bankrupcy (the Chancery division of court) they are relinquishing their right to come after you personally.
0 votes Thank Flag Link Tue Dec 8, 2009
Hi Patty,

Any personal property will remain yours. There is no way for the bank to come after your personal property. As I Realtor I cannot give legal advice but I am quite certain you will be ok.

Judging from what you have stated, it sounds like you have a genuine hardship (Medical condition) so your best bet may be to rather short sale your property. This would be way better on your credit score and would also let you remain in your home longer until the home sells.

Try to find an experienced short sale agent in your area to assess your situation. Try to avoid forclosure if you can.

Hope this helps.
0 votes Thank Flag Link Tue Dec 8, 2009
Patty,

In general, you personal property should be safe in the event of a foreclosures. That is simply my opinion. You should check with an attorney for the factual answer to your question. You should also check with a Realtor for possible alternative to foreclosure.

Best wishes to you in your difficult situation.
0 votes Thank Flag Link Tue Dec 8, 2009
You best bet is to Short Sale your home. That is when you sell your home for less than what you owe on it. This is usually not an easy task but it will keep you in your home for a longer period of time and you wont have a foreclosure on your Credit.

Just remember you are not the only one in this situation, so a lot of landlords are excepting people with bad credit.

Good luck!
Anthony

http://www.TheSerenityTeam.com
0 votes Thank Flag Link Tue Dec 8, 2009
This is a question better answered by an attorney, and I am not one. So please don't consider this "legal advice".

It appears to me, that unless the trailer and pickup truck were part of the loan, the only collateral the bank has to repossess, is the collateral they signed on for... the house.

the trailer and pickup "should" be safe... but please check with a real estate attorney to be sure.
0 votes Thank Flag Link Tue Dec 8, 2009
Alan May, Real Estate Pro in Evanston, IL
MVP'08
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