I’m interested in buying a Repo (in the banks possession) but have never bought a house this way and was wondering what the best way to go about it is. The asking price for the house is $406,000 which is around market value, but the house is in disarray and would need all new carpet, new paint, and some drywall work and replacing of fixtures. I’m tempted to just put in a lowball offer but think it might be helpful if I knew what amount of money the bank is trying to recover, what repo fees they want to recover, and what the real estate agent who is selling the house expects to make as commission so I can make the lowest offer possible without getting blown off. Any suggestions on how to proceed?

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i have several different collections and a few credit cards and planning to default on a car loan that will probably leave me with a debt of around 15000 after repossession.

i have no asset(no house, no paid-off car, no possession) and i live with my parents. Can i file for chapter 7 and wipe off all my debt?

im not really interested in chapter 13 as i don’t want to make payment plan for something that i can live with for 7 years anyway.
P.S. i also have like 5-6 cash advances in my local area and 4-5 internet cash advances that i have racked up and i don’t plan on paying them anymore as i don’t even know which is which.
my credit score is around 600 flat and i don’t think there’s much of a impact if i file bankruptcy, is there?

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I’ve just got a letter telling me the date of a possession hearing. Very complicated situation basically. I am a carer for my mother (shes autistic) and i am 19. I was named as the tenant of where we are currently living last year (although i am now unsure how this could have happened because i was full time at college and had no income whatsoever, not from a job or benefits). My mum claims Disabilty Living Allowance and Income support i think.
Then we are supposed to get housing benefit and because i was put as the named tenant this also had to be put into my name. I’m really confused as to why but basically this was stopped some time ago, i tried to sort it out (at the time i had a care worker who was helping me deal with money and house matters as i had-and still have-no clue, but she recently ended our contract which i am also unsure about).
Anyway i thought the housing benefit was sorted, apparently it was not, so we are in arrears with rent and ALSO the housing benefit people are saying they overpaid “me”. I think this is because my mother was not getting child tax for me?? Which i have since been told she could claim and if she did this would cancel out the “overpayment”.

I am feeling completely stressed at the moment. I cant go and tell my mum about the possesion hearing i have just found out about because she will completely freak out, seriously it is just not an option. I dont have anyone to help me with this or tell me what to do.

To be honest i’m not even sure what a possesion order is, i THINK its when they evict us but surely that would be REpossession?? Will they come and take our belongings?? Because we have nothing of value really and i dont think we can afford to pay back this arrears either.

I really need some help/advice pleease.
Thanks.
Also i’ve been told i will get a bad credit rating if all this goes ahead (although i may be wrong, i might already have one). I really want to avoid this, i just feel its a bit unfair when it’s not technically MY debt, i have tried to many times to sort things with them but *I* am not the one in control of the money so i dont see what i can do when my mum believes we should not have to pay. Its easy for her to say that when its not her name getting damaged! >:(
Sorry. Stresssseeeedddd……….

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