Banker here. I have 5 properties I'm foreclosing on at the moment.

First of all, I'm sorry your family is in the situation you are facing.

At the minimum it will take the bank working on the foreclosure at least 6 months through all of the filing dates and notice periods to get to the point of getting you out of the home. On top of that, bankruptcy (BK) stops all collection and foreclosure activities. That means the foreclosure process cannot move forward until the BK process has been completed. Once your parents have emerged from BK the clock starts ticking again.

In all likelyhood, you have 9 months minimum. Probably more if you are dealing with a large bank like B of A. Unless you are with a community bank, modifications are difficult to achieve.

This is a life changing moment for your family. Time to make some big changes.

1. Get rid of the cats. Pare down to one or two, but asking a landlord to take you in and "trust" that 11 cats (minus a few your sister is taking) are clean is ridiculous. Are they all spayed and neutered? Your $800 deposit will not cover the cost to replace carpets, seal floors and walls, and repaint the home. Time to man up and deal with reality. Failure to do so will limit where you and your family live.

2. DON"T EAT OUT. This is the biggest waste of money. Fix all of your meals. Have dad go look for a job, have mom look for a job. (They probably are, but some folks just shut down and give up.) Has mom applied for unemployment, or is she ineligible? Minimize what you do to spend money. If you are of working age, get a job and contribute to the household expenses.

3. In the mean time, try and sell the home if there is any equity. Sell items that you may not need at your new place.

I wish you the best in this situation. This is an excellent time for YOU to look at how your parents got into this situation so that YOU don't follow in their footsteps. I'm sure your parents are great people. Crappy stuff happens to great people sometimes, and they don't deserve it.

I hope everything turns out well for you and yours. I'll think some good thoughts for you and yours.