question on time frames

[joepepper2005]

my house was supposed to go to sale on june 13th,THANK GOD I was able to get an extension to the 27th and I am going to try to get another to push the sale to july 11th, I plan to file 13 before the 11th and try to keep the house

heres the questions

1. if my regular mort payment is due on the 15th of the month, would my first payment be due july 15th or august 15th?


2 if I file say on july 5th does the trustee make the deal that fast for the payment to be due on july 15th?

3. if I fail to make the august 15th payment, or some other 15th payment down the road, how long does it take for the bank to be able to start the forclosure process and do they have advertise again?

4. lets say I don't make the aug 15th payment ,how long do I have until the house would be sold, is there a time frame for the trustee to lift the stay and the mortgage company to go thru the sale again?

[SinkingFast]

First thing you really need to do is take a step back and look at your financial situation.

You're in arrears on your house. Why??

Do you own the house or does the house own you??

Filing Ch 13 to save the house may not really be the thing you need to do. Sure you want to do it. It's your home. But realistically, can you afford to live there??

That's what you gotta do first.

[joepepper2005]

First thing you really need to do is take a step back and look at your financial situation.

You're in arrears on your house. Why??

Do you own the house or does the house own you??

Filing Ch 13 to save the house may not really be the thing you need to do. Sure you want to do it. It's your home. But realistically, can you afford to live there??

That's what you gotta do first.

I apprieciate the response but I need an answer to the 4 questions, I have already gone thru the questions you have asked and I need a time frame answer

Thanks

[SinkingFast]

You're in arrears on the house, so your house payment will most likely be included in your Ch 13 Payment Plan.

You file on the 11th, everything stops dead in the water. From that point on, the mortgage lender deals with the Trustee.

You have to make the first payment of your Proposed Plan to the Trustee within 30 days of filing.

[joepepper2005]

You're in arrears on the house, so your house payment will most likely be included in your Ch 13 Payment Plan.

You file on the 11th, everything stops dead in the water. From that point on, the mortgage lender deals with the Trustee.

You have to make the first payment of your Proposed Plan to the Trustee within 30 days of filing.

hey

thanks alot!!!

heres another question

what if I file and they say that because i'm self employeed they might think the income will not be stable and the trustee says its a no go, how long would I have then?

the reason I'm asking is I live in a resort town and yearly rentals are tuff to find in august and july, I need to hold out until at least sept to get a year round or maybe I might winter rent for 9 months and then go year round, I can make the payment and there is some equity in the house so I might try to hold on for a year or 2 to see if the market reverses and I will only be saving my money in the house, last time the stock market ran like its been running people were coming down here with cash and buying houses, I think we have another bad year or so for housing but since its a shore town I might be safe, their not making anymore of it

again thanks for the info!!

[joepepper2005]

my lawyer syas that my wife would be listed first on the bankruptcy because she has 13 years at the same job, and I would be listed second because being self-employeed they might want more records then I have, she says no problem that it will go trhu but if the trustee says no then I wanted to know what happens

if I file on july 5th or the 8th just before the sale and the trustee gets the plan and shots it down, is there a time frame for the sale goes thru, how long does it take for the trustee to look over papers and decided if its ok to go forward, if he shots it down is there an appeal time frame

[joepepper2005]

hey

thanks alot!!!

heres another question

what if I file and they say that because i'm self employeed they might think the income will not be stable and the trustee says its a no go, how long would I have then?

the reason I'm asking is I live in a resort town and yearly rentals are tuff to find in august and july, I need to hold out until at least sept to get a year round or maybe I might winter rent for 9 months and then go year round, I can make the payment and there is some equity in the house so I might try to hold on for a year or 2 to see if the market reverses and I will only be saving my money in the house, last time the stock market ran like its been running people were coming down here with cash and buying houses, I think we have another bad year or so for housing but since its a shore town I might be safe, their not making anymore of it

again thanks for the info!!

anybody???????