New here...quick question

[drewindebt]

Hi everyone,

New here and not sure if I am asking my question in the right forum. I am in the early stages of filing and met with an attorney. I am behind 3 months on my mortgage, but do qualify for a Chapter 7 filing. I was concerned about the mortgage company requesting the court lift the stay and proceed with foreclosure. I contacted my mortgage company's foreclosure dept and they said they would request the court lift the stay but only so they could work out a new mortgage plan with me incorporating the past due payments in the total. I don't know if I should trust them. Has anyone had any experience with filing a chapter 7, having the stay lifted for the mortgage company and been able to keep the house? If not, can I start as Chapter 7 and convert to a chapter 13 if I can't work a deal out with the mortgage company in order to save the house?

Thanks,
Drew

[poorme]

Your mortgage company is playing hardball. They don't need the stay lifted in order to work out agreeable arrangements with you - they can do that anytime, stay in place or not. It looks easier for them if they aren't bound by the stay, causing the appearance of 'collecting on the debt'. I would be very careful and get it in writing that they want to work out a loan mod, because once they get the stay lifted they can move right into f/c and cease discussion with you. Do some research on them and definitely get your bk attorney involved.

[HHM]

Well, it would be the first time I have heard of a mortgage company lifting stay to "work it out", but I suppose anything is possible.

Also, even if you get that concession in writing before the BK, that won't hold up.