Missed November Payment on purpose - Foreclosure?

[needadvice1]

Good morning all,

I am still contemplating if I should file for chapter 13 in essence to lien strip a coutrywide 2nd of $73K(hard cash loan), plus 14k in unsecured debt.

House appraised at $275K
1st mortgage $302,000
2nd $73K

My attorney told me to stop making the 2nd mortgage payment and continue paying my first as normal becuase I intend to keep my house.

Now my question - I missed my November payment on my 2nd, but I plan to offically file BK13 until Feb 1st or so. Will I be foreclosed on by then?

My 2nd is coutrywide.

Thanks all.

[BassBoy]

With second lien holders, they have to be able to get the first lien holder to agree to foreclosure, which may not happen if you're current with the first. Next, you appear to considerably upside so the second lien holder stands to lose a lot.......and so does the first lien holder.

In any case, you need to be 90 days late to be in default. Once that happens, the lender needs to file a case in civil court.....and who knows how backed up the court is.....could be months before the hearing. Point is, you will more than likely be okay until Feb.

[Sequoia]

I agree, you should be just until February.