987654
11-09-2005, 03:38 PM
My BF and I live together in a house (loan, home under his name only) that has been in foreclosure for about a year. He's had two forebearance plans, which took our payment from $700 to $1200. He's been unable to refinance. The last forebearance plan expired, and they refused our payment until a new plan was approved....this was in August. They misfiled the income paperwork and after calling back many times and refaxing the paperwork, we finally heard that they had approved a plan, but now want $1500 a month and $4200 down payment. *AND* because it took so long to get the new plan sorted out, they set the sale date again, this time for Dec. 20th.
We don't have all of the $4200 down which they want by the 18th, nor does $1500 a month seem like something we can swing. And it leaves us in the same boat in another 6 months, which means we'll be going through this all again. The forebearance is for the past due payments as well as some $7000 in property taxes my BF didn't pay so the mortgage company did, so it won't be caught up in 6 months. Even with the doubled payments we're not getting ahead any paying off this way.
How does Chapter 13 work in this situation? His credit already sucks so I don't see why not:(
We don't have all of the $4200 down which they want by the 18th, nor does $1500 a month seem like something we can swing. And it leaves us in the same boat in another 6 months, which means we'll be going through this all again. The forebearance is for the past due payments as well as some $7000 in property taxes my BF didn't pay so the mortgage company did, so it won't be caught up in 6 months. Even with the doubled payments we're not getting ahead any paying off this way.
How does Chapter 13 work in this situation? His credit already sucks so I don't see why not:(